Waystar

Waystar is a publicly traded healthcare technology company, not a family office or asset manager. It provides revenue cycle management software to hospitals and health systems. The firm went public via a SPAC merger in 2019 and trades on the Nasdaq under the ticker WAY.

Waystar processes healthcare claims from submission to payment, handling eligibility checks, claims scrubbing, denial management, and patient billing. Its platform touches over $100 billion in annual patient charges across more than 1,000 provider organizations (per public filings, 2023). The firm sits in the transaction flow between providers and insurers, earning fees based on claim volume and collections.

Waystar earns revenue primarily through subscription fees and transaction-based pricing tied to claims processed on its platform. The model functions on a take-rate structure — the company collects a percentage of the dollar volume flowing through its system. This creates a recurring revenue stream with high switching costs for hospital clients whose billing operations are integrated into the Waystar infrastructure.

Waystar competes with revenue cycle management vendors including Change Healthcare (acquired by UnitedHealth Group's Optum unit), R1 RCM, and to a lesser extent, Epic Systems' in-house billing modules. Scale matters in this market because data-network effects improve denial prediction accuracy, and hospital IT integrations are sticky once embedded.

Waystar operates across the United States with dual headquarters in Louisville, Kentucky and Atlanta, Georgia, a presence in Utah, and a distributed workforce. Its client base is concentrated among US hospitals, health systems, and physician practices. There is no publicly disclosed international operation.