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 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 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.
In July 2019, The EQT VIII Fund (EQT) and Canada Pension Plan Investment Board (CPPIB) signed an agreement to acquire a majority equity stake in Waystar from Bain Capital Private Equity (Bain Capital). Under the terms of the agreement, which values Waystar at $2.7 billion, Bain Capital will retain a minority stake in the Company.
In December 2019, Waystar, acquired Recondo Technology (innovative revenue cycle automation solutions powered by advanced robotic process automation (RPA) and other artificial intelligence technology allowing providers to be paid more, faster and at a lower cost). Waystar’s cloud-based technology simplifies and unifies the revenue cycle so that providers can redirect their resources to patient and community care. The two companies’ goals and technologies complement one another, making this an advantageous next step for both entities—and for the clients they serve.
Recondo brings additional artificial intelligence and machine learning technologies to Waystar’s broad portfolio of solutions. The capabilities include patient access technology that addresses inefficiencies surrounding price transparency, eligibility and pre-authorization processes, as well as business office technology that automates status checks for outstanding claims, reducing manual work. Merging Recondo and Waystar’s data will drive heightened accuracy and speed for all solutions, such as increasing the rate at which providers can determine if a patient has insurance coverage or send a prior authorization to a payer.
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 is another example in a series of acquisitions that demonstrate Waystar’s commitment to prioritizing cutting-edge technology to provide healthcare partners with transformative solutions at scale. In 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 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.
Ownership: - x
Number of Employees: 1400
Key Verticals: Healthcare,
Waystar Key Enterprise and Cloud Applications
Waystar platform, Hubble,
Waystar Revenues, $M:
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* 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:
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Waystar Direct vs Indirect sales
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Waystar Customers - Breakdown by Geo, Size, Vertical and Product
No. of Waystar Customers: 24000
No. of Waystar Enterprise Applications Customers: 24000
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 Waystar 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 February 2020, 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 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
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- Waystar Public Cloud and Infrastructure (IaaS)
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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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