Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance. Waystar provides healthcare organizations with mission-critical cloud software that simplifies healthcare payments. Our enterprise-grade platform streamlines the complex and disparate processes our healthcare provider clients must manage to be reimbursed correctly, while improving the payments experience for providers, patients, and payers. We leverage internally developed artificial intelligence (“AI”) as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, enriches data integrity, and reduces labor costs for providers. Put simply, our software helps providers get paid faster, accurately, and more efficiently, while ensuring patients receive a modern, transparent, and consumer-friendly financial experience. The healthcare payment ecosystem is highly complex, beginning with pre-service patient onboarding and extending through post-service revenue collection, with dozens of interdependent steps in between. Within this multi-step workflow, the process for determining how much a provider should be reimbursed involves millions of permutations of variables, such as over 10,000 diagnosis codes that are constantly changing and unique payer contracts, each with individual rules, processes, and reimbursement requirements. The burden borne by providers of tracking and managing all of these variables, coupled with a constantly evolving regulatory framework, often results in incorrect payments or denials that require time-consuming appeals procedures to resolve. Historically, healthcare providers have relied upon a patchwork of manual processes and systems to navigate these complexities and support their payment functions. However, this legacy approach has resulted in workflow delays, lost revenue, and slower time to payment. Our purpose-built software platform addresses these challenges and optimizes healthcare payments across all stages of the patient journey. Our clients utilize our software to manage pre-encounter workflows such as eligibility checks and prior authorization approvals, as well as mid- and post-encounter workflows such as co-pay collection, claims submission and monitoring, and payer remittances. Our software is used daily by providers of all types and sizes across the continuum of care, including physician practices, clinics, surgical centers, and laboratories, as well as large hospitals and health systems. We currently serve approximately 30,000 clients of various sizes, representing approximately one million distinct providers practicing across a variety of care sites, including 18 of the top 22 U.S. News Best Hospitals. Our client base is highly diversified, and for the year ended December 31, 2023, our top 10 clients accounted for only 11.3% of our total revenue. Our business model is designed such that as our clients grow to serve more patients, their claims and transactional volumes increase, resulting in corresponding growth in our business. In addition, our clients frequently adopt a greater number of our solutions over time and introduce our solutions across new sites of care. The number of clients from whom we generate over $100,000 of revenue has grown from 920 in the twelve months ended March 31, 2022 to 1,007 in the twelve months ended March 31, 2023 to 1,080 in the twelve months ended March 31, 2024, driven by large, new client wins and successful cross-selling and up-selling efforts. In 2023, we facilitated over five billion healthcare payments transactions, including over $1.2 trillion in gross claims volume, spanning approximately 50% of patients in the United States. Our platform benefits from powerful network effects. Our cloud-based software is driven by a sophisticated, automated, and curated rules engine, employing AI to generate and incorporate real-time feedback from millions of network transactions processed through our platform each day. Every transaction we process provides additional data insights across providers, patients, and payers, which are embedded in updates that are deployed efficiently across our client base. This results in cumulative benefits to us over time — as we capture more data from each transaction we process, we leverage that data to continue to improve the Waystar platform through embedded machine learning, advanced algorithms, and other in-house AI technologies to deliver added value to our clients. In turn, the more value we create for our clients, the more likely it is that they will continue to use our products, allowing us to continue to capture more data that results in tangible improvements to our platform. As a result, our clients benefit from faster and more efficient performance from software that is evolving to meet ever-changing regulatory and payer requirements, enabling accurate and timely reimbursement. We have demonstrated an ability to drive recurring, predictable, and profitable growth. Over 99% of our revenue is either recurring subscription or based on highly predictable volumes. For the twelve months ended March 31, 2024, our Net Revenue Retention Rate was 108.8%, and for the year ended December 31, 2023, our Net Revenue Retention Rate was 108.6%. We were originally incorporated in Delaware on August 13, 2019 and subsequently changed our name to Waystar Holding Corp. on August 11, 2023. Our principal offices are located at 1550 Digital Drive, #300, Lehi, Utah 84043 and 888 W. Market Street, Louisville, Kentucky.
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- A diversified media and entertainment conglomerate, akin to a blend of Disney and News Corp.
- A sprawling legacy media company, similar to Comcast's NBCUniversal division, but with a more politically influential news arm.
- A traditional media empire with a dominant news network, somewhat like a cross between Fox Corporation and Paramount Global.
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Waystar (WAY) is a fictional media and entertainment conglomerate with the following major service categories:
* **Television Broadcasting and Cable News:** Operates broadcast television networks and highly influential cable news channels like ATN (American Television Network).
* **Film Production and Distribution:** Produces and distributes motion pictures globally through Waystar Studios.
* **Digital Media and Streaming:** Owns and operates online news portals (like Vaulter), social media platforms, and streaming video services.
* **Theme Parks and Resorts:** Manages and operates amusement parks and related hospitality resorts.
* **Cruise Lines:** Operates a fleet of cruise ships offering leisure voyages.
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Waystar (WAY)
Major Customers
Waystar RoyCo, as depicted, is a diversified global media and entertainment conglomerate. While it engages in various business-to-business (B2B) transactions (e.g., advertising sales, content licensing), its core revenue streams primarily derive from serving a broad range of individual consumers across its numerous divisions. Therefore, its major customers are best described by categories of individuals rather than specific companies.
The three primary categories of individual customers Waystar serves are:
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News and Information Consumers: Individuals who consume news, current events, and opinion content through Waystar's television channels (such as ATN and local news affiliates), websites (e.g., Vaulter's news sections), and digital news applications. This category values Waystar for its reporting and commentary.
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Entertainment and Leisure Seekers: Individuals who patronize Waystar's leisure and entertainment divisions. This includes visitors to Waystar's theme parks, passengers on its cruise lines, and audiences for film and television productions from Waystar Studios. These customers seek recreational experiences and content.
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Digital Service Users: Individuals who engage with Waystar's various digital platforms and emerging technologies. This can include users of its streaming services, social media platforms (like the envisioned Vaulter), or new innovative platforms such as "Living+," which aims to provide services and content to an aging population. These customers engage with Waystar through its digital offerings for connectivity, content, and services.
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Matt Hawkins, Chief Executive Officer + Board Member
Matt Hawkins is a seasoned executive passionate about technology's role in transforming healthcare. As the CEO who formed Waystar in 2017, he spearheaded the $2.7 billion sale of Waystar to EQT and Canada Pension Plan Investment Board (CPPIB) in 2019, with Bain Capital retaining a minority stake, and later led Waystar's initial public offering (IPO) on NASDAQ in 2024. Previously, he was President of Sunquest Information Systems, where he guided the company's transformation and led key growth acquisitions. He also held leadership positions at companies backed by private equity firm Vista Equity Partners, serving as President & Board Member of Greenway Health, CEO & Board Member of Vitera Healthcare Solutions, and CEO & Board Member of SirsiDynix.
Steve Oreskovich, Chief Financial Officer
Steve Oreskovich brings over 25 years of experience in driving growth and value creation for technology companies in both public and private settings. He joined Waystar in June 2018. Prior to Waystar, Steve served as Chief Financial Officer and Treasurer of Merge Healthcare, a public healthcare IT company that was acquired by IBM in October 2015. During his time at Merge, he helped increase revenue by more than 300 percent through numerous acquisitions and organic product expansion. He also held financial roles at Truis, Inc. and PricewaterhouseCoopers LLP.
Ric Sinclair, Chief Business Officer
Ric Sinclair leads Waystar's business development, alliances, sales, and commercialization teams. He previously served as the company's Chief Strategy and Product Officer.
Chris Schremser, Chief Technology Officer
Chris Schremser oversees all engineering functions for Waystar's product, including its artificial intelligence and machine learning initiatives.
Greg Packer, Chief Legal Officer & Secretary
Greg Packer is responsible for leading Waystar's legal and corporate governance matters.
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Here are the key risks to Waystar's business:
- Regulatory Changes in the Healthcare Sector: Waystar operates in the heavily regulated U.S. healthcare sector, where potential changes in policies and regulations could significantly impact its operations and financial health. The company incurs substantial compliance spending to adhere to evolving regulations, and unexpected outcomes in legal proceedings or changes in management's evaluations could have a material adverse impact on the business.
- Intense Competition and Rapid Technological Advancements: Waystar faces significant competition from numerous players, including large enterprises like Epic Systems and R1 RCM, within the dynamic healthcare technology market. The industry is characterized by rapid technological advancements, particularly in AI and automation, which necessitate continuous adaptation and investment from Waystar to maintain its market position and innovate its offerings. Failure to keep pace with these advancements or to effectively compete could threaten its market share and growth.
- Dependency on Third Parties and Operational Efficiencies: Waystar relies on third parties to support key functions of its business, and disruptions or failures in these third-party systems, such as clearinghouse partners, could adversely affect the availability and functionality of its critical services, including its claims management suite. Furthermore, the company has experienced internal risks stemming from operational inefficiencies related to ongoing technological development, which has led to increased operational expenses.
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Waystar (NASDAQ: WAY) operates within the healthcare technology sector, focusing on simplifying and unifying healthcare payments through its cloud-based software platform. The company's total addressable market (TAM) is estimated to be approximately $15 billion, with projections indicating growth to nearly $20 billion by 2027.
Waystar's main products and services encompass a comprehensive suite of revenue cycle management (RCM) solutions, including financial clearance, patient financial care, clinical integrity and revenue capture, claim and payer payment management, denial prevention and recovery, and analytics and reporting tools.
The addressable markets for Waystar's key product categories are as follows:
- Healthcare Revenue Cycle Management (RCM) Software:
- U.S. Market: The U.S. healthcare revenue cycle management market was estimated at $58.56 billion in 2024 and is projected to reach approximately $171.97 billion by 2034, growing at a compound annual growth rate (CAGR) of 11.6% from 2025 to 2034. Another estimate places the U.S. RCM market size at $172.24 billion in 2024, with a projected CAGR of 10.1% from 2025 to 2030.
- Global Market: The global healthcare revenue cycle management market was valued at $136.40 billion in 2023 and is expected to reach $453.47 billion by 2034, expanding at a CAGR of 11.54% between 2024 and 2034.
- Prior Authorization Software:
- U.S. Market (North America): The prior authorization software market was valued at $2.76 billion in 2024 and is projected to reach $5.99 billion by 2032, at a CAGR of 10.2% during the forecast period of 2026 to 2032. North America is expected to dominate this market due to advanced healthcare IT adoption.
- Global Market: The global prior authorization software market is projected to reach approximately $5.8 billion by 2033, growing at a CAGR of 11.2% from 2025 to 2033.
- Healthcare Claims Management:
- U.S. Market: The U.S. healthcare claims management market generated $7,683.8 million in revenue in 2022 and is expected to reach $37,558.2 million by 2030, with a CAGR of 21.9% from 2023 to 2030.
- Global Market: The global claims management market was valued at $4.60 billion in 2023 and is projected to grow to $13.95 billion by 2032, exhibiting a CAGR of 13.3%. For claims processing software, the global market size was $38.0 billion in 2023 and is expected to grow to $84.4 billion by 2033, at a CAGR of 8.31%.
- Payment Integrity (Healthcare):
- U.S. Market: The U.S. payment integrity market size accounted for $1.58 billion in 2025 and is forecasted to reach approximately $14.12 billion by 2034, representing a CAGR of 27.50% from 2025 to 2034. The healthcare payment integrity market size reached $15.12 billion in 2025 and is forecast to climb to $28.02 billion by 2030, advancing at a 13.14% CAGR.
- Global Market: The global payment integrity market was valued at $13.3 billion in 2024 and is expected to surpass $28.3 billion by 2030, growing at a CAGR of 13.5% during 2025-2030.
- Medical Billing Software:
- Global Market: The global medical billing software market size was worth $15.34 billion in 2024 and is estimated to reach $37.68 billion by 2033, growing at a CAGR of 10.5% during the forecast period of 2025-2033. North America holds the largest market share, accounting for 42.3% of the global market.
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Waystar (WAY) is positioned for future revenue growth over the next 2-3 years, driven by several key factors highlighted in recent financial reports and strategic initiatives.
Here are the expected drivers of Waystar's future revenue growth:
* Acquisition of Iodine Software and Expanded Total Addressable Market (TAM): Waystar's acquisition of Iodine Software, completed in October 2025, is a significant growth driver. This strategic move is expected to expand Waystar's total addressable market by over 15% and accelerate innovation. The integration of Iodine Software enhances Waystar's product offerings, allowing it to penetrate deeper into the healthcare payment process with advanced AI capabilities, thereby broadening its market scope and reinforcing its competitive edge. The company's full-year 2025 guidance includes a full quarter of contribution from Iodine, anticipating approximately $30 million in revenue from Iodine in Q4 2025, which will also enrich Waystar's subscription revenue mix.
* Consistent Client Growth and Strong Net Revenue Retention Rate (NRR): Waystar has demonstrated robust client acquisition and retention. The number of clients contributing over $100,000 in trailing twelve-month (LTM) revenue has consistently grown, reaching 1,306 in Q3 2025, an 11% increase year-over-year. The company's net revenue retention rate (NRR) has also remained strong, standing at 113% in Q3 2025, indicating effective upsell capabilities and strong client loyalty. This steady expansion of its client base and high retention rates contribute directly to sustained revenue growth through both new business and increased spending from existing clients.
* Expansion of AI-Powered Platform and Innovative Solutions: A core differentiator for Waystar is its continued investment in and leveraging of its cloud-based, AI-powered software platform. This platform drives automation in revenue management, enhances claim denial prevention, improves productivity, and strengthens regulatory resilience for healthcare providers. The integration of clinical, administrative, and financial data into a single platform, further bolstered by the Iodine acquisition, enhances Waystar's market-leading AI capabilities and contributes to its ability to offer cutting-edge solutions that attract and retain clients.
* Balanced Growth Across Subscription and Volume-Based Revenue Streams: Waystar consistently reports healthy growth in both its subscription and volume-based revenue streams. In Q3 2025, subscription revenue increased by 14% year-over-year, while volume-based revenue grew by 10% year-over-year. This balanced growth across different revenue models signifies a diversified and resilient business, capable of generating predictable income from subscriptions and scaling with increased transaction volumes, ensuring stable and compounding revenue expansion.
* Deepening Penetration in Healthcare Payment Process and Outsourcing Trends: Waystar's mission-critical software simplifies healthcare payments, and the company is strategically positioned to benefit from increased outsourcing in revenue cycle management. Its focus on areas like prior authorizations, patient payments, and revenue cycle management analytics, coupled with secular technology tailwinds, is expected to drive its TAM to nearly $20 billion by 2027, reflecting a 5% compounded annual growth rate.
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Share Repurchases
- Waystar repurchased $844 thousand of shares for the three months ended September 30, 2024.
- For the three months ended December 31, 2023, share repurchases amounted to $688 thousand.
- The company did not repurchase any equity securities registered under Section 12(b) of the Securities Exchange Act of 1934 during the three months ended December 31, 2024.
Share Issuance
- Waystar launched its initial public offering (IPO) on June 7, 2024, offering 45,000,000 shares of common stock at an estimated price between $20.00 and $23.00 per share, with net proceeds used to repay outstanding indebtedness.
- The company received $1.488 million in proceeds from the exercise of common stock options for the nine months ended September 30, 2024.
- Proceeds from exercise of common stock options amounted to $284 thousand for the year ended December 31, 2023.
Inbound Investments
- In July 2019, EQT VIII Fund and Canada Pension Plan Investment Board (CPPIB) acquired a majority equity stake in Waystar, valuing the company at $2.7 billion.
- Bain Capital Private Equity retained a minority stake in Waystar following the 2019 acquisition by EQT and CPPIB.
Outbound Investments
- Waystar completed the acquisition of Iodine Software for a total enterprise value of $1.25 billion on October 1, 2025.
- The Iodine Software acquisition was funded through a 50/50 mix of cash and stock.
- The acquisition is expected to expand Waystar's total addressable market by over 15% and strengthen its AI capabilities.
Capital Expenditures
- Waystar plans to use net proceeds from its IPO to invest in innovation and strategic acquisitions, rather than solely traditional capital expenditures.
- The company's core business is providing mission-critical cloud software, which implies a focus on software development and technology infrastructure.
- Capital expenditures are a factor in the company's financial planning, affecting its ability to fund future operations and manage debt.
