Waystar FY Conference Summary Company Overview - **Company**: Waystar (NasdaqGS:WAY) - **Industry**: Healthcare Revenue Cycle Management - **CEO**: Matt Hawkins Core Points and Arguments - **Industry Leadership**: Waystar is establishing itself as a leader in the healthcare revenue cycle management sector, utilizing a cloud-native platform that offers numerous capabilities and features to clients each quarter [3][4] - **AI Integration**: The company is deploying AI solutions across its platform, transitioning from hype to delivering real value to clients [3][4] - **Market Opportunity**: Waystar is targeting a large and growing addressable market, estimated at $20 billion, with potential expansion into a $100 billion revenue cycle services market [10][11] - **Proven Growth Model**: The company has consistently exceeded revenue and EBITDA guidance for six consecutive quarters, demonstrating a durable growth model [5][21] - **Proprietary Data**: In 2025, Waystar processed 7.5 billion insurance transactions, representing over $2.5 trillion in gross claim charges, providing a significant proprietary data advantage for developing AI solutions [5][6][39] - **Client Base**: Waystar serves over a million providers, reaching more than 60% of the U.S. patient population annually, and has a strong client retention rate of 97% [16][24] Key Metrics - **Claim Acceptance Rate**: The platform boasts a nearly 99% first-pass claim acceptance rate, significantly higher than competitors [13][18] - **Denied Claims Prevention**: In 2025, Waystar prevented nearly $16 billion in denied claims, showcasing the effectiveness of its solutions [18][31] - **Revenue Retention**: Gross revenue retention stands at 97%, with net revenue retention averaging between 108% and 110% [24] Strategic Initiatives - **Acquisition of Iodine**: The acquisition of Iodine, which processes one out of every three hospital-based patient discharges in the U.S., enhances Waystar's data capabilities and AI solution development [6][27] - **End-to-End AI Solutions**: Waystar is developing an end-to-end AI-powered software platform that integrates various stages of the revenue cycle, improving efficiency and reducing manual errors [12][14] - **Channel Partnerships**: The company has over 500 integrations with practice management and EHR vendors, enhancing its market reach and operational efficiency [17][48] Future Outlook - **Growth Levers**: Waystar plans to expand its market share, currently at 5% in hospitals and 9% in ambulatory settings, indicating significant room for growth without needing new software solutions [25] - **Pipeline and Win Rates**: The company reports a robust pipeline with an 80% win rate against competitors, indicating strong market demand for its solutions [22][45] - **AI Development**: Waystar is moving towards more autonomous AI capabilities, aiming to create agents that can perform complex tasks, further enhancing operational efficiency [34][35] Additional Insights - **Administrative Waste**: The healthcare industry faces nearly $500 billion in administrative waste, presenting a significant opportunity for Waystar to streamline processes and reduce costs [9] - **Cybersecurity Focus**: Decision-makers prioritize cybersecurity and prefer fewer vendors, positioning Waystar favorably in the market [37][38] - **Utilization Trends**: The company is well-positioned to assist providers during both high and normalized utilization periods, ensuring continued demand for its services [42][44] This summary encapsulates the key points from Waystar's FY conference, highlighting the company's strategic direction, market position, and future growth potential.

Core Insights - Hims & Hers Health, Inc. operates as an intermediary healthcare platform, connecting consumers with independent licensed healthcare providers, without practicing medicine itself [1][2][3] Business Model - The company facilitates interactions through its digital platform, allowing customers to submit health information, connect with providers, manage prescriptions, and engage continuously, while maintaining a separation between platform operations and medical judgment [1][2] - Hims & Hers has expanded into new provider-led categories such as low testosterone care and menopause support, utilizing licensed third-party clinicians to deliver these services [2][7] Market Position and Growth - By aggregating providers, diagnostics, pharmacies, and manufacturers, Hims & Hers scales access to personalized healthcare, supporting both domestic growth and international expansion [3] - The company's shares have increased by 22.4% over the past year, outperforming the industry average growth of 4.3% [6] Financial Estimates - The Zacks Consensus Estimate for Hims & Hers' 2025 earnings per share indicates a significant improvement of 77.8% compared to 2024 [8] - The forward 12-month price-to-sales ratio for Hims & Hers is 2.60X, which is lower than the industry average of 4.82X and its three-year median of 2.64X [10] Earnings Projections - Current quarter earnings per share estimate stands at 0.04, with next quarter at 0.14, and the current year estimate at 0.48, showing a year-over-year growth of -63.64% for the current quarter but a projected growth of 77.78% for the next year [11]

Core Insights - TruBridge, Inc. has been recognized as one of Modern Healthcare's 2025 Best in Business, highlighting its dedication to rural and community healthcare [1] - The award signifies TruBridge's mission to assist healthcare providers in recouping revenue, reducing denials, and enhancing fiscal sustainability [1] - With a legacy of 45 years, TruBridge serves over 1,500 clients across the United States [1]

Core Insights - Counterpart Health, Inc. continues to demonstrate that unified data and real-time insights enhance clinical and financial outcomes for healthcare providers [1] Clinical Quality and Financial Performance Outcomes - In 2025, Counterpart released three new retrospective data analyses confirming the effectiveness of Counterpart Assistant (CA) in improving chronic disease management through real-world data [2] - The platform's impact is reflected in thousands of improved clinical decisions made during patient visits [2] Technological Innovation and Enterprise Scaling - Counterpart has evolved into an end-to-end clinical operating system for value-based care, expanding its support beyond the point of care to encompass the entire care continuum [3] Clinician Adoption - There was a greater than 450% year-over-year increase in live third-party customer clinicians, now numbering in the hundreds across multiple states [4] - Clover Health members whose primary care physicians use CA showed an approximate 1,500 basis point MCR differential compared to those whose PCPs do not [4] Quality Metrics - Counterpart's technology achieved the 1 HEDIS score nationwide for a PPO Medicare Advantage plan for the second consecutive year, across a wide network of non-employed physicians [4] Earlier Disease Identification - New members under the care of a CA PCP were 75% more likely to be diagnosed with COPD in their first year, with COPD patients having an 18% higher average number of outpatient pulmonology visits [5] - Relationships with CA PCPs were associated with an 18% lower rate of all-cause hospitalizations for Congestive Heart Failure and a 15% lower rate for COPD [5] Support for Disadvantaged Neighborhoods - In resource-constrained neighborhoods, CA attribution was linked to 70-89% higher diagnosis rates across four major chronic diseases, with earlier identification of patients [5] Integrated Ambient Scribing and Natural Language Chat - Counterpart offers a fully integrated solution that allows physicians to focus on patients while utilizing advanced technology for real-time visit documentation [6] - The platform includes next-generation capabilities for clinicians to inquire about patient medical histories in natural language, ensuring a PHI-safe environment [6] Vision for Value-Based Care - The CEO of Counterpart Health emphasized that better outcomes and lower costs stem from improved clinical decisions made during patient visits, aiming to set a new standard for care delivery [7] - The company envisions a future where numerous informed decisions lead to extraordinary outcomes for patients, clinicians, and communities [8] Company Overview - Counterpart Health, a subsidiary of Clover Health Investments, is an AI-powered physician enablement platform focused on transforming care delivery and improving patient outcomes while reducing healthcare costs [9]

Core Insights - Community Memorial Hospital (CMH) is modernizing its clinical systems by adopting Oracle Health solutions to enhance operational efficiency and patient care [1][2] - The integration of Oracle Health Clinical AI Agent will automate clinical documentation, allowing physicians to dedicate more time to patient interactions [1][3] - CMH aims to standardize its health record systems to reduce administrative burdens and improve provider satisfaction [2][3] Company Overview - CMH is a 25-bed critical access hospital located in Central New York, operating nine primary and specialty care clinics [2] - The hospital is undergoing a significant capital transformation project to update and expand its facilities [6] Technology Implementation - Oracle Health Foundation EHR will replace CMH's legacy systems, which previously caused inefficiencies and complex workflows [2] - The Oracle Health Seamless Exchange will enable CMH to securely aggregate patient data from various sources, improving care coordination [4][5] Strategic Goals - CMH's leadership emphasizes the importance of modernizing clinical systems to enhance efficiency and patient care [2] - Oracle Health is focused on providing innovative technology solutions tailored to the needs of rural and critical access hospitals [5]

"2025 was an exceptional year for Tempus with the strength of both of our product lines exceeding our initial expectations for the year,†said Eric Lefkofsky, Founder and CEO of Tempus. "Within Diagnostics, year- over-year volume growth of our genomics (oncology) offering accelerated for the third consecutive quarter hitting the highest unit growth rate we have seen in years. Our Data and Application business is performing even better with record revenue of ~$100 million in the fourth quarter, achieving full ...

Core Insights - Tempus AI (TEM) has experienced significant growth, with shares increasing by 82.4% over the past year, outperforming the industry growth of 2.6% and the S&P 500's 19.3% increase [1][10] Company Performance - Tempus has achieved profitability on a non-GAAP basis and is focusing on disciplined expansion and long-term growth, with a portfolio that includes oncology therapy selection, hereditary testing, and minimal residual disease (MRD) [2] - The company reported a positive adjusted EBITDA of $1.5 million in the third quarter, marking a significant milestone after a decade of efforts [7] Revenue Segments - The Genomics segment has seen revenues more than double year-over-year, driven by increased oncology testing volumes and the integration of Ambry hereditary testing, with total genomics testing volumes rising by 33% [4][10] - The Data & Services segment has emerged as a high-margin revenue stream, with revenues growing by 26.1% year-over-year, primarily due to data licensing [6] Regulatory Developments - In September 2025, Tempus received FDA 510(k) clearance for its xR IVD to support drug development programs and launched a new liquid biopsy assay for treatment response monitoring [5] Market Outlook - The Zacks Consensus Estimate projects a 59.5% improvement in loss per share for 2025 and a 71.6% improvement for 2026, with revenues expected to grow by 82.3% to $1.26 billion in 2025 and reach $1.56 billion in 2026 [11]

Core Insights - CareCloud, Inc. has announced that Affinity Urgent Care has selected its Wellsoft emergency department information system, marking CareCloud's entry into the urgent care market, which consists of approximately 11,000 facilities in the U.S. [1] Company Overview - CareCloud is a leader in healthcare technology and AI-powered solutions, providing a suite of services that enhance financial and operational performance, streamline clinical workflows, and improve patient experiences [8]. - The company has over 40,000 providers relying on its solutions, which include revenue cycle management, practice management, electronic health records, and patient experience management [8]. Product Details - Wellsoft, acquired by CareCloud in August 2025, is recognized as a category leader in emergency medicine and is designed to meet the clinical demands of urgent care facilities [2][3]. - The platform offers emergency-grade documentation, optimized throughput, and integrated diagnostics, enabling urgent care operators to manage high patient volumes and complex clinical needs effectively [5][6]. Market Context - Urgent care centers are increasingly required to deliver emergency-level medical care with the convenience of retail services, creating a significant opportunity for solutions like Wellsoft [3][4]. - The urgent care market is evolving, with demand patterns accelerating, necessitating clinics to operate in a hybrid role that combines high-volume outpatient care with the unpredictability of emergency department acuity [4]. Strategic Importance - The partnership with Affinity is seen as an early indicator of a larger national opportunity for CareCloud, as urgent care providers face challenges such as staffing complexity and rising patient expectations [3]. - Wellsoft's capabilities allow urgent care providers to enhance clinical performance and financial outcomes, supporting their growth without compromising quality [5].

Core Insights - Aclarion, Inc. is advancing its proprietary Nociscan platform to transform the diagnosis of chronic low back pain, reporting significant growth in scan volumes and a strong financial position as it enters 2026 [1][5][9] Market Adoption & Growth Momentum - In 2025, Aclarion achieved a 69% year-over-year increase in annual Nociscan scan volumes, with Q4 2025 scan volumes growing by 114% year-over-year [2][5][6] Strategic and Operational Highlights - The company added 9 new imaging centers and 22 new physician users in 2025, expanding its commercial presence in key UK and U.S. healthcare markets [6] - Aclarion is focused on enrolling approximately 25% of patients in the CLARITY trial by the end of Q2 2026, with the first internal readout of interim data expected in Q3 2026 [5][6] Clinical and Product Developments - The Nociscan platform has shown to be more effective and less costly than traditional methods, saving $1,712 per patient and improving surgical success rates by 10% [6] - Aclarion published significant clinical evidence in 2025, including a cost-effectiveness analysis and a case study in the International Journal of Spine Surgery [6] Financial Highlights - As of December 31, 2025, Aclarion had $12.0 million in cash and no debt, having raised over $22.0 million in equity financing during fiscal 2025 [7][8] - The company believes its existing cash resources are sufficient to fund operations into the first half of 2027 [8] Management Commentary - The CEO of Aclarion expressed satisfaction with the company's progress in strengthening its financial position and expanding clinical traction, emphasizing the importance of evidence generation and strategic partnerships for long-term value [9][10] Future Plans - Aclarion aims to expand access to major MRI manufacturers, support clinician education initiatives, and refine workflow integration with the launch of version 2.8 of the Nociscan software in Q1 [12]

Core Insights - OpenAI has launched ChatGPT Health, marking its entry into the healthcare sector, aiming to create a "personal super assistant" for users [1] - The demand for healthcare-related inquiries is significant, with over 230 million weekly queries on health and wellness on OpenAI's platform [1] - ChatGPT Health is designed to assist with everyday health issues without replacing medical care, integrating users' health information for more relevant responses [1] Group 1: Privacy and Data Protection - ChatGPT Health features a dedicated independent space for health-related conversations, isolating them from other chat content to protect user privacy [2] - If users initiate health discussions outside the health section, the AI will guide them to switch to the dedicated area, ensuring health backgrounds remain confidential [2] - The AI may reference user discussions from standard interactions when relevant, enhancing the personalized experience while maintaining privacy [2] Group 2: Integration of Health Data Sources - Through collaboration with b.well, ChatGPT Health allows users to share medical records and connect various health services [3] - Users can link data sources such as Apple Health, MyFitnessPal, Weight Watchers, and the startup Function for lab testing [3] - OpenAI emphasizes that conversations within ChatGPT Health will not be used to train its foundational models, ensuring separate storage and protection of health information [3] Group 3: Expansion in Healthcare Sector - OpenAI has intensified its focus on healthcare in recent months, with CEO Sam Altman highlighting healthcare as a field with significant improvement potential [4] - The company previously launched Health Bench, a benchmark test to evaluate AI models in real health scenarios [4] - ChatGPT Health is seen as a response to existing healthcare system challenges, including costs, access barriers, and continuity of care [4] - OpenAI clarifies that the product is not intended for diagnosing or treating health conditions, acknowledging the limitations of AI in providing medical advice [4]