Piedmont Healthcare, a Georgia-based health system, leverages AI capabilities across Waystar's platform. "We've been automating and leveraging more and more AI to get authorizations done without any human touch. When you're talking about trying to speed up processes or when you don't have enough people to get the job done, that makes a big difference," said Sheila Granda, Executive Director of Financial and Operational Effectiveness at Piedmont Healthcare. "Leveraging Waystar, our accuracy rate is in the 90 ...

Core Insights - Waystar Holding Corp. reported strong financial performance for Q4 and FY 2025, with Q4 revenue of $304 million, up 24% year-over-year, and FY 2025 revenue of $1,099 million, up 17% year-over-year [1][3] - The company is focusing on AI-powered innovations and has successfully integrated the Iodine acquisition ahead of schedule, indicating robust growth and operational momentum [1][2] - For FY 2026, Waystar expects total revenue between $1.274 billion and $1.294 billion, with diluted non-GAAP net income per share projected between $1.59 and $1.68 [1][2] Financial Highlights - Q4 2025 net income was $20 million, with a net income margin of 7% and adjusted EBITDA margin of 43% [1][3] - FY 2025 non-GAAP net income reached $262.9 million, with a non-GAAP net income margin of 10% and adjusted EBITDA of $462.1 million [1][3] - Cash flow from operations for FY 2025 was $310 million, with unlevered free cash flow of $365 million [1][3] Revenue Breakdown - FY 2025 volume-based revenue was $534.8 million, up 11% year-over-year, while subscription revenue was $558.4 million, up 22% year-over-year [1][3] - Q4 2025 subscription revenue was $167.8 million, reflecting a 38% increase year-over-year [1][3] - The net revenue retention rate (NRR) stood at 112%, with 1,391 clients contributing over $100,000 in last twelve months (LTM) revenue, up 16% year-over-year [1][2] Operational Metrics - The company processed over 7.5 billion healthcare payment transactions annually, amounting to over $2.4 trillion in gross claims, covering approximately 60% of U.S. patients [2][4] - Waystar serves around 30,000 clients, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [2][4] Future Outlook - Waystar's guidance for FY 2026 includes expectations for adjusted EBITDA between $530 million and $540 million, and non-GAAP net income projected between $317 million and $335 million [1][2] - The company emphasizes a strong pipeline and increasing demand for its AI-powered platform, aiming for sustainable, profitable growth [1][2]

Core Insights - Waystar has been recognized as Best in KLAS® for Patient Access, marking over a decade of consecutive honors, highlighting its effectiveness in addressing financial challenges in healthcare through its AI-powered platform [1][6] Company Overview - Waystar provides healthcare payment software and serves over 30,000 clients, representing more than 1 million distinct providers, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [7] - The company processes over 7.5 billion healthcare payment transactions annually, amounting to over $2.4 trillion in gross claims, covering approximately 60% of U.S. patients and one in three U.S. hospital discharges [7] Industry Challenges - Healthcare providers face significant financial pressures, with hospitals spending over $10 billion each year to navigate complex payer authorization requirements [2] - 60% of all denials in the industry are attributed to front-end issues, such as eligibility errors and missing authorizations [2] Solutions Offered - Waystar's platform enhances patient access by integrating real-time visibility into insurance coverage and automating authorization processes, achieving a 55% reduction in eligibility-related denials and up to 90% auto-approval rates on prior authorizations [4] - The company helps providers uncover unknown insurance coverage before care begins, achieving a 55% discovery rate for patients previously considered uninsured, which aids in setting clear cost expectations and accelerating collections [5] Leadership Perspective - The CEO of Waystar emphasized the company's commitment to client partnerships and the impact of its AI-powered platform in helping providers receive payments faster and more accurately, while improving the overall experience for both providers and patients [3]

Group 1: Company Achievements - Waystar received multiple Gold Stevie® Awards in the 2025 International Business Awards, including Healthcare Company of the Year and Top-Ranked AI Software Platform for Waystar AltitudeAI™ [1] - The company launched Waystar AltitudeAI™ in 2025, which has driven a 70% increase in appeal productivity and double-digit improvements in overturn rates, equivalent to the capacity of nearly 10 full-time employees for a mid-size health system [3] - Waystar's Auth Accelerate solution automates end-to-end submissions for over two billion prior authorizations annually, achieving auto-approval rates of over 90%, equivalent to the capacity of more than a dozen full-time employees [4] Group 2: Industry Context - The U.S. healthcare industry incurs over $440 billion in administrative costs annually, with claim denials and prior authorizations being significant challenges [2] - Waystar's AI-driven solutions are transforming healthcare payment processes, enhancing automation, accuracy, and results at scale [2] Group 3: Strategic Initiatives - Waystar advanced its growth and AI strategy with a definitive agreement to acquire Iodine Software, a leader in AI-powered clinical intelligence, reinforcing its mission to simplify healthcare payments [3] - The company serves approximately 30,000 clients, representing over 1 million distinct providers, and processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims [7]

Group 1 - Waystar has been recognized as a 2025–2026 Best Company to Work For by U.S. News & World Report, ranking in the top 6% of companies overall and top 25% in its industry and region [1][2] - The evaluation by U.S. News & World Report considered employee sentiment across six key factors, including pay and benefits, work-life balance, job stability, comfort, sense of belonging, and career opportunities [2] - The CEO of Waystar highlighted the recognition as a reflection of the company's culture, which emphasizes innovation and a commitment to simplifying healthcare payments [3] Group 2 - Waystar's software is designed to simplify healthcare payments, allowing providers to focus on patient care and financial performance [4] - The company serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [4] - Waystar processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims, covering about 50% of U.S. patients [4]

Core Insights - Waystar is launching AltitudeAI™, a suite of AI-powered capabilities aimed at improving productivity and accuracy in healthcare payments, addressing over $440 billion in administrative waste in the U.S. healthcare system [1][2] Group 1: Innovations and Features - The AltitudeAI™ platform processes over six billion transactions annually and supports more than one million providers, reaching about 50% of the U.S. patient population [2] - Waystar introduces AltitudeAssist™ in Claim Manager, a generative AI capability that automates denial prevention, reducing claim processing time from three days to approximately three minutes [5] - A fully automated insurance identification system is being launched, which continuously scans for coverage, improving identification rates and uncovering accurate insurance coverage for over 55% of previously incorrect information in under 30 seconds [7] Group 2: Financial Impact and Patient Experience - Providers are facing financial pressure, with median days cash-on-hand at a ten-year low, making efficient cash flow management critical [6] - Waystar's Digital First Billing expands access for providers, allowing patients to engage with self-service payment options, resulting in up to 80% patient engagement and a 35% reduction in print statements [9] - The company processes over $1.8 trillion in annual gross claims, emphasizing its significant role in the healthcare payment landscape [11]

Core Insights - 92% of healthcare leaders prioritize AI and advanced automation to address industry challenges, focusing on patient access and claim management for automation investments [1][4] Industry Trends - Rising administrative costs, increasing claim denials, payer conflicts, and cybersecurity threats are driving healthcare leaders to invest strategically in software that enhances cash flow and adapts to payer policies [2] - The top six trends for healthcare leaders in 2025 emphasize the importance of AI and advanced automation for improving efficiency, accuracy, and security [2] Investment Priorities - Key areas for RCM investment include patient access, claim management, revenue integrity, patient financial care, denial prevention, and denial management [4] - Return on investment (ROI) is a critical factor in RCM purchasing decisions, with many providers considering alternative vendors due to low ROI from current solutions [4] Data Security - Data security concerns rank as the second most important factor in switching RCM software, following negative client support experiences [4] Software Platform Preferences - Over 70% of providers now prefer working with one to two software partners for all RCM needs, moving away from multiple siloed solutions [4] - A 2024 study indicates that 100% of leaders using end-to-end software platforms report a positive ROI, highlighting the industry's shift towards integrated solutions [4] Patient Access and Claim Management - Hospitals spend nearly $20 billion annually to overturn denied claims, with 60% of denials stemming from front-end patient access errors, prompting increased automation in financial clearance processes [4] - Claim denials have increased by 20%, and labor costs for claims inquiries have risen by 71% over five years, leading providers to prioritize automation in claim management [4] Company Overview - Waystar serves approximately 30,000 clients, processing over 6 billion healthcare payment transactions annually, which includes over $1.8 trillion in gross claims [5]

Core Insights - Waystar has launched its Auth Accelerate solution, which automates the prior authorization process, reducing submission times by 70% and increasing auto-approval rates to 85% [1][3]. Industry Challenges - Prior authorizations are a significant challenge in healthcare, with providers prioritizing automation for patient access as their top investment for 2025 [2]. - The process of securing payer approval can take up to 24 minutes per authorization, contributing to administrative burdens in healthcare [2]. - A survey indicated that over 25% of physicians reported serious adverse events due to prior authorization delays, with 78% stating that such delays lead to patients abandoning care [2]. Company Innovations - Waystar Auth Accelerate automates every step of the authorization submission process, reducing the average wait time for payer approval by 75%, from over four days to one day or less [3]. - The solution aims to enhance productivity, reduce patient care delays, and prevent labor-intensive denials [3]. - Waystar's cloud-based software platform is increasingly relied upon by providers to improve operational efficiency and financial performance [5]. Client Impact - Prisma Health, South Carolina's largest healthcare organization, has implemented Waystar Auth Accelerate, serving over 1.6 million unique patients annually [4]. - The collaboration with industry partners on innovative processes is aimed at improving care delivery and addressing administrative challenges [5]. Company Overview - Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, and processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims [6].