Waystar
By Waystar
Waystar is a leading healthcare information technology company specializing in revenue cycle management (RCM) solutions designed to simplify healthcare payments for providers and enhance the patient financial experience. Headquartered in Louisville, Kentucky, Waystar serves approximately 30,000 clients and over 1 million distinct healthcare providers, processing more than 6 billion healthcare payment transactions annually. The company’s platform touches around 50% of U.S. patients and processes over $1.8 trillion in annual gross claims. Waystar’s mission is to make healthcare payments more human by easing administrative burden and enabling providers to concentrate on patient care.
Waystar was formed in 2017, building on the foundation of longstanding healthcare payment leaders with the goal of providing an all-in-one platform for the complete healthcare revenue cycle. It rapidly grew by simplifying healthcare payments through innovative technology, including strong automation and AI capabilities. The company went public in June 2024, raising nearly $1 billion in its IPO—the largest healthcare software IPO that year—which has fueled its growth and product innovation initiatives.
Waystar’s IPO raised close to $1 billion, improving its financial flexibility to invest in innovation and strategic acquisitions. As a public company, it demonstrated robust financial health with revenue reaching $271 million in Q2 2025 (+15% year-over-year growth) and an adjusted EBITDA margin of 42%. The company raised full-year guidance on revenue and EBITDA due to solid performance. Waystar’s total addressable market (TAM) is projected to reach nearly $20 billion by 2027, reflecting a 5% compound annual growth rate (CAGR).
Waystar has pursued growth through both organic expansion and strategic acquisitions. A notable recent acquisition is Iodine Software in July 2025, expected to accelerate Waystar's AI-powered transformation of healthcare payments by enhancing its cloud software capabilities and broadening product offerings.
Waystar continuously invests in research and development, spending $50 million in 2023 alone to enhance product innovation. The company integrates advanced AI across its platform, including generative AI and robotic process automation (RPA), to drive meaningful payment lift, reduce administrative waste, and optimize revenue cycle performance.
Waystar emphasizes a culture built on honesty, integrity, inclusivity, and client-centric innovation. The company values transparency and trust, aiming to foster a diverse and inclusive workplace while delivering exceptional client support and industry-leading software solutions. This culture serves as the company’s compass for decision-making and action, propelling its leadership in the healthcare payments industry.
Waystar's customer base comprises around 30,000 healthcare organizations, including hospitals, health systems, and physician groups, representing over 1 million healthcare providers in the U.S., Canada, and Europe. The platform handles a significant volume of transactions and is widely regarded for its user-friendly interface and comprehensive reporting capabilities. Customer satisfaction scores exceed 90%, highlighting strong client trust and successful execution of their mission.
