Waystar

Waystar

Healthcare payment technology and financial solutions

About Waystar

Simplify's Rating
Why Waystar is rated
A-
Rated B on Competitive Edge
Rated A on Growth Potential
Rated A on Rating Differentiation

Industries

Enterprise Software

Financial Services

Healthcare

Company Size

501-1,000

Company Stage

IPO

Headquarters

Louisville, Kentucky

Founded

2000

Overview

Waystar simplifies healthcare payments through its cloud-based platform, which unifies various financial processes for healthcare providers. The platform helps streamline workflows and enhances financial management, making it easier for providers to handle payments and billing. It is designed to improve transparency for patients regarding their financial responsibilities. Waystar's services are utilized by over 450,000 providers, 750 health systems and hospitals, and 5,000 health plans, and it integrates seamlessly with major healthcare information systems and practice management software. Unlike many competitors, Waystar focuses on creating a comprehensive solution that addresses the complexities of healthcare payments, aiming to enhance both provider efficiency and patient experience.

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Simplify's Take

What believers are saying

  • Waystar's Auth Accelerate reduces authorization time by 70%, boosting auto-approval rates.
  • Waystar's AI-powered platform ranked #1 in eight categories by Black Book Market Research™.
  • Waystar's fiscal year 2024 revenue grew 19% year-over-year, reaching $944 million.

What critics are saying

  • Emerging AI-driven RCM platforms could threaten Waystar's market position.
  • Rapid technological advancements may outstrip Waystar's integration capabilities.
  • Potential regulatory changes in data privacy laws could necessitate costly updates.

What makes Waystar unique

  • Waystar's platform supports over 450,000 providers and 750 health systems.
  • Waystar has been Best in KLAS® claims clearinghouse every year since 2010.
  • Waystar integrates with all major HIS and practice management systems.

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Funding

Total Funding

$1887.5M

Above

Industry Average

Funded Over

2 Rounds

Secondary funding comparison data is currently unavailable. We're working to provide this information soon!
Secondary Funding Comparison
Coming Soon

Benefits

401(k) matching: We’re proud to help our team members build their financial futures with a range of investment options available.

Career mobility: We’re all about professional growth. In 2018, roughly 15% of our team members stepped into a new role within the company.

Waystar welcome: Our weeklong onboarding program positions introduces our company and leadership team and positions every new hire for success.

Family friendly: Waystar offers paid leave for maternity, paternity and adoption and prioritizes work-life balance for all team members.

Company News

MarketBeat
Mar 20th, 2025
Victory Capital Management Inc. Makes New $2.42 Million Investment in Waystar Holding Corp. (NASDAQ:WAY)

Victory Capital Management Inc. makes new $2.42 million Investment in Waystar Holding Corp. (NASDAQ:WAY).

PR Newswire
Mar 4th, 2025
New Research Reveals That Investing In Ai And Advanced Automation Is A Top 2025 Priority For Rcm Leaders

92% of leaders rank AI and advanced automation as a key focus for overcoming industry challengesPatient Access and Claim Management emerge as the top RCM functions prioritized for automation investmentLEHI, Utah and LOUISVILLE, Ky., March 4, 2025 /PRNewswire/ -- Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced the results of a comprehensive Qualtrics market survey identifying the top revenue cycle management (RCM) trends of 2025. The study surveyed 600 healthcare RCM, finance, and technology leaders from provider organizations of all types and sizes. The findings show that decision-makers are actively prioritizing AI and advanced automation to address critical challenges, with a focus on automation in patient access and claim management.Healthcare leaders face mounting pressure from rising administrative costs, increasing claim denials, payer conflicts, and cybersecurity threats. The research highlights a strong shift toward strategic software investments that accelerate cash flow, adapt to evolving payer policies, and optimize performance.The top six trends for healthcare leaders in 2025 include:Expanding AI and generative AI investments to streamline RCM operations: 92% of leaders indicate their top priority is to invest in AI and advanced automation for RCM. Key focus areas for investment, in order of priority, include patient access, claim management, revenue integrity, patient financial care, denial prevention, and denial management.92% of leaders indicate their top priority is to invest in AI and advanced automation for RCM. Key focus areas for investment, in order of priority, include patient access, claim management, revenue integrity, patient financial care, denial prevention, and denial management

PR Newswire
Feb 28th, 2025
Waystar Expands Authorization Automation To Address Healthcare Providers' Top 2025 Investment Priority

Latest software innovation automates every step of the authorization submission process, reducing time by 70% and dramatically boosting auto-approval ratesLEHI, Utah, and LOUISVILLE, Ky., Feb. 28, 2025 /PRNewswire/ -- Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced the launch of its Auth Accelerate solution, a major expansion of its advanced automation capabilities designed to streamline the prior authorization process from start to finish.Prior authorizations pose significant challenges across the healthcare spectrum. In response, providers have made automation for patient access, including prior authorizations, their top investment revenue cycle priority for 2025, according to a recent third-party survey. Securing payer approval requires navigating complex rules and continuous status checks, consuming up to 24 minutes per authorization. With tens of millions of prior authorizations occurring each year, this labor-intensive process contributes to one of healthcare's top administrative burdens. A recent American Medical Association survey found that more than one in four physicians say prior authorization has led to a serious adverse event for a patient in their care, while 78% report that delays cause patients to abandon care.Waystar Auth Accelerate overhauls this traditionally time-consuming workflow by automating every step of the authorization submission process

Cache Valley Daily
Feb 28th, 2025
Waystar expands authorization automation to address healthcare providers' top 2025 investment priority

In January, Waystar's Patient Access solutions were named Best in KLAS.

Bay Street
Feb 28th, 2025
Waystar Sags on Auth Accelerate

Waystar (NASDAQ: WAY), a provider of leading healthcare payment software, today announced the launch of its Auth Accelerate solution, a major expansion of its advanced automation capabilities designed to streamline the prior authorization process from start to finish.

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