# Waystar Holding Corp.

Summary updated: 2026-10-02T13:15:02.444452Z
Canonical: https://finbar.com/research/companies/waystar-holding-corp

## Overview

Waystar Holding Corp. provides cloud-based healthcare payment and revenue-cycle technology that connects providers, payers, and patients. Its platform supports payment workflows across the patient journey, from pre-service engagement through claims, remittance, and reconciliation, with tools for provider and patient payments and automation of payment-related tasks. [1](https://app.finbar.com/go?id=P144402291)[2](https://app.finbar.com/go?id=P144402718)[3](https://app.finbar.com/go?id=P144402672)

Waystar’s stated purpose is to simplify healthcare payments so providers can focus on patient care. Its market and operations are centered in the United States, including Puerto Rico and other U.S. territories. [4](https://www.waystar.com/about-us/)[1](https://app.finbar.com/go?id=P144402291) For the six months ended June 30, 2026, the company reported revenue of $633.5 million; it also reported 1,453 clients generating more than $100,000 in trailing-12-month revenue. [5](https://app.finbar.com/go?id=P144402686) The company’s Q2 2026 release describes approximately 30,000 clients representing more than one million distinct providers. [6](https://www.waystar.com/news/waystar-reports-second-quarter-2026-results/)
[1](https://app.finbar.com/go?id=P144402291)[2](https://app.finbar.com/go?id=P144402718)[3](https://app.finbar.com/go?id=P144402672)[4](https://www.waystar.com/about-us/)[5](https://app.finbar.com/go?id=P144402686)[6](https://www.waystar.com/news/waystar-reports-second-quarter-2026-results/)[4](https://www.waystar.com/about-us/)[6](https://www.waystar.com/news/waystar-reports-second-quarter-2026-results/)

## Products & services

Waystar’s products cover healthcare revenue-cycle workflows from pre-service financial clearance through claim submission, payment, and reconciliation. Eligibility Verification checks insurance coverage, while Authorization Manager supports prior-authorization workflows; the company also offers price-transparency and cost-estimation tools to help patients understand expected costs before care. Patient Payments + Portal provides electronic statements, a patient portal, digital payment options, and flexible payment arrangements. [7](https://app.finbar.com/go?id=P15315816)[8](https://app.finbar.com/go?id=P75880597)[9](https://www.waystar.com/our-platform/financial-clearance/eligibility-verification/)[10](https://www.waystar.com/our-platform/financial-clearance/authorizations/)[11](https://www.waystar.com/our-platform/payment-management/patient-payments/)

Claim Manager supports claim preparation and submission, payer-rule and documentation checks, claim-status monitoring, remittance processing, and error detection. Denial + Appeal Management uses AI to prioritize denials, analyze their causes, and assist with appeals; Waystar says its generative-AI appeal drafting draws on claim information and more than 1,100 payer-specific templates. Clinical integrity and revenue-capture tools apply clinical and financial data to identify coding errors, underpayments, and missing charges, while supporting documentation accuracy before billing. [12](https://app.finbar.com/go?id=P51185124)[13](https://app.finbar.com/go?id=P80931652)[14](https://app.finbar.com/go?id=P89602557)[15](https://app.finbar.com/go?id=P6086163)[16](https://www.waystar.com/our-platform/claim-management/claim-manager/)[17](https://www.waystar.com/our-platform/denial-prevention-recovery/denial-appeal-management/)[18](https://www.waystar.com/our-platform/clinical-integrity-revenue-capture/clinical-documentation-integrity/)

Analytics and reporting products provide configurable dashboards, visualizations, and KPI analysis for payment and denial trends; Waystar’s current Analytics page lists more than 60 prebuilt reports and 12 dashboards. The cloud-native platform uses multi-tenant architecture, microservices, and an event-driven design, and integrates with more than 500 channel partners. The FY2025 filing reports greater than 99.9% uptime and says approximately half of the company’s solutions leverage AI. [19](https://app.finbar.com/go?id=P15353370)[20](https://app.finbar.com/go?id=P16247402)[21](https://app.finbar.com/go?id=P74549803)[22](https://app.finbar.com/go?id=P8699772)[23](https://app.finbar.com/go?id=P118140002)[24](https://www.waystar.com/our-platform/analytics-reporting/analytics/)

Waystar does not disclose revenue as a percentage by named product. Its FY2025 filing says subscription and volume-based revenue together represented 99% of total revenue for the periods presented; provider solutions account for the substantial majority of revenue, while patient-payment solutions are expected to increase slightly as a share, without a specific percentage. [25](https://app.finbar.com/go?id=P116390250)
[7](https://app.finbar.com/go?id=P15315816)[8](https://app.finbar.com/go?id=P75880597)[12](https://app.finbar.com/go?id=P51185124)[13](https://app.finbar.com/go?id=P80931652)[14](https://app.finbar.com/go?id=P89602557)[15](https://app.finbar.com/go?id=P6086163)[19](https://app.finbar.com/go?id=P15353370)[20](https://app.finbar.com/go?id=P16247402)[21](https://app.finbar.com/go?id=P74549803)[22](https://app.finbar.com/go?id=P8699772)[23](https://app.finbar.com/go?id=P118140002)[25](https://app.finbar.com/go?id=P116390250)[9](https://www.waystar.com/our-platform/financial-clearance/eligibility-verification/)[10](https://www.waystar.com/our-platform/financial-clearance/authorizations/)[11](https://www.waystar.com/our-platform/payment-management/patient-payments/)[16](https://www.waystar.com/our-platform/claim-management/claim-manager/)[17](https://www.waystar.com/our-platform/denial-prevention-recovery/denial-appeal-management/)[18](https://www.waystar.com/our-platform/clinical-integrity-revenue-capture/clinical-documentation-integrity/)[24](https://www.waystar.com/our-platform/analytics-reporting/analytics/)

## Geographic presence

Waystar’s FY2025 filing reported that all of its more than 1,700 full-time team members were located in the United States as of December 31, 2025. Its principal offices are in Lehi, Utah, and Louisville, Kentucky; the company’s current office listings also include Duluth and Atlanta, Georgia. [26](https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata%2F1990354%2F000199035426000011%2Fway-20251231.htm) [27](https://app.finbar.com/go?id=P163688055) [28](https://www.waystar.com/contact-us/)

The company’s careers site includes job-location pages for Pune and Bengaluru, India, indicating India-based hiring, although the reviewed sources do not specify India headcount or establish an office address there. Waystar reports one operating segment and does not disclose revenue by country or region; it states that customer geography does not affect its strategy or products. [29](https://careers.waystar.com/locations/pune-ind/jobs/) [30](https://careers.waystar.com/locations/bengaluru-ind/jobs/) [31](https://app.finbar.com/go?id=P144402386)
[27](https://app.finbar.com/go?id=P163688055)[31](https://app.finbar.com/go?id=P144402386)[26](https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata%2F1990354%2F000199035426000011%2Fway-20251231.htm)[28](https://www.waystar.com/contact-us/)[29](https://careers.waystar.com/locations/pune-ind/jobs/)[30](https://careers.waystar.com/locations/bengaluru-ind/jobs/)

## Business segments

Waystar reports one operating and reportable segment; it does not report separate provider and patient businesses as accounting segments. Its chief operating decision maker evaluates performance and allocates resources on a consolidated basis. [31](https://app.finbar.com/go?id=P144402386)[32](https://app.finbar.com/go?id=P57919730)

The company also presents revenue by solution type. For the six months ended June 30, 2026, provider solutions generated $462.1 million, or 72.9% of revenue, and patient solutions generated $171.5 million, or 27.1%. Provider offerings include financial clearance, claims and payer-payment management, and denials prevention and recovery; patient solutions support digital financial interactions, billing and payment processing. [33](https://app.finbar.com/go?id=T16524125)[7](https://app.finbar.com/go?id=P15315816)[12](https://app.finbar.com/go?id=P51185124)[13](https://app.finbar.com/go?id=P80931652)[8](https://app.finbar.com/go?id=P75880597)

For FY2025, revenue by type was $558.4 million from subscriptions (50.8%), $534.8 million volume-based (48.6%), and $6.1 million from services and other (0.6%). These are revenue categories, not separate segments: subscription revenue primarily reflects recurring fees, volume-based revenue varies with transaction counts or dollar volumes, and services and other includes items such as implementation fees and hardware sales. [34](https://app.finbar.com/go?id=T5705458)[35](https://app.finbar.com/go?id=P22155716)[36](https://app.finbar.com/go?id=P114021687)[37](https://www.sec.gov/Archives/edgar/data/1990354/000199035426000011/way-20251231.htm)
[31](https://app.finbar.com/go?id=P144402386)[32](https://app.finbar.com/go?id=P57919730)[33](https://app.finbar.com/go?id=T16524125)[7](https://app.finbar.com/go?id=P15315816)[12](https://app.finbar.com/go?id=P51185124)[13](https://app.finbar.com/go?id=P80931652)[8](https://app.finbar.com/go?id=P75880597)[34](https://app.finbar.com/go?id=T5705458)[35](https://app.finbar.com/go?id=P22155716)[36](https://app.finbar.com/go?id=P114021687)[37](https://www.sec.gov/Archives/edgar/data/1990354/000199035426000011/way-20251231.htm)

## Company history

Navicure, one of Waystar’s predecessor companies, was founded in January 2001. In 2017, Matthew Hawkins became CEO and Navicure merged with ZirMed; the combined company adopted the Waystar name on February 1, 2018. [38](https://app.finbar.com/go?id=P163681264)[39](https://app.finbar.com/go?id=P163681262)[40](https://www.waystar.com/news/navicure-and-zirmed-announce-naming-of-merged-company-to-waystar/)

From 2018 to 2020, Waystar expanded through the addition of Connance’s predictive-analytics technology, the acquisitions of PARO and Recondo Technology, and the launch of Hubble, an AI and robotic process automation platform. [41](https://www.waystar.com/news/waystar-to-acquire-connance-expanding-powerful-revenue-cycle-and-predictive-analytics-technology-for-health-systems-and-hospitals/)[42](https://www.waystar.com/news/with-the-acquisition-of-paro-waystar-adds-presumptive-charity-scoring-solution-to-its-technology-platform/)[43](https://www.waystar.com/news/waystar-acquires-recondo-technology-gains-best-in-klas-patient-access-and-business-office-technology/)[44](https://www.waystar.com/news/waystar-launches-hubble-an-artificial-intelligence-platform-that-automates-revenue-cycle-processes-to-help-providers-collect-payment-faster-and-more-effectively/)

In 2024, Waystar completed its initial public offering and began trading on Nasdaq under the ticker WAY. In 2025, it completed its acquisition of Iodine Software, expanding its healthcare software and AI capabilities. [45](https://www.waystar.com/news/waystar-announces-pricing-of-initial-public-offering/)[46](https://www.waystar.com/news/waystar-closes-acquisition-of-iodine-software-extending-ai-leadership-in-healthcare-software/)
[38](https://app.finbar.com/go?id=P163681264)[39](https://app.finbar.com/go?id=P163681262)[40](https://www.waystar.com/news/navicure-and-zirmed-announce-naming-of-merged-company-to-waystar/)[41](https://www.waystar.com/news/waystar-to-acquire-connance-expanding-powerful-revenue-cycle-and-predictive-analytics-technology-for-health-systems-and-hospitals/)[42](https://www.waystar.com/news/with-the-acquisition-of-paro-waystar-adds-presumptive-charity-scoring-solution-to-its-technology-platform/)[43](https://www.waystar.com/news/waystar-acquires-recondo-technology-gains-best-in-klas-patient-access-and-business-office-technology/)[44](https://www.waystar.com/news/waystar-launches-hubble-an-artificial-intelligence-platform-that-automates-revenue-cycle-processes-to-help-providers-collect-payment-faster-and-more-effectively/)[45](https://www.waystar.com/news/waystar-announces-pricing-of-initial-public-offering/)[46](https://www.waystar.com/news/waystar-closes-acquisition-of-iodine-software-extending-ai-leadership-in-healthcare-software/)

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1. [Waystar Holding Corp. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P144402291)
2. [Waystar Holding Corp. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P144402718)
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24. [www.waystar.com](https://www.waystar.com/our-platform/analytics-reporting/analytics/)
25. [Waystar Holding Corp. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P116390250)
26. [www.sec.gov](https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata%2F1990354%2F000199035426000011%2Fway-20251231.htm)
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28. [www.waystar.com](https://www.waystar.com/contact-us/)
29. [careers.waystar.com](https://careers.waystar.com/locations/pune-ind/jobs/)
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33. [Waystar Holding Corp. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16524125)
34. [Waystar Holding Corp. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T5705458)
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37. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1990354/000199035426000011/way-20251231.htm)
38. [Waystar Holding Corp. — Ipo (2023 O)](https://app.finbar.com/go?id=P163681264)
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40. [www.waystar.com](https://www.waystar.com/news/navicure-and-zirmed-announce-naming-of-merged-company-to-waystar/)
41. [www.waystar.com](https://www.waystar.com/news/waystar-to-acquire-connance-expanding-powerful-revenue-cycle-and-predictive-analytics-technology-for-health-systems-and-hospitals/)
42. [www.waystar.com](https://www.waystar.com/news/with-the-acquisition-of-paro-waystar-adds-presumptive-charity-scoring-solution-to-its-technology-platform/)
43. [www.waystar.com](https://www.waystar.com/news/waystar-acquires-recondo-technology-gains-best-in-klas-patient-access-and-business-office-technology/)
44. [www.waystar.com](https://www.waystar.com/news/waystar-launches-hubble-an-artificial-intelligence-platform-that-automates-revenue-cycle-processes-to-help-providers-collect-payment-faster-and-more-effectively/)
45. [www.waystar.com](https://www.waystar.com/news/waystar-announces-pricing-of-initial-public-offering/)
46. [www.waystar.com](https://www.waystar.com/news/waystar-closes-acquisition-of-iodine-software-extending-ai-leadership-in-healthcare-software/)

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