Healthcare IT / Revenue Cycle Management (RCM) Software
Strategic Profile
Its platform offers financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting solutions. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals Honor Roll. The company maintains strong competitive positioning through industry-leading AI and extensive data assets.
Cyborg Score Rationale
In 2024, Waystar Holding's revenue was $943.55 million, an increase of 19.28% compared to the previous year's $791.01 million. According to 15 analysts, the average rating for WAY stock is "Strong Buy" with a 12-month stock price target of $46.53, which is an increase of 96.08% from the latest price. Strong revenue growth, improving profitability, and analyst optimism support a strong positioning.
Top Insights
Losses were -$19.13 million, -62.74% less than in 2023, demonstrating improving profitability trajectory
The platform annually processes over 6 billion healthcare payment transactions covering approximately 50% of U.S. patients, indicating massive scale and network effects
Strong institutional backing with EQT, CPPIB and Bain Capital maintaining approximately 29.2%, 22.3%, and 16.8% ownership respectively
Waystar acquired clearinghouse assets and patient access tools from Olive AI in November 2024, demonstrating M&A capability and AI talent acquisition
Named Competitors
Athenahealth — Cloud-based RCM and EHR solutions for healthcare providers
Veradigm — Healthcare IT and analytics platform covering EHR and RCM
CVS Health RCM — Integrated healthcare services including revenue cycle management
Optum RCM — Healthcare IT and RCM solutions through Optum subsidiary
Recent Developments
(February 2026) Waystar initiated with Outperform rating at Leerink; analyst coverage expanding