New AI tool for fighting health insurance denials could save hospitals billions, and help patients
Summary
Health-care payments company Waystar on Monday announced a new generative artificial intelligence tool that can help hospitals quickly tackle one of their most costly and tedious responsibilities: fighting insurance denials. Hospitals and health systems spend nearly $20 billion a year trying to overturn denied claims, according to a March report from the group purchasing organization Premier. "We think if we can develop software that makes peoples lives better in an otherwise stressful moment of time when theyre getting health-care, then were doing something good," Waystar CEO Matt Hawkins told CNBC. The company said the feature could help providers drive down costs and spare them the headache of digging through complex contracts and records to put the letters together manually. Americans flooded social media with posts about their frustrations and resentment toward the insurance industry, often sharing stories about their own negative experiences.