Waystar

Public RCM platform spanning claims to patient payments

Our take

Waystar sells a cloud platform that handles the money side of healthcare: verifying coverage, scrubbing and submitting claims, chasing denials, posting remits, and collecting patient payments. It was formed in 2017 by the merger of clearinghouses Navicure and ZirMed and is dual-headquartered in Lehi, Utah and Louisville, Kentucky. Buyers range from physician groups and home health agencies to large systems like Piedmont and Cincinnati Children's, and the platform plugs directly into Epic, Oracle Health, MEDITECH, and dozens of practice management systems.

Waystar went public on Nasdaq in June 2024 at $21.50 a share, raising about $968 million, and carried a market cap in the $3.3 to 4.6 billion range through mid-2026. The company says it serves over a million providers and more than a thousand hospitals, connecting to 5,000+ payer endpoints and touching claims for roughly half the US population. Its October 2025 purchase of Iodine Software added AI-driven clinical documentation and utilization management, pushing Waystar upstream from billing into the clinical side of revenue integrity.

What it does

Claims clearinghouse connected to 5,000+ payer endpoints
Eligibility verification and prior authorization automation
Denial prevention, appeals, and recovery workflows
Patient estimates, billing, and payment collection
Remit and payer payment management with analytics
AI clinical documentation integrity via Iodine Software

Where it's strong

True end-to-end RCM platform, so one vendor can replace several point solutions across the revenue cycle.
Deep, certified EHR integrations (Epic, Cerner, MEDITECH) mean staff work claims inside existing workflows rather than a separate portal.
Named client results are strong and public: Cincinnati Children's cut clearinghouse costs in half and BAYADA reduced denials 72%.

What buyers should weigh

Pricing is modular and not published, and total cost climbs quickly as you add suites beyond the base clearinghouse.
The $1.25B Iodine acquisition closed October 2025, so clinical intelligence products are still being integrated and roadmaps may shift.
Enterprise contracts are multi-year, and switching clearinghouses later means re-doing payer enrollments, a real lock-in cost.

Latest

Waystar completed its $1.25 billion acquisition of AI clinical intelligence company Iodine Software in October 2025, funded with a 50/50 mix of cash and stock.