Waystar, a Louisville, Ky.-based revenue cycle technology provider, has acquired Digitize.AI, a Charlotte, N.C.-based tech firm using artificial intelligence to make the prior authorization process faster and more efficient.
Digitize.AI's machine learning AI finds and submits new cases directly and securely to payers, monitors payer responses and, when authorization has been received, uploads it to providers' EHRs. The process therefore results in a quicker, less expensive process with fewer wrongful denials, inefficiencies and clerical errors, which are estimated to cost healthcare organizations $30 billion each year.
This is the latest in a string of acquisitions for the Bain Capital-backed Waystar: In June, the company acquired PARO, a predictive analytics solution to determine whether patients are eligible for charity care. Additionally, in 2018, Waystar acquired a claims management technology business from UPMC's Ovation Revenue Cycle Services and absorbed Connance, another revenue cycle management provider.
More articles about AI:
Cigna, Celgene join $23M funding round for AI-powered precision healthcare startup
4 ways AI is improving the customer experience
Harvard Business Review: Why AI, not just data, should be driving decision making