Waystar Acquires eSolutions, an Industry Leader in Revenue Cycle & Medicare Analytics

Cision PR Newswire | August 13, 2020

Waystar, a leading provider of healthcare payments software, today announced a definitive agreement to acquire eSolutions, a revenue cycle technology company with unique Medicare-specific solutions. In bringing these two industry leaders together, Waystar will be the first technology to unite both commercial and government payers onto a single payments platform. Founded in 1999, eSolutions' technology maximizes revenue collection, accelerates cash flow, and reduces administrative burden across numerous sites of care. The company has over 6,000 payer connections and maintains a powerful and growing data set of billions of transactions Medicare has become the largest payer in the United States and as baby boomers age, the mix of insurance coverage is increasingly shifting to Medicare. Historically, providers have had to leverage two different systems – one to handle commercial claims, and another to handle Medicare. For healthcare providers, leveraging a single, end-to-end platform to manage both private and government payments solves a major pain point and creates significant efficiencies, freeing up time to deliver care.

Spotlight

Most of us did not pay a monthly Part A premium in 2018, and those of us who did paid up to $422 on average every month. In 2019, average monthly Part A premiums will increase to $437.
When it comes to your Part A hospital inpatient deductible, youll be paying $1,364 for each benefit period, up from $1,340 in 2018. For the first 60 days in the hospital, your insurance co-pay will remain at $0, but after that you can expect costs to increase. For days 61 to 90, daily coinsurance will be $341 per day during each benefit period. After 91 days, your coinsurance for each lifetime reserve day will be $682. This figure applies for up to 60 days over the course of your life, and youll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.

Spotlight

Most of us did not pay a monthly Part A premium in 2018, and those of us who did paid up to $422 on average every month. In 2019, average monthly Part A premiums will increase to $437.
When it comes to your Part A hospital inpatient deductible, youll be paying $1,364 for each benefit period, up from $1,340 in 2018. For the first 60 days in the hospital, your insurance co-pay will remain at $0, but after that you can expect costs to increase. For days 61 to 90, daily coinsurance will be $341 per day during each benefit period. After 91 days, your coinsurance for each lifetime reserve day will be $682. This figure applies for up to 60 days over the course of your life, and youll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.

Related News

CORE INSURANCE

Zywave Named in 2021 Now Tech Report as Large Established Digital Insurance Agency Platform

Zywave | January 05, 2022

Leading insurtech provider, Zywave, has been named as one of two large established vendors in the end-to-end solution functionality segment for digital insurance agency platform providers, according to Forrester's "Now Tech: Digital Insurance Agency Platforms, Q4 2021" report. The report overviewed 13 digital insurance agency platform providers based on market presence and functionality. Zywave is categorized as one of two large established vendors within the digital insurance agency platform space that were classified in the end-to-end solution functionality segment. "We are pleased to be named in this Forrester report, Over the past few years, Zywave has made significant investments in research and development, as well as in the acquisitions of new technologies. Today, we are proud of this recognition in the end-to-end provider functionality segment." -Eric Rentsch, Zywave senior vice president of product management. The Forrester report is a vital industry resource offering precise insights on the technology services that agencies can use to operate more efficiently. The report helps to assess the value digital insurance agency platforms can provide and further breaks them down by size and functionally, enabling businesses to make more informed decisions. A key benefit of Zywave's platform is the ability to scale to the needs of their customers, no matter their size and across personal lines, commercial lines and employee benefits. As an end-to-end solution, Zywave enables agencies and carriers to simplify digital transformation as a platform that offers marketing automation applications, integrated digital client experience software, employee mobile apps, insurance knowledge base toolkits, and distribution and compliance management offerings. About Zywave Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety.

Read More

CLAIMS

LexisNexis Risk Solutions Launches Innovative Insurance Customer Data Management Solution

LexisNexis Risk Solutions | February 03, 2022

LexisNexis® Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, now offers U.S. insurance carriers superior assistance in linking and connecting disparate customer records through LexID® for Insurance. LexID is the unique identifier built from proprietary linking technology, more than 35 years of referential data and thousands of data sources to match disparate identity information and help insurers create the sought-after single customer view across their enterprise. For auto, home and life insurance carriers that aggregate tremendous amounts of data to optimize risk-decision making and meet rising consumer expectations, legacy systems, fragmented data and organizational silos have made customer data management (CDM) one of the insurance market's biggest impediments. "Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household's insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as long-time customers," Robert McConn, senior director of product management, insurance, LexisNexis Risk Solutions, said. "Insurers understand that the quantity of data they're managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment." A CDM program using LexID for Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of each customer. Disparate consumer records can be linked into a common LexID consumer identifier using LexisNexis® Scalable Automated Linking Technology, a patented method of linking and clustering data. By pulling together data from multiple touchpoints – marketing, quote, renewal and claims – insurance providers can build a comprehensive and accurate representation of their customer. Not only can LexID for Insurance improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to the needs of their customers. "While customer data within an insurer is the lifeblood of its business – one of its greatest assets and competitive advantages, insurers of all sizes face the hurdle of harnessing their data and using it to its full potential, The financial costs are obvious, however, other consequences of inaccurate or unused data can run deeper such as customer service inefficiencies, missed opportunities, fraud and even harmed brand reputation. Centralizing the management of customer information is critical for a business's continued success." -Mark Breading, partner, Strategy Meets Action. Data continues to fuel the future of consumer engagement for insurers. A proven matching solution, LexID has been the foundation of LexisNexis Risk Solutions products and services for over a decade and can help bring sense and order or organization to insurance provider-held customer databases. Visit our LexID for Insurance page or LexID video for more information. About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers.

Read More

INSURANCE TECHNOLOGY

DealerPolicy Appoints Insurance Industry Veteran Tom Super as Head of Agency Solutions

DealerPolicy | December 23, 2021

DealerPolicy, the leading insurance marketplace for automotive retail, has appointed Tom Super as the company's Head of Agency Solutions. In this role, Tom will report directly to DealerPolicy Co-Founder and CEO Travis Fitzgerald and oversee the company's insurance sales and service business, which includes DealerPolicy's growing network of local agencies. Super's appointment to expand insurance operations comes as DealerPolicy enters its next phase of accelerated growth. In 2021, DealerPolicy announced a $110 million Series C funding round led by Goldman Sachs Asset Management, and Fitzgerald was recognized as one of Travelers' 2021 Agents of the Year. The company has grown in headcount by 50% over the past year and now supports over 1,200 dealerships nationwide, with more joining each month. A recognized insurance industry veteran, Super brings 15 years of experience in strategy, general management and leadership to DealerPolicy, having previously held positions at Farmers Insurance Group, Booz & Company, AT&T and The White House. Most recently, Super served as Head of P&C Insurance for J.D. Power and Associates, where he led the expansion of the company's insurance practice and oversaw its vast data-driven research and analysis on insurance consumers. While at Farmers, he helped to establish the company as a national brand while serving in strategy and consumer research areas during his tenure. He holds a master's degree in public administration from the American University School of Public Affairs and received his bachelor's degree in business from Robert Morris University. "We're thrilled to have Tom join us. In addition to being an established expert who people turn to for all matters related to property and casualty insurance, Tom is a passionate and dedicated leader, His track record in establishing J.D. Power and Associates and Farmers as authorities in the industry makes for a tremendous addition to our team. Very few have more insight on insurance customers than Tom, and his expertise on the needs of modern insurance consumers is invaluable to DealerPolicy's mission of delivering a better, more seamless car buying experience for dealers and consumers alike." -Travis Fitzgerald, Co-Founder and CEO of DealerPolicy. About DealerPolicy DealerPolicy is the most trusted and complete digital insurance marketplace for automotive retailers and their valued customers. The company's innovative mobile technology enables car-buyers to view multiple insurance quotes and immediately purchase online and/or connect with licensed insurance agents to complete the process. With an exclusive combination of partnerships among premier automotive retailers and data providers, an industry-best insurance carrier network, and access to DealerPolicy Insurance licensed agents, DealerPolicy is recognized for its place at the forefront of Insurtech. DealerPolicy Insurance is a licensed insurance agency, with licenses to operate in the lower 48 states.

Read More