Waystar makes cloud-based software that helps healthcare providers manage the revenue cycle — getting paid faster and more accurately by automating the end-to-end billing and collections workflow. The healthcare payment process is highly complex, requiring providers to navigate unique rules across hundreds of payers, manage prior authorizations, submit claims, contest denials, and collect from patients. Waystar automates this entire process, from pre-visit eligibility checks and prior authorizations through claim submission, denial management, and patient collections. Waystar serves over 30,000 clients representing over 1 million providers across all care settings, from physician practices to large health systems. The business generates revenue through a mix of subscription fees (~55%) and transaction-based fees (~45%), with over 99% of revenue either recurring or highly predictable. Contracts run two to three years with automatic renewals. About 98% of revenue in any year comes from clients already under contract at year-start, giving Waystar significant visibility. Revenue grows organically as clients see more patients, and Waystar cross-sells additional modules to its existing base. In October 2025, Waystar acquired Iodine for $1.25B, adding mid-cycle clinical documentation and coding software serving over 1,000 hospitals and contributing roughly $120M in annual subscription revenue. Waystar targets ~40% adjusted EBITDA margins long-term and converts roughly 70%+ of adjusted EBITDA to unlevered free cash flow.