Waystar Holding Corp (NASDAQ: WAY) is a healthcare payments software company that provides cloud-based revenue cycle management solutions to healthcare providers across the full patient billing and reimbursement workflow. The company makes money primarily through software subscriptions and transaction-based fees tied to claims processed through its platform. Waystar processed 7.5 billion healthcare payment transactions annually representing over $2.4 trillion in gross claims as of the FY2025 10-K filed 2026-02-17. Its platform covers pre-service workflows such as eligibility checks and prior authorization, mid-encounter workflows including coding and documentation accuracy, and post-service revenue collection. The company estimates its total addressable market at $20 billion in 2025, with market share of approximately 4% in the hospital segment and 8% in the ambulatory practice segment, calculated as a percentage of Waystar revenue against TAM estimates. Institutional investors EQT, CPPIB, and Bain hold direct equity stakes following the company's initial public offering. The company carries substantial debt under its First Lien Credit Facility, dated October 22, 2019.

Revenue model

Software subscription fees and transaction-based fees generated as healthcare providers process claims, eligibility checks, prior authorizations, and patient payments through Waystar's cloud platform. Net Revenue Retention Rate is a disclosed key performance metric, measuring total amounts invoiced to existing clients year over year.

Products and services

Cloud-based revenue cycle management software platform; pre-service tools including eligibility verification and prior authorization; mid-encounter tools including utilization management, coding, and documentation accuracy; post-service tools for denial prevention, claims appeals, and patient payment collection; Waystar AltitudeAI, a proprietary AI engine using machine learning, large language models including Google Cloud's Gemini, generative AI, and agentic AI; clinical data integration from one in three U.S. hospital discharges.

Customers and end markets

Healthcare providers including hospitals and ambulatory practices across the United States. Clients span varying sizes from large health systems to smaller physician practices. Demand is driven by reimbursement complexity, payer contract variability, regulatory requirements, and rising patient out-of-pocket cost burdens.

Value-chain role

Software intermediary sitting between healthcare providers and payers, automating and optimizing the claims submission, denial management, and patient payment collection processes within the U.S. healthcare revenue cycle.

Geographic exposure

United States healthcare provider market.

Source: SEC 10-K, filed 2026-02-17

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