Waystar Holding Corp. (WAY) is a provider of mission-critical cloud technology designed to simplify healthcare payments for healthcare organizations. The company offers modern cloud-based software that enables healthcare clients to prioritize patient care and optimize financial performance. WAY primarily sells subscription-based and volume-based revenue services, along with implementation fees and hardware sales to facilitate patient payments.
- Volume-Based Revenue - Generates revenue based on transaction, dollar volume, or provider count in a given period, contributing significantly to the company's overall revenue.
- Subscription Revenue - Provides recurring revenue recognized over time on a ratable basis over the contract term, forming a substantial part of the company's revenue.
- Other Revenue (Implementation Fees and Hardware Sales) - Includes revenue from implementation fees and hardware sales, which are recognized ratably over the contract term and contribute minimally to total revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Matthew J. Hawkins ExecutiveBoard | Chief Executive Officer | Matthew J. Hawkins has been the Chief Executive Officer and a member of the board at Waystar Holding Corp since October 2017. Previously, he served as President at Sunquest Information Systems from May 2014 to October 2017 and held multiple leadership roles at Vista Equity Partners and Henry Schein Practice Solutions. | View Report → | |
Christopher L. Schremser Executive | Chief Technology Officer (CTO) | Christopher L. Schremser is the Chief Technology Officer (CTO) at Waystar since November 2017, overseeing the company’s technology strategy. Previously, he served as CTO at ZirMed from 2002 to 2017 and as Infrastructure Manager from 2000 to 2002. | ||
Eric L. (Ric) Sinclair III Executive | Chief Business Officer | Eric L. (Ric) Sinclair III has served as Waystar's Chief Business Officer since July 2023, previously serving as Chief Commercial Officer (2020 to 2023) and Chief Strategy and Product Officer (2017 to 2020). Before his tenure at Waystar, he was Head of Product at ZirMed from 2008 to 2017. | ||
Greg Packer Executive | Chief Legal Officer and Secretary | Greg Packer has served as the Chief Legal Officer and Secretary of Waystar Holding Corp. since March 2025, overseeing legal matters and stockholder communications with extensive experience in legal leadership. | ||
Kim Wittman Executive | Chief People Officer | Kim Wittman is the Chief People Officer at Waystar since March 2024. Previously, she served in multiple senior HR roles at Vivint, Inc. from 2013 to 2024. | ||
Melissa F. (Missy) Miller Executive | Chief Marketing Officer | Melissa F. (Missy) Miller is the Chief Marketing Officer at WAY since January 2023, previously serving as Senior Vice President of Marketing from December 2021 to February 2023 and Vice President of Commercialization from August 2020 to December 2021. | ||
Steven M. Oreskovich Executive | Chief Financial Officer (CFO) | Steven M. Oreskovich has served as the Chief Financial Officer (CFO) of Waystar Holding Corp. since June 2018. He previously held multiple financial roles at Merge Healthcare from 2004 to 2017 and gained experience at PricewaterhouseCoopers LLP and Truis, Inc.. | ||
T. Craig Bridge Executive | Chief Transformation Officer | T. Craig Bridge has led transformation at Waystar as the Chief Transformation Officer since October 2019, following his term as Chief Operating and Integration Officer from February 2018 to October 2019, and is a co-founder of the company since January 2001. | ||
Aashima Gupta Board | Director | Board of Directors Member at Neogen; Board of Directors Member at Molnlycke Healthcare; Board of Advisors at HIMSS | Aashima Gupta has been a Class III Director at Waystar Holding Corp since June 4, 2025, and she brings extensive experience from senior roles at Google Cloud and Apigee. | |
Eric C. Liu Board | Board Member | Partner at EQT; Executive Officer and Board Member at EQT Private Equity Company LLC; Board Member at Parexel; Board Member at Zeus Industrial Products, Inc. | Eric C. Liu has been a Board Member at WAY since 2019 and brings extensive experience in private equity, healthcare, and finance. | |
Ethan Waxman Board | Member of the Board of Directors | Partner at EQT; Board Member at Zeus Industrial Products, Inc. | Ethan Waxman has served as a board member at WAY since June 2024 due to his finance and capital markets expertise, especially in the healthcare industry. He is also a Partner at EQT and has held board roles at other companies, enhancing his strategic impact. | |
Heidi G. Miller Board | Member of the Board of Directors | Board member at Fiserv | Heidi G. Miller currently serves as a member of the board of directors at WAY since 2021. She has a distinguished background in financial services, having held executive roles including CEO at JPMorgan Chase's Treasury and Security Services and CFO roles at Bank One Corporation and Citigroup. | |
John Driscoll Board | Chair of the Board of Directors | Board member at Magnit Company | John Driscoll has served as Chair of the Board of Directors at WAY since 2019. He previously held executive roles at Walgreens Boots Alliance Inc from 2022 to 2024 and served as CEO of CareCentrix from 2013 to 2022. | |
Michael Roman Board | Class I Director | Board member at Abbott Laboratories | Michael Roman, with nearly four decades of leadership including serving as CEO and Chairman at 3M, joined Waystar Holding Corp. as a Class I Director on June 4, 2025. | |
Paul G. Moskowitz Board | Board Member | Managing Director at Bain Capital; Board Member at LeanTaas; Board Member at PartsSource | Paul G. Moskowitz has been a board member at WAY since 2019, following his tenure as a Board Observer from 2016 to 2019. He brings extensive management consulting and private equity expertise to the role. | |
Priscilla Hung Board | Board of Directors Member | Senior Advisor at Guidewire Software, Inc.; Board Member at Veeva Systems Inc.; Board Member at Ethos Technologies, Inc.; Board Member at Xerox Holdings Corporation | Priscilla Hung has served as a board member at WAY since February 2024. She is also a Senior Advisor at Guidewire Software, Inc. since January 2024 and held various leadership roles at Guidewire starting in 2005. | |
Robert A. DeMichiei Board | Member of the Board of Directors | Board member at Ampco Pittsburgh Corporation; Board member at Automobile Club of Southern California; Strategic advisor for Health Catalyst; Strategic advisor for Omega Healthcare Management Services | Robert A. DeMichiei has been serving as a board member and Chair of the Audit, Compliance, & Risk Committee at WAY since 2020. Previously, he held executive roles including CFO at UPMC and executive positions at General Electric Company and PricewaterhouseCoopers. | |
Samuel Blaichman Board | Director | Managing Director, Head of Direct Private Equity at CPPIB; Board Member at Ascot Group; Board Member at Berlin Packaging | Samuel Blaichman has been serving as a Director at WAY since April 2024, bringing decades of experience in corporate finance and strategic consulting. He is also the Managing Director, Head of Direct Private Equity at CPPIB since 2007 and holds board positions at Ascot Group and Berlin Packaging, contributing to his extensive background in private equity investing. | |
Vivian E. Riefberg Board | Member of the Board of Directors | David C. Walentas Jefferson Scholars Foundation Professorship Chair and Professor of Practice at UVA Darden School of Business; Fellow at The Miller Center at UVA; Board member at ONWARD Medical N.V.; Board member at Lightrock; Board member at Accompany Health, Inc.; Board member at K Health Inc.; Board member at Public Broadcasting Service; Board member at Johns Hopkins Medicine; Advisory board member at Smithsonian American Women’s History Museum | Vivian E. Riefberg has been a board member at WAY since October 2023. She has an extensive career across both public and private sectors, having held leadership roles at McKinsey & Company and academic positions at UVA Darden School of Business, which underlines her expertise in healthcare. |
- How do you attribute Q1’s revenue outperformance—was it primarily driven by the rapid implementations from 2024 or are there enduring structural improvements in patient payment utilization that you expect to persist?
- Given that 30% of your revenue comes from patient payments which are subject to seasonality, how are you planning to address the potential headwinds in the latter half of the year when deductible resets taper off?
- With the integration of generative AI into your existing platform, do you anticipate this will lead to a repricing of contracts, or will it simply drive same-store revenue growth without altering your overall pricing strategy?
- Your strategy includes aggressive cross-selling, particularly noted by the 30% of newly onboarded clients pursuing additional solutions; can you provide more detail on how you plan to sustain this momentum and address potential competitive pushback?
- In light of macroeconomic uncertainties and the potential for tariff-related impacts, how are you adjusting your sales cycle or operational strategies to ensure that your strong net revenue retention of 114% remains sustainable?
Research analysts who have asked questions during Waystar Holding earnings calls.
Adam Hotchkiss
Goldman Sachs
4 questions for WAY
Elizabeth Anderson
Evercore ISI
4 questions for WAY
Richard Close
Canaccord Genuity Group
4 questions for WAY
Allen Lutz
Bank of America
3 questions for WAY
Brian Peterson
Raymond James Financial
3 questions for WAY
George Hill
Deutsche Bank
3 questions for WAY
Ryan Daniels
William Blair & Company, L.L.C.
3 questions for WAY
Anne McCormick
JPMorgan Chase & Co.
2 questions for WAY
Jailendra Singh
Truist Securities
2 questions for WAY
Saket Kalia
Barclays Capital
2 questions for WAY
Alex L. Gogelov
JPMorgan Chase & Co.
1 question for WAY
Anne Samuel
JPMorgan Chase & Co.
1 question for WAY
Brian Tanquilut
Jefferies
1 question for WAY
Charles Rhyee
TD Cowen
1 question for WAY
Daniel Grosslight
Citigroup
1 question for WAY
Jared Haase
William Blair & Company
1 question for WAY
Johnathan McCary
Raymond James
1 question for WAY
Liz Lee
Deutsche Bank
1 question for WAY
Sean Dodge
RBC Capital Markets
1 question for WAY
Stephanie Davis
Barclays
1 question for WAY
Steven Valiquette
Mizuho
1 question for WAY
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Aveanna Healthcare, LLC | Software solutions (Bain Capital owns >10%) | All | 2024 revenue: $0.3 million (≈0.03% of $943.5M total) |
Surgery Partners | Software solutions (Bain Capital owns >10%) | All | 2024 revenue: $1.0 million (≈0.11% of $943.5M total) |
Innovacare | Software solutions (Bain Capital owns >10%) | All | 2024 revenue: $0.2 million (≈0.02% of $943.5M total) |
Athena Therapy | Software solutions (Bain Capital owns >10%) | All | 2024 revenue: $0.1 million (≈0.01% of $943.5M total) |
US Renal Care | Software solutions (Bain Capital owns >10%) | All | 2024 revenue: $0.3 million (≈0.03% of $943.5M total) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Iodine Software Holdings, Inc. | 2025 | Waystar’s acquisition involves a total enterprise value of $1.25 billion, consisting of approximately $625 million in cash and 16,751,54 shares, with the deal expected to accelerate its AI-powered healthcare payment transformation and expand its market by over 15%. The merger includes customary closing conditions and termination rights if not completed by November 23, 2025. |
Olive AI, Inc. (Clearinghouse & Patient Access assets) | 2023 | Waystar acquired certain assets of Olive AI, Inc.'s Clearinghouse and Patient Access businesses on October 31, 2023 for $10 million in cash to enhance its payment capabilities, although final accounting conclusions remain pending. |
HealthPay24 (ImageVision.net, LLC) | 2023 | Waystar completed the acquisition of HealthPay24 on August 3, 2023 by exchanging all membership interests for $30 million in cash, aiming to expand its patient engagement and payment solutions despite initial accounting details remaining incomplete. |
Recent press releases and 8-K filings for WAY.
- Waystar Holding Corp. (Nasdaq: WAY) has been added to the S&P SmallCap 600 Index, effective September 22, 2025, before market open.
- CEO Matt Hawkins attributed this inclusion to the strength of Waystar's AI-powered software platform and consistent execution since its IPO, including double-digit revenue growth and robust margins over the past 15 months.
- The company's platform serves over one million providers, processes over $1.8 trillion in gross claims annually, and boasts a 115% net revenue retention.
- This membership is anticipated to broaden Waystar's shareholder base, increase visibility with institutional investors, and enhance trading liquidity.
- Waystar showcased Altitude AI, its AI-powered software platform, which leverages over 6 billion transactions and $1.8 trillion in gross claims annually to enhance healthcare payment efficiency and accuracy.
- The platform delivers significant financial benefits, including up to 90% auto-approval on prior authorizations , preventing up to $5.6 billion in denied claims in the first half of 2025 , and recovering an average of over $3 million in additional annual revenue for clients.
- Waystar Altitude AI also streamlines operations by reducing the time to stand up claim edits by 95% for mid-size health systems and aims to transform $6 billion in workable denials into recoverable revenue through automated appeal processes.
- Client results demonstrate improved patient financial engagement, with SCA Health experiencing a 135% increase in pre-payments (from 17% to 40%) after implementing e-estimates.
- Waystar's platform integrates with over 500 EHR and PM systems and is recognized as the number one most trusted vendor in its category, ensuring secure and seamless operations.
- Waystar (Nasdaq: WAY) is launching breakthrough AI-powered software innovations at its Fall Innovation Showcase, designed to enhance denial prevention and reimbursement recovery for healthcare providers.
- The new Waystar AltitudeAI™ solution directly addresses the $20 billion annual denial problem, enabling providers to create appeal packages over 90% faster and helping early adopters overturn 40% more denials.
- Waystar's advancements also target the $17 billion uncompensated care strain by improving pre-service patient payments from 17% to 40% for early adopter clients, accelerating cash flow and reducing bad debt.
- These innovations aim to help healthcare providers reclaim millions in revenue and achieve a 135% lift in pre-service patient collections, significantly improving financial performance and resilience.
- Waystar Holding Corp. announced the pricing of a secondary offering of its common stock on September 11, 2025.
- The offering consists of 18,000,000 shares of common stock.
- The shares are being sold by certain investment funds of EQT AB, Bain Capital, LP, and Canada Pension Plan Investment Board (CPP Investments).
- The price to the public for the shares is $39.40 per share.
- Waystar is not selling any shares and will not receive any proceeds from this offering.
- Waystar addresses an estimated $450 billion in annual administrative waste in U.S. healthcare by helping providers get paid faster and more accurately.
- The company has achieved five consecutive quarters of double-digit revenue growth, exceeding its long-term growth rates, driven by consistent delivery and new client acquisition.
- Waystar's cloud-native software, leveraging AI, significantly improves the revenue cycle, resulting in a nearly 99% first-pass claim acceptance rate for its users.
- A key strategic focus is the integration of the recently acquired Iodine Software, which combines clinical and administrative data to train AI models, aiming to create "undeniable claims" and further automate healthcare revenue management.
- Approximately 50% of Waystar's revenue is subscription-based, with the other 50% being volumetric, tied to patient visits and payment processing.
- Waystar provides cloud-based software leveraging AI to help healthcare providers get paid faster and more efficiently, addressing an estimated $450 billion in annual administrative waste in U.S. healthcare.
- The company has achieved five consecutive quarters of double-digit revenue growth, exceeding its long-term rates, and maintains strong client retention with 97% gross revenue retention and 108-110% net revenue retention pre-public.
- Waystar recently acquired Iodine Software to integrate its clinical data with Waystar's administrative data, enhancing AI capabilities and aiming to further reduce claim denials and streamline the revenue cycle.
- Waystar's revenue model is approximately 50% subscription-based and 50% volumetric, benefiting from patient visits and payment processing, with the company taking a conservative view on volume growth estimates.
- Waystar provides AI-powered, cloud-native software for healthcare revenue cycle management, aiming to reduce the $450 billion in annual administrative waste and achieve nearly 99% first-pass claim acceptance rates for providers.
- The company has demonstrated strong performance with five consecutive quarters of double-digit revenue growth exceeding its long-term rates, driven by client satisfaction and successful competitive takeaways.
- Waystar's revenue model is approximately 50% subscription-based and 50% volumetric, with a conservative approach to volume estimates, currently seeing a 4% utilization impact annually.
- A key strategic move is the acquisition of Iodine Software, which integrates clinical data with Waystar's administrative data to further enhance AI capabilities and expand the addressable market.
- Waystar received multiple Gold Stevie® Awards in the 2025 International Business Awards®, including Healthcare Company of the Year and Top-Ranked AI Software Platform for Waystar AltitudeAI™.
- The company launched Waystar AltitudeAI™ and Auth Accelerate in 2025, with AltitudeAI™ driving a 70% increase in appeal productivity and Auth Accelerate achieving over 90% auto-approval rates for prior authorizations.
- Waystar also announced a definitive agreement to acquire Iodine Software, a leader in AI-powered clinical intelligence, reinforcing its growth and AI strategy.
- Waystar announced an agreement to acquire Iodine Software for $1.25 billion, a transaction expected to expand Waystar's total addressable market by over 15%. The acquisition is anticipated to be immediately accretive to gross margin and adjusted EBITDA margin, and accretive to revenue growth and non-GAAP net income per diluted share in 2027.
- For Q2 2025, Waystar reported $271 million in revenue, a 15% year-over-year increase, and $113 million in adjusted EBITDA, a 20% year-over-year increase, achieving an adjusted EBITDA margin of 42%.
- The company raised its full-year 2025 guidance (excluding the Iodine acquisition), with revenue now expected to be between $1.03 billion and $1.042 billion and adjusted EBITDA between $418 million and $426 million.
- Waystar demonstrated strong operational performance with a 115% net revenue retention rate and a 14% year-over-year increase in clients generating over $100,000 in trailing twelve-month revenue.
- Waystar is a cloud-based software business purpose-built for healthcare, helping provider organizations get paid by simplifying healthcare payments using modern cloud software and advanced capabilities.
- As a public company, Waystar has delivered four consecutive quarters of double-digit revenue growth and adjusted EBITDA margins of 40% or in excess of that, while also deleveraging the business. In Q1, year-over-year revenue growth was 14% and adjusted EBITDA margins were 42%.
- The company maintains high client retention, with gross revenue retention at 97% and net revenue retention in Q1 at 114%.
- Waystar leverages AI and machine learning, including a pervasive suite of Gen AI capabilities (Altitude AI) launched in January of this year, to automate work, streamline workflows, and improve claim acceptance rates.
- The company processes over 6 billion insurance transactions annually, accounting for over $1 trillion in gross claim charges on its platform, and works with over 1 million providers across every care setting.