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 our clients enables them to focus on their goals, patients, and communities.
Waystar Recent Developments
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 July 2019 Waystar acquired Digitize.AI, an artificial intelligence technology firm providing the healthcare industry with faster and smarter prior authorizations. Prior authorizations, the process by which insurance companies and payers determine if they will cover a prescribed procedure or medication, are meant to help patients avoid surprise bills and unexpected out-of-network costs. But the largely manual process is time-consuming and error-prone, resulting in a $30 billion annual cost in wrongful denials, inefficiencies, and clerical errors. Digitize.AI leverages the power of artificial intelligence and machine learning to automate prior authorizations, resulting in faster authorizations, at less cost, and with fewer denials. This latest acquisition in another example in a series of acquisitions that demonstrate Waystar’s commitment to prioritizing cutting-edge technology in order to provide healthcare partners with transformative solutions at scale. In the month of June, Waystar announced the acquisition of PARO, a charity screening predictive analytics solution, following a series of 2018 acquisitions including that of predictive analytics solution Connance and claims monitoring capabilities from UPMC’s Ovation. Navicure and ZirMed, the two top-rated providers of revenue cycle technology merged in November 2017, the combined organization will operate under the new name Waystar. Waystar simplifies and unifies the healthcare revenue cycle with innovative technology that empowers clients to collect more with less cost and less stress, so they can focus on their goals, patients, and communities.
Waystar Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD ask 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 customers.
Ownership: - x
Number of Employees: 800
Functional Markets: ERP Services and Operations Management,
Key Verticals: Healthcare,
Waystar Key Enterprise and Cloud Applications
Waystar Revenues, $M:
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|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Waystar Revenue Breakdown By Type, $M:
|Type||License||Services||Hardware||Support & Maintenance||SaaS|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe|
Waystar Enterprise Applications Revenues By Functional Markets, $M:
Waystar Enterprise Applications Revenues By Verticals, $M:
Waystar Revenues By Region, $M
|Region||% of Total Revenues||2018 Total Revenues, $M||2018 Enterprise Applications Revenues, $M||2018 Cloud Applications Revenues, $M|
Waystar Direct vs Indirect sales
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Waystar Customers - Breakdown by Geo, Size, Vertical and Product
No. of Waystar Customers: 22000
No. of Waystar Enterprise Applications Customers: 22000
No. of Waystar Cloud Customers: x
No. of Waystar Cloud Subscribers: x
Waystar brings together the industry’s two highest-rated organizations and offers cloud-based, end-to-end revenue cycle technology to its more than 450,000 providers, 22,000 healthcare organization, and 750 hospitals and health system clients. Among its 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
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. 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
Waystar's transition to Cloud-enable its extensive product portfolio is a work in progress.
Waystar Ecosystem, Partners, Resellers and SI
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.
Waystar Cloud Infrastructure Insights
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- Waystar Public Cloud and Infrastructure (IaaS)
- Waystar Platform (PaaS)
- Waystar Application Delivery
- Waystar Private Cloud and Data Centers
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).
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