Waystar’s cloud-based platform streamlines workflows and improves billing and collection for healthcare providers of all kinds—and brings more transparency to the patient financial experience.
The administrative and financial aspects of healthcare are burdened by outdated, manual processes. Waystar’s technology automates previously manual tasks and provides deep insights that can improve decision-making and guide strategy. When the revenue cycle is working as it should, providers can focus their efforts and resources on improving care and the patient financial experience.
Waystar currently supports more than 450,000 healthcare providers, 750 health systems and hospitals, and 5,000 payers and health plans. The company also partners with many leading electronic health record (EHR) vendors and practice management solution providers. Waystar is committed to the development and acquisition of AI and machine learning technology, which, as in many other industries, is the shape of the future.
Market Trends and Drivers
Waystar operates in the ~$5 billion revenue cycle technology market, which is growing at rates well above GDP growth, in line with the broader U.S. healthcare market. This market growth is driven both by expansion of the number of providers and by increasing penetration of technology.
Waystar has a significant opportunity to take share from competitors that use outdated technology or resource-intensive processes. The company is focused on driving strong organic growth by improving cross-sell to existing clients and by adding new customers, particularly hospitals and health systems. Waystar also has the opportunity to be a consolidator in the highly fragmented revenue cycle management market given the company’s flexible platform and strong track record of successful integrations.