Waystar, a Bain Capital-backed provider of revenue cycle technology, has acquired a predictive analytics solution to help hospitals better assess whether patients are eligible for financial assistance.
The acquisition of PARO, announced in a news release June 6, is designed to help healthcare organizations streamline their process for identifying patients who are eligible for charity care, reduce bad debt and meet community benefit requirements, according to Waystar. The company now offers the PARO presumptive charity solution as part of its technology platform.
Waystar representatives said the solution specifically targets nonprofit hospitals, which must meet community benefit requirements, and take due diligence to determine whether a patient qualifies for financial assistance to maintain their tax-exempt status. The tool, using an automated process, will correctly classify patient accounts as eligible for charity care, before accounts are incorrectly considered bad debt write-offs, the company said.
The transaction is the latest growth effort for Waystar. Last September, the company acquired Connance, a provider of predictive analytics solutions, and in October, Waystar acquired the transaction services business from Pittsburgh-based UPMC's Ovation.
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