Waystar Earns Overall "A" Rating from KLAS for Revenue Cycle Suites, Cementing Its Platform Advantage in a Fragmented Market

Rhea-AI Summary

Waystar (Nasdaq: WAY) reported that it received an overall “A” satisfaction score among revenue cycle management (RCM) platform vendors in KLAS Research’s inaugural Revenue Cycle Management Suites 2026 report, focused on “deep adopters” using at least three RCM solutions from one vendor.

According to Waystar, KLAS found its clients were the most likely to report lower cost-to-collect and improved collections performance, with 76%–100% of interviewed clients citing these outcomes. Respondents also pointed to vendor consolidation, stronger partnerships, workflow efficiency and faster cash collections as key benefits of integrated RCM suites, with Waystar scoring above market average for strategic partnership and continual suite improvement.

Positive

• Overall “A” KLAS satisfaction score for RCM platform vendors in 2026 report
• Client outcomes with 76%–100% reporting lower cost-to-collect and better collections
• Above-market scores for strategic partnership and continual suite improvement

Negative

• None.

News Market Reaction – WAY

-3.35%

1 alert

-3.35% Session close to close

+6.5% Peak Tracked

-2.5% Trough Tracked

$4.27B Market Cap

0.6x Rel. Volume

In the Jul 22 session, WAY declined 3.35%, reflecting a moderate negative market reaction. Argus tracked a peak move of +6.5% during that session. Argus tracked a trough of -2.5% from its starting point during tracking.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Waystar's June 9 research release recorded a 1.9% 24-hour reaction, adding historical context to thi...

Analysis

Waystar's June 9 research release recorded a 1.9% 24-hour reaction, adding historical context to this KLAS assessment. The current record also shows Net Selling by insiders, a risk factor, while the report's platform-quality evidence remains non-financial.

Key Figures

Single-vendor solutions: at least 3 distinct RCM technology solutions Lower cost-to-collect outcomes: 76%–100% of interviewed clients Vendor consolidation adoption reason: 57% of respondents +1 more

4 metrics

Single-vendor solutions at least 3 distinct RCM technology solutions KLAS definition of deep adopters

Lower cost-to-collect outcomes 76%–100% of interviewed clients Waystar clients in the KLAS study

Vendor consolidation adoption reason 57% of respondents Integrated RCM suites

Vendor partnership adoption reason 57% of respondents Integrated RCM suites

Historical Context

5 past events · Latest: Jul 15 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 15	Earnings scheduling	Neutral	+2.3%	Announced second-quarter results date and conference call timing.
Jul 01	Investor day	Neutral	+9.5%	Scheduled investor day covering strategy, platform innovation, and financial profile.
Jun 09	Research report	Positive	+1.9%	Released research highlighting integrated workflows and potential provider revenue improvements.
May 20	Conference appearance	Neutral	-2.2%	Announced the CEO's scheduled appearance at the William Blair conference.
May 19	Share repurchase	Positive	+7.2%	Authorized up to $200 million for common-stock repurchases.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Waystar's recent positive or neutral announcements generally coincided with positive 24-hour reactions, while the William Blair conference announcement was followed by a decline.

Key Terms

rcm, deep adopters, cost-to-collect, revenue cycle management

4 terms

rcm technical

"using multiple Waystar capabilities achieve the strongest outcomes"

Revenue cycle management (RCM) is the set of administrative and financial processes healthcare providers use to record services, translate them into insurance claims, bill payers and patients, and collect payment. For investors, RCM drives how quickly and reliably a provider converts care into cash — like the difference between a smooth supermarket checkout and a slow, error-prone line — so strong RCM supports predictable revenue and margins while weak RCM increases lost or delayed income.

deep adopters technical

"The study examines the experiences of "deep adopters,""

Customers or users who not only try a product or service but incorporate it deeply into their routines, systems, or workflows, often using advanced features and relying on it for core tasks. They matter to investors because deep adopters tend to be more loyal, spend more over time, and create steady, predictable revenue streams—similar to anchor tenants who keep a shopping center busy and attract others.

cost-to-collect financial

"report lower cost-to-collect and improved collections performance"

Cost-to-collect is the total money a company spends to turn billed amounts or accounts receivable into cash, including billing staff, collection agency fees, payment processing charges, and write-offs tied to chasing payments. For investors, it shows how much of revenue is eaten by the process of getting paid—like the fees and effort you might pay to have a courier deliver and retrieve cash—so it affects net cash flow, margins, and working capital.

revenue cycle management technical

"in KLAS Research's inaugural Revenue Cycle Management Suites 2026 report"

Revenue cycle management is the set of processes a healthcare provider or medical business uses to turn patient care into cash, including registering patients, billing insurers, submitting claims, collecting payments and handling denials. Think of it as the organization’s checkout system and follow-up team; efficient management shortens the time to get paid, reduces lost revenue and lowers financial risk, which directly affects cash flow and profitability that investors watch closely.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Report finds that clients using multiple Waystar capabilities achieve the strongest outcomes, highlighting the value of a single, connected platform

LEHI, Utah and LOUISVILLE, Ky., July 21, 2026 /PRNewswire/ -- Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced that it earned an overall "A" satisfaction score among revenue cycle management (RCM) platform vendors in KLAS Research's inaugural Revenue Cycle Management Suites 2026 report. The study examines the experiences of "deep adopters," which KLAS defines as healthcare organizations using at least three distinct RCM technology solutions from a single vendor.

As healthcare organizations confront rising administrative costs and mounting payer complexity, end-to-end platforms provide a distinct advantage over disconnected point solutions. KLAS found that Waystar clients were the most likely to report lower cost-to-collect and improved collections performance, with 76%–100% of interviewed clients reporting those outcomes.

"Intelligent, connected platforms are shaping the future of the revenue cycle," said Matt Hawkins, Chief Executive Officer of Waystar. "Waystar's scale, differentiated proprietary data, and advanced AI capabilities connect workflows across the payment journey, so clients see more value with each solution they adopt. These findings reinforce the durability of our platform advantage and our ability to turn it into meaningful financial outcomes for providers."

More broadly, KLAS found that vendor consolidation and stronger vendor partnerships were the top reasons for adopting integrated RCM suites, with 57% of respondents citing each. Deep adopters also reported improved workflow efficiency and faster cash collections. Clients attributed these gains in part to integrations that streamline operations and enable them to work through a single, connected platform.

Waystar clients highlighted the company's partnership-oriented approach and its ability to continuously identify opportunities to improve revenue cycle workflows. Waystar also scored above the market average for both strategic partnership and continual suite improvement, reflecting the company's ability to drive innovation and value across its platform over time.

Read the full report here.

About Waystar
Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves over 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 7.5 billion healthcare payment transactions, including over $2.4 trillion in annual gross claims and spanning approximately 60% of U.S. patients and one in three U.S. hospital discharges. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.

Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the future of the revenue cycle, the anticipated benefits, value, and competitive advantages of Waystar's platform, and Waystar's ability to deliver financial and operational outcomes for its clients. Forward-looking statements are based on Waystar's current expectations and assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include those described under "Risk Factors" in Waystar's most recent Annual Report on Form 10-K and its subsequent filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date of this release, and Waystar undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contact
Kristin Lee
kristin.lee@waystar.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/waystar-earns-overall-a-rating-from-klas-for-revenue-cycle-suites-cementing-its-platform-advantage-in-a-fragmented-market-302831321.html

SOURCE Waystar

FAQ

What did the KLAS 2026 Revenue Cycle Management Suites report say about Waystar (NASDAQ: WAY)?

The KLAS 2026 report gave Waystar an overall “A” satisfaction score among RCM platform vendors. According to Waystar, the study focused on deep adopters using at least three revenue cycle solutions from a single vendor and assessed outcomes like cost-to-collect and collections performance.

How are Waystar (WAY) clients benefiting from its revenue cycle platform according to the 2026 KLAS report?

KLAS found Waystar clients were most likely to report lower cost-to-collect and better collections. According to Waystar, 76%–100% of interviewed clients cited these financial improvements, alongside workflow efficiency gains and faster cash collections from using an integrated, single, connected RCM platform.

Why are healthcare organizations adopting integrated RCM suites like Waystar’s (WAY) platform?

Healthcare organizations adopt integrated RCM suites to consolidate vendors and strengthen partnerships. According to Waystar, 57% of KLAS respondents cited vendor consolidation and 57% cited stronger vendor partnerships, with additional reported benefits including improved workflow efficiency and accelerated cash collections through unified revenue cycle operations.

What does the KLAS “deep adopter” definition mean for Waystar (WAY) performance results?

KLAS defines “deep adopters” as organizations using at least three RCM technologies from one vendor. According to Waystar, performance findings such as lower cost-to-collect and improved collections for its clients are based on interviews with these deep adopters of its revenue cycle management capabilities.

How does Waystar (NASDAQ: WAY) differentiate its revenue cycle platform in the 2026 KLAS evaluation?

Waystar highlights its intelligent, connected platform that links workflows across the payment journey. According to Waystar, its scale, proprietary data, and advanced AI support continual suite improvement and strategic partnership, contributing to above-market scores and strong reported client financial and operational outcomes.

What key metrics in the 2026 KLAS report may matter to Waystar (WAY) investors?

Key metrics include Waystar’s overall “A” satisfaction score and 76%–100% of clients reporting lower cost-to-collect and improved collections. According to Waystar, KLAS also recorded above-market ratings for strategic partnership and continual improvement, underscoring perceived value of its integrated RCM suite.