Effective healthcare data management is crucial for improving patient outcomes, reducing costs, and optimizing healthcare delivery. However, this industry faces challenges like data fragmentation, privacy concerns, and regulatory requirements. The traditional data management tools and techniques may not be adequate with healthcare data’s increasing volume and complexity. Advanced technologies such as artificial intelligence, machine learning, and blockchain can address these challenges and ensure that healthcare data is managed effectively and curated efficiently.
Wave HDC is currently addressing the challenges involved in the management of healthcare data with its well-crafted tech stack. Jordan Levitt, President & CEO of Wave HDC, was with the CEOViews team to share their story on how they are bringing tangible change to healthcare.
The Story of Inception
Speaking about what prompted them to start Wave HDC, Jordan Levitt said, “Many of us have a history with larger clearinghouses, and we watched what they didn’t fulfill, but they were constantly managing to budget, lacked R&D resources, and employed a lipstick on a pig model. When we built Wave, we already had a roadmap; the industry had already spoken, and we were listening and poised to act. No lipstick, zip ties, nor duct tape were needed”.
Wave HDC is confident in delivering the best products to their customers.
Mission
Wave HDC’s mission is to curate patient and insurance data as early as possible, without human intervention, with the goal of reducing fraud, waste, and abuse. Through their efforts, they have achieved unexpected process and financial efficiencies, leading to the development of a fully autonomous platform that solves a wider range of problems. Although the value they provide has broadened and evolved over time, their commitment to their original mission remains unchanged.
Role of Innovation
Wave HDC has achieved remarkable success in auto-mating data verification and fixing processes. Their products have surpassed initial expectations by verifying and fixing a significant number of data sets in real-time. The company has even expanded its services to include good faith estimates in the ambulatory space, working primarily with partners to continue to add value to their offerings.
Despite being similar to an eligibility clearinghouse, Wave HDC operates as a data aggregator, processor, and billing triage solution. Their products have been designed to eliminate the need for human intervention, saving clients both money and staff rework immediately. The company has leveraged modern tools and data democratization to streamline its production process, allowing it to achieve results within days or weeks while its competitors take a year or more to do so. This approach helps clients avoid fatigue, unfinished implementations, and wasted effort with little-to-no benefit.
Wave HDC recognizes that its service component is just as important as its products. They work closely with clients and vendor partners to ensure that their solutions are tailored to their needs and that they are getting the maximum value out of their fully automated offerings. Wave HDC is revolutionizing the healthcare industry by fostering innovation and collaboration, creating more efficient and effective processes that benefit everyone involved.
Company Culture
At Wave HDC, the company culture is one that encourages employees to take pride in their work and in the company as a whole. The virtual open-door policy ensures that any concerns are addressed, and working managers minimize any frustration with executive leadership. The company strives to create a workplace that employees will love, and this starts with the hiring process. During interviews, Wave HDC evaluates candidates to ensure they are positive contributors to the team and will love the work they do. Once employed, the company focuses on maximizing employee engagement and recognizing their unique contributions in ways that cater to their individual styles. At Wave HDC, the emphasis is on continuous effort and improvement, creating a positive and supportive workplace culture.
Speaking about how they address their clients’ demands in the current dynamic markets, Jordan Levitt said, “In nearly all cases, our clients wanted one thing from us: more. More automation; more functionality; more reporting; and so on. We focus on providing more, sometimes for less, especially during inflationary times. Interestingly, they don’t have to ask because issues with prior processes or vendors are eliminated. Do good; get asked for more”.
Wave HDC’s mission is to curate patient and insurance data as early as possible, without human intervention, with the goal of reducing fraud, waste, and abuse.
Differentiating Factor
Wave HDC distinguishes itself from its competitors by avoiding the pitfalls of being stagnant or overly profit-focused. Some competitors have siloed development or a lack of innovation, which prevents fresh ideas from coming to fruition. Additionally, the “content marketing arms race” often favors larger companies with bigger budgets, but Wave HDC focuses on investing profits back into research and development. While they may only sometimes win the marketing game, Wave HDC is confident in delivering the best products to their customers.
What’s ahead?
As Wave HDC moves forward, they plan to expand its reach across the healthcare industry by investing in data science, integration, and automation. Thus far, their success has resulted from their ability to integrate seamlessly with various healthcare sectors. With their dedication to innovation, it’s clear that Wave HDC will continue providing cutting-edge solutions that enhance the healthcare experience for providers and patients. Wave HDC does the hard work, so their clients can have it easy.
