Waystar (WAY) investor relations material

Strategic vision and market opportunity

• Focused on transforming the healthcare revenue cycle through automation and AI, targeting a $20+ billion addressable market, with the total U.S. healthcare RCM spend at $103.3B and a $44.1B segment TAM for services and software.

• Emphasizes a unified platform integrating front-end, mid-cycle, and back-end revenue cycle processes, leveraging proprietary data, deep workflow integration, and AI to deliver superior outcomes and client retention.

• Pursuing organic growth, disciplined M&A, and capital return, with a focus on innovation, balance sheet strength, and shareholder value.

• Broad connectivity with 5,000+ payers and 500+ EHR integrations, covering 60% of U.S. patients and 1 in 3 hospital discharges.

• Multiple entry points and expansion paths across the revenue cycle, enabling both new client acquisition and expansion within existing accounts.

Technology, AI, and product innovation

• AI and agentic capabilities are embedded across the revenue cycle, enabling predictive denial management, automated claim resubmission, and conversational analytics.

• Proprietary payer-specific models and real-time data enable unique insights and rapid adaptation to payer rule changes.

• AI-first development has accelerated product launches, exemplified by Recoupment Manager, which reduced development time by over 50% and client reconciliation time by 80%.

• AltitudeAI drives monetization expansion through new product adjacencies, increased transaction volume, and performance-based pricing.

• Real-time analytics and conversational tools provide actionable insights and measurable ROI for clients.

Commercial model and client relationships

• Growth model is built on 97%+ gross revenue retention, strong cross-sell/upsell (60% of bookings), and new client wins (40%).

• Platform enables clients to consolidate dozens of point solutions, simplifying technology stacks and driving operational efficiency.

• Go-to-market strategy is tailored by segment, with dedicated teams for hospitals, ambulatory, and channel partners, supporting both large and small clients.

• Trusted partnership model with advisory boards and early adopter programs ensures innovation is client-driven and validated in real-world settings.

• Clients value the end-to-end approach, data-driven insights, and collaborative AI innovation, preferring integrated solutions over niche vendors.