• Patient Access Solutions: Software that automates pre-service tasks such as eligibility checks and prior authorization approvals for healthcare providers.
• Revenue Cycle Management (RCM) Solutions: Software designed to streamline mid- and post-encounter payment workflows, including co-pay collection, claims submission, and payer remittances.

Waystar (WAY)

• Physician practices
• Clinics
• Surgical centers
• Laboratories
• Large hospitals and health systems (including 18 of the top 22 U.S. News Best Hospitals)

Matt Hawkins, Chief Executive Officer + Board Member

Mr. Hawkins has served as Waystar's CEO since 2017. He founded Waystar and spearheaded the company's $2.7 billion sale to Swedish investment firm EQT and Canada Pension Plan Investment Board in 2019, with Bain Capital retaining a minority stake. He also led Waystar's initial public offering (IPO) on NASDAQ in 2024. Before joining Waystar, Mr. Hawkins was president of Sunquest Information Systems, where he led several key growth acquisitions and guided its transformation into a global leader in laboratory diagnostic informatics. He previously worked with Vista Equity Partners, serving as president and board member of Greenway Health, CEO and board member of Vitera Healthcare Solutions, and CEO and board member of SirsiDynix, indicating a pattern of managing companies backed by private equity firms. Earlier in his career, he was a management consultant for McKinsey & Company.

Steve Oreskovich, Chief Financial Officer

Mr. Oreskovich joined Waystar as CFO in June 2018 and is responsible for the company's finance, accounting, and treasury functions. Prior to Waystar, he served as CFO and treasurer of Merge Healthcare, a public healthcare IT company that IBM acquired in October 2015. During his time at Merge Healthcare, he partnered with the CEO to increase revenue by over 300% through numerous acquisitions and organic product expansion. Before Merge, he held various financial roles at companies including Truis, Inc. and PricewaterhouseCoopers LLP.

Ric Sinclair, Chief Business Officer

Mr. Sinclair leads Waystar's enterprise strategy, mergers and acquisitions, business development, alliances, sales, and commercialization teams. He was a member of the executive team that formed Waystar and previously served as the company's chief commercial officer, chief strategy officer, and chief product officer.

Craig Bridge, Chief Transformation Officer

Mr. Bridge is responsible for managing Waystar's payer network, business operations, and planning. He played a key role in integrating Navicure with ZirMed, which merged in 2017 to form Waystar.

Chris Schremser, Chief Technology Officer

Mr. Schremser oversees all engineering functions related to Waystar's product, including its artificial intelligence and machine learning initiatives. He is also responsible for the company's product vision, strategy, and execution. Prior to Waystar, he was the chief technology officer of ZirMed.

Key Risks to Waystar (WAY) Business:

1. Regulatory and Legislative Changes: Waystar operates within a "highly complex" and "constantly evolving regulatory framework" within the healthcare payment ecosystem. Changes to these regulations could significantly impact the processes their software aims to simplify, potentially requiring substantial modifications to their platform or rendering certain functionalities less effective or obsolete, thereby affecting their ability to serve clients and maintain compliance.
2. Data Security and Privacy Breaches: Waystar processes an immense volume of sensitive healthcare payment transactions, facilitating "over five billion healthcare payments transactions" and spanning "approximately 50% of patients in the United States". A data security breach, cyber-attack, or failure to comply with stringent healthcare data privacy regulations (such as HIPAA) could lead to significant financial penalties, legal liabilities, reputational damage, loss of client trust, and disruption to operations.
3. Reliance on Artificial Intelligence and Proprietary Algorithms: Waystar's core value proposition and operational efficiency are heavily dependent on "internally developed artificial intelligence ("AI") as well as proprietary, advanced algorithms" to automate payment-related workflows and drive continuous improvement. Any failure, inaccuracy, bias, or other unforeseen issues with these AI and algorithmic technologies could compromise the accuracy, efficiency, and reliability of their platform, undermining their service offering and competitive advantage.

Waystar operates within several significant addressable markets related to healthcare payments and revenue cycle management, primarily in the U.S. and globally.

Healthcare Revenue Cycle Management (RCM) Market

• The U.S. healthcare revenue cycle management market was estimated at approximately USD 56.94 billion in 2023 and is projected to reach around USD 187.47 billion by 2033, growing at a compound annual growth rate (CAGR) of 12.65% from 2024 to 2033. Other estimates place the U.S. market at USD 172.24 billion in 2024, expected to grow at a CAGR of 10.1% from 2025 to 2030.
• Globally, the healthcare revenue cycle management market was valued at USD 158.17 billion in 2023 and is expected to reach approximately USD 517.31 billion by 2033, with a CAGR of 12.58% from 2024 to 2033. Another report estimates the global market at USD 169.7 billion in 2025, growing to USD 505.8 billion by 2035 at an 11.54% CAGR.

Prior Authorization and Eligibility Check Software Market

• The global Prior Authorizations and Eligibility Check Software market was valued at USD 2.5 billion in 2025 and is projected to experience significant expansion, reaching an estimated USD 8.2 billion by 2033, at a CAGR of 15% from 2025 to 2033. For FHIR prior authorization solutions specifically, the global market was valued at USD 745 million in 2025 and is expected to grow to USD 3,200 million by 2036, at a CAGR of 14.2%.

Claims Processing Software Market

• The global claims processing software market was estimated at USD 40.84 billion in 2024. It grew from USD 47.80 billion in 2025 to USD 51.47 billion in 2026 and is expected to continue expanding at a CAGR of 8.64%, reaching USD 85.43 billion by 2032. North America is estimated to contribute 43% to the growth of the global market.

Healthcare Digital Payment Market

• The global healthcare digital payment market was valued at USD 14.21 billion in 2024 and is projected to reach USD 94.15 billion by 2034, with a CAGR of 20.82% from 2025 to 2034.
• The U.S. healthcare digital payment market was approximately USD 3.98 billion in 2024 and is projected to be worth around USD 26.83 billion by 2034, growing at a CAGR of 21.02% from 2025 to 2034.

Medical Billing Software Market

• The global medical billing software market size was estimated at USD 16.34 billion in 2023 and is projected to reach USD 32.18 billion by 2030, growing at a CAGR of 10.2% from 2024 to 2030. North America held the largest revenue share, accounting for 39.4% of the market in 2023.

Expected Drivers of Future Revenue Growth for Waystar (WAY)

Waystar (WAY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

• Expansion of Client Base: Waystar anticipates continued growth through the acquisition of new clients, including large enterprise wins. The company has demonstrated a consistent increase in clients generating over $100,000 in revenue, indicating success in attracting and retaining larger organizations.
• Cross-selling and Up-selling to Existing Clients: A significant driver of revenue growth will be the increased adoption of additional solutions by current clients. Waystar's strategy involves encouraging existing clients to utilize more of its product offerings and implement these solutions across new sites of care.
• Increased Transaction Volumes from Existing Clients: Waystar's business model is designed to grow proportionally with its clients' expansion. As existing healthcare provider clients serve more patients, their claims and transactional volumes increase, directly leading to higher revenue for Waystar.
• Continuous Platform Enhancement via AI and Network Effects: The ongoing improvement of Waystar's cloud-based software, powered by internally developed AI and proprietary algorithms, will drive sustained growth. The platform's powerful network effects, where each processed transaction enriches data insights, enable continuous advancements that deliver added value to clients, thus fostering retention and encouraging further solution adoption.

Share Repurchases

• Waystar executed approximately 7.394 million in stock buybacks for the quarter ending September 30, 2025.

Share Issuance

• Waystar completed its Initial Public Offering (IPO) on June 6, 2024, offering 45,000,000 shares at $21.50 per share, which raised nearly $1 billion.
• As part of the IPO, underwriters were granted a 30-day option to purchase up to an additional 6,750,000 shares.
• In 2025, selling stockholders, including investment funds of EQT AB, Canada Pension Plan Investment Board, and Bain Capital, LP, conducted multiple secondary offerings of Waystar's common stock, from which Waystar itself did not receive any proceeds.

Inbound Investments

• During its IPO in June 2024, cornerstone investors, including funds managed by Neuberger Berman Investment Advisers LLC and a subsidiary of Qatar Investment Authority (QIA), demonstrated interest in purchasing up to $225.0 million in shares at the IPO price.

Outbound Investments

• Waystar has made nine strategic acquisitions since 2018 to enhance its platform capabilities, including HealthPay24 and certain assets of Olive AI in 2023.
• The acquisition of Iodine Software in 2025 significantly expanded Waystar's clinical intelligence offerings and client base by adding over 1,000 hospitals and health systems.

Capital Expenditures

• Waystar invested $9.4 million in capital expenditures during Q4 2025, primarily focused on funding long-term assets and infrastructure.
• The company plans to continue investing in AI innovation and strategic acquisitions to maintain its competitive advantage and drive long-term growth.