Waystar Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS and CLOUD TOP 500 Market Report

Waystar Strengths, Domain Expertise, and Key Differentiators

Waystar is the combination of Navicure and ZirMed, the two top-rated providers of revenue cycle technologies. Waystar delivers innovative technology solutions that simplify and unify the revenue cycle to enable healthcare organizations to collect more and reduce the cost and effort of managing payer reimbursement and patient billing and payments. Improving the financial health of clients enables them to focus on their goals, patients, and communities.

Waystar Recent Developments

In June 2023, Waystar upgraded its cloud-based platform. At a time of growth in the accessibility and sophistication of technology, improved capabilities in areas such as artificial intelligence are playing a more significant role than ever in revolutionizing healthcare, particularly in administration and operations. Applied to the payments process, Waystar’s advances give patients and providers unparalleled clarity and accuracy, speed time to payment, and connect processes and data to drive even higher levels of performance and insight.

In March 2021, Waystar, a added Text Statements to its suite of payment tools. This new solution enables patients to easily view and pay medical bills directly from their smartphone, bringing transparency and convenience to the patient financial experience – a long-standing focus for Waystar.

In August 2020, Waystar acquired eSolutions, a revenue cycle technology company with Medicare-specific solutions. In bringing these two industry leaders together, Waystar will be the first technology to unite both commercial and government payers onto a single payments platform.

eSolutions' technology maximizes revenue collection, accelerates cash flow, and reduces administrative burden across numerous sites of care. The company has over 6,000 payer connections and maintains a powerful and growing data set of billions of transactions. In addition to hospitals and ambulatory providers, eSolutions has expertise in serving the post-acute market across the entire revenue cycle, including skilled nursing, senior living facilities, home care, hospice, federally qualified healthcare centres (FQHCs), and durable medical equipment providers.

Together Waystar and eSolutions will deliver unprecedented innovation to the industry, helping healthcare organizations accelerate revenue collection while reducing administrative expenses and repetitive tasks, said Matthew Hawkins, Chief Executive Officer and board member of Waystar.

In July 2020, Waystar launch Waystar Analytics, an analytics and business intelligence module on the Waystar platform. To help healthcare organizations during COVID-19, Waystar fast-tracked the release of this new product, which provides the intelligence healthcare leaders need to make strategic, accurate and timely decisions in this environment.

As healthcare organizations face unprecedented challenges, access to better, faster insights into revenue cycle performance is critical. This launch comes on the heels of the announcement of Hubble, Waystar’s artificial intelligence and robotic process automation platform. Together, Waystar Analytics and Waystar Hubble can help make financial and administrative processes to new levels of efficiency and automation, freeing up staff time and resources for higher priorities.

In May 2019, Waystar realised new functionality to its Agency Manager solution, which analyzes and compares outsourced agency performance for health systems and hospitals. The solution is now enhanced with invoice verification technology that allows both providers and third-party collection agencies to validate transactions and commissions ahead of invoice delivery.

With the new Waystar Agency Manager enhancement, providers and agencies now have direct access to their invoices, enabling them to correct errors and resolve discrepancies before the invoice is delivered. This saves significant time and effort for both healthcare providers and collections agencies.

In June 2018, Waystar appointed Steve Oreskovich as Chief Financial Officer (CFO). Steve joins Waystar at a time of strong revenue and profitability growth following the recent merger of Navicure and ZirMed.

Focused on Predictive Analytics in Healthcare as well as its core competency in revenue cycle management. Waystar unveiled new Remit and Deposit Management apps that give up-to-date banking information to providers so they can quickly and accurately post payments.

Waystar Mergers and Acquisitions (M&A) Activities

In August 2023, Waystar acquired HealthPay24, an EngageSmart solution and a premier enterprise patient payment platform. This acquisition expands Waystar’s industry technology to more than 2,000 provider locations and millions of new patients. This acquisition is Waystar’s eighth acquisition since 2018.

In July 2021, Waystar, a provider of healthcare payments software, announced a definitive agreement to acquire Patientco, a provider of omnichannel patient payments, communications and engagement software. The combination accelerates transformation in the healthcare industry and dramatically improves the patient financial experience. Together, Waystar and Patientco will offer patients consumer-friendly experiences when paying medical bills, while simplifying how providers receive and process payments both before and after care delivery. The combination is subject to regulatory approval and customary closing conditions.

Waystar Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Waystar applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Waystar and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Waystar platform, Hubble, customers.

Waystar Key Enterprise and Cloud Applications

Waystar platform, Hubble,

Waystar Revenues, $M:

Waystar Revenue Breakdown By Type, $M:

Waystar Enterprise Applications Revenues By Functional Markets, $M:

Waystar Enterprise Applications Revenues By Verticals, $M:

Waystar Revenues By Region, $M

Waystar Direct vs Indirect sales

Waystar Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Waystar Customers

No. of Waystar Customers: 30000

No. of Waystar Enterprise Applications Customers: 30000

No. of Waystar Cloud Customers: x

No. of Waystar Cloud Subscribers: x

Waystar brings together the industry’s two organizations and offers cloud-based, end-to-end revenue cycle technology to more than 450,000 providers, 22,000 healthcare organizations, and 750 hospitals and health system clients. Among customers are Stanford Children’s Health, Coast Healthcare, Chesapeake Rehab Equipment, Functional Kids Clinic, GEMMS&Western Piedmont Heart Centers, Henry County Medical Center, Johns Hopkins Home Care Group, Golden Empire Cardiology, Health Care Billing of St.Charles, Coast Healthcare Management, LLC, Pediatric Associates, Buffalo Wheelchair, Universal Software Solutions, Scripps Mercy Surgery Pavilion, STAR Physical Therapy, OptiMED, Integrated Rehabilitation Group (IRG), Advanced Medical Imaging (AMI) and others.

Waystar Market Opportunities, M&A and Geo Expansions

Waystar Launched Hubble, an artificial intelligence and automation platform, Hubble automates revenue cycle processes to help providers collect payment faster and more effectively.

The platform uses AI to help providers fix outdated and inefficient billing processes — helping hospitals that are struggling financially, as well as helping patients avoid issues like surprise medical bills, by improving accuracy and price transparency.

In October 2018, Waystar acquired the transaction services technology business owned by Ovation Revenue Cycle Services, part of leading health care provider and insurer UPMC. Ovation's technology uses advanced algorithms to monitor claims at many health systems and hospitals, and this technology will now be integrated into Waystar's platform, giving unprecedented claims visibility to nearly 500,000 healthcare providers.

Also in October 2018, Waystar acquired Connance, a provider of healthcare predictive analytics. This new acquisition will enable the company to bolster existing end-to-end revenue cycle technology offerings and predictive analytics capabilities to more than 450,000 providers, 22,000 healthcare organizations and 750 health systems and hospitals.

Waystar Risks and Challenges

In the past two years, Waystar made around 12 acquisitions How well Waystar management will integrate the acquisitions is a key element of their future growth.

Waystar Ecosystem, Partners, Resellers and SI

In February 2024, Waystar announced a new partnership with MEDITECH, a global electronic health record provider. Through the partnership, healthcare organizations currently working with MEDITECH will have the ability to leverage Waystar’s award-winning platform, empowering those providers to remove friction from their financial operations and focus on delivering high-quality care to patients. By pairing these capabilities with MEDITECH’s Expanse EHR, healthcare organizations will be better equipped to streamline complex processes, improve productivity, and enhance financial visibility.

In August 2021, 3M entered into a strategic partnership with Waystar to provide revenue capture solutions to 3M Health Information Systems division clients.

Waystar works closely with a network of nearly 200 outstanding partner companies. Some develop and market best-in-class solutions that integrate with Waystar's cloud-based financial and clinical performance management solutions, while others leverage Waystar's technology and expertise to enhance consulting or technical services. Some of Waystar partners are DocuTap, Zoll, PDSMED, eMDS and many others.

Waystar Cloud Infrastructure Insights

Subscribe to read more about:

• Waystar Public Cloud and Infrastructure (IaaS)
• Waystar Platform (PaaS)
• Waystar Application Delivery
• Waystar Private Cloud and Data Centers

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link: