Waystar Recognized for AI in Business
Waystar, a provider of healthcare payment software, announced it was named to Inc.'s Best in Business list for its work in artificial intelligence. The award recognizes the company's ability to use AI to deliver a significant return on investment for its clients at scale.
- Waystar recently held its initial public offering in June 2024, raising $967.5 million in the largest health tech IPO since 2022. The company's market capitalization was valued at approximately $3.5 billion at the time of the offering. - The company was formed in 2017 through the merger of two healthcare payment software firms, Navicure and ZirMed, with backing from investors like Bain Capital, EQT, and the Canada Pension Plan Investment Board. - Waystar's platform serves approximately 30,000 clients, representing over 1 million distinct providers, and processes over 6 billion healthcare payment transactions annually. Its client base includes 16 of the top 20 hospitals listed by U.S. News. - The company's AI platform, AltitudeAI, utilizes over 150 AI-trained models to move towards what it terms an "autonomous" revenue cycle, aiming to automate and connect the process from patient access to final payment. - To expand its AI capabilities, Waystar acquired Iodine Software, an AI-based clinical documentation company, for $1.25 billion in July 2025. - For its 2024 fiscal year, Waystar reported total revenue of $943.5 million, an increase of 19.3% from the previous year. - A key performance metric for the company is its net revenue retention rate, which was 113% in the third quarter of 2025. - According to a study by Waystar and Modern Healthcare, 75% of healthcare organizations that have implemented AI for payments reported a positive return on investment.
