The acquisition aims to make prior authorizations more transparent and accurate with the help of artificial intelligence and machine learning tools.
FREMONT, CA: Waystar offers next-generation cloud-based technology to simplify and unify the healthcare income cycle, and has recently acquired Digitize.AI, an artificial intelligence and machine learning technology organization that provides fast and smarter prior authorizations to the healthcare industry.
Prior authorizations are intended to assist patients in preventing unexpected charges and unpredictable out-of-network expenses by which insurance companies and payers determine whether they will cover a prescribed operation or medication. But the manual process is time-consuming and prone to error, leading to an annual expense of $30 billion in wrongful denials, inefficiencies, and clerical mistakes. This acquisition shows the dedication of Waystar in prioritizing cutting-edge technology to provide transformative alternatives to healthcare partners.
"Providers today are overwhelmed with manual processes related to addressing prior authorization, and it's one of our clients' biggest challenges," said Matt Hawkins, Waystar CEO. "Digitize.AI is taking a truly different view with trailblazing technology, automating prior authorizations with better results than legacy solutions. Together, we can reduce the stress of the healthcare financial process for providers and patients alike."
Digitize.AI leverages the ability of artificial intelligence and machine learning to automate previous authorizations, leading in quicker sanctions, less expense, and less denial.
By leveraging AI to create smarter choices, Digitize.AI varies from competitive previous authorization alternatives. It automatically checks for new case instances, immediately submits them to payers through safe integrations, continuously tracks payers for answers, and automatically sends to EHR systems of suppliers once permission is obtained. Digitize. AI's platform involves real-time analytics and machine learning models that generate valuable intelligence, enabling clients to focus on patient care rather than administrative burdens.
Justin Adams, CEO, Digitize.AI said, "We believe Digitize.AI has an enormous potential to change the industry, and we were looking for a partner who had a shared view of the ability of technology to improve healthcare, Waystar immediately stood out to us as a company with a forward-looking vision for simplifying the revenue cycle, as well as an established reputation and broad network of clients across the spectrum of healthcare."