Waystar recognized as the industry's leading AI-powered software platform

Rhea-AI Summary

Waystar Holding Corp. (Nasdaq: WAY) has been recognized as the leading AI-powered software platform by Black Book Market Research™, securing top rankings in eight categories. The recognition comes from an independent survey of over 1,300 healthcare executives evaluating 80 vendors' AI-powered revenue cycle management solutions.

The company dominated in key areas including claim accuracy, operational efficiency, reduction in administrative burden, and patient engagement. Notably, Waystar outperformed competitors, with no other vendor securing more than one top ranking out of the 18 AI categories.

In January, Waystar launched AltitudeAI™, featuring AltitudeCreate™, a pioneering generative AI capability for appealing denied claims. The platform excels in claim management, showing significant improvements in claim rejection rates, clean claim submissions, and reimbursement turnaround time. Additionally, Waystar leads in patient collections and engagement, offering AI-driven tools that enhance payment collection rates while maintaining patient satisfaction.

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Black Book Market Research™ survey of more than a thousand healthcare leaders ranked Waystar #1 in eight categories, more than any other RCM vendor

LEHI, Utah and LOUISVILLE, Ky., Feb. 13, 2025 /PRNewswire/ -- Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today announced that it was named by Black Book Market Research™ as the industry's leading AI-powered software platform. Waystar earned #1 rankings in eight key categories, including claim accuracy, operational efficiency, reduction in administrative burden, and patient engagement. The independent survey assessed AI-powered revenue cycle management solutions from 80 vendors, gathering insights from more than 1,300 healthcare executives and technology decision-makers.

Waystar ranked as the #1 healthcare payments solution in eight out of 18 AI categories — more than any other vendor, none of which secured more than one top ranking. As Black Book™ highlighted in its report, "Waystar showed dominant performance in claims submission, denial reduction, and reimbursement turnaround time, cementing its role as a leader in financial accuracy and efficiency."

"We are grateful for the trust healthcare providers place in our AI-powered software platform, which has been central to our innovation strategy for nearly a decade," said Matt Hawkins, Chief Executive Officer of Waystar. "In January, we launched Waystar AltitudeAI™, a comprehensive set of AI capabilities for providers, including AltitudeCreate™, a first-of-its-kind generative AI capability for appealing denied claims. We continue to deliver on our vision of AI-powered software that drives productivity and accuracy and advances our mission."

Surveyed industry leaders recognized the impact of Waystar's AI, automation, and predictive analytics solutions across multiple points of the revenue cycle.

Claim, denial, and payer payments management: Waystar secured the #1 ranking in numerous AI-driven financial and payment management categories, including reduction in claim rejection and denial rates, increase in clean claim submission rates, time savings in claim resubmission and appeals resolution, and improvement in overall claims reimbursement turnaround time. Black Book™ highlighted:

• "Waystar significantly reduces the time required for claim resubmission and appeals by automating claim tracking and error correction workflows. Clients report faster resolution times due to the platform's real-time denial analysis and auto-correction tools. Its AI-driven appeal management prioritizes high-value claims, ensuring maximum reimbursement efficiency."
• "Waystar minimizes claim denials by utilizing AI-powered predictive analytics to catch errors before submission."

Patient collections and engagement: Waystar earned the top recognition in upfront patient payment collection rates as well as automated patient payment processing and engagement. According to the report:

• "Waystar enhances patient financial interactions through AI-driven engagement and payment prediction. Clients appreciate the intuitive, patient-friendly portals offering real-time cost estimates."
• "Waystar leads in patient payment automation with AI-driven engagement tools that ensure higher collection rates with minimal patient friction."

Finance and IT professionals prioritize AI adoption, recognizing its ability to automate manual work and reduce administrative burden across denial reduction, collections, and patient payment engagement. Purpose-built to eliminate inefficiencies, Waystar's modern, cloud-based platform leverages AI-powered capabilities to streamline end-to-end healthcare payments, delivering continuous enhancements that drive efficiency, accuracy, and sustainable return on investment.

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 approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals Honor Roll. Waystar's enterprise-grade platform annually processes over 5 billion healthcare payment transactions, including over $1.2 trillion in annual gross claims and spanning approximately 50% of U.S. patients. 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.

Media Contact
Kristin Lee
kristin.lee@waystar.com

Investor Contact
Sandy Draper
investors@waystar.com
502-238-9511

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SOURCE Waystar

FAQ

What key rankings did Waystar (WAY) achieve in the 2025 Black Book Market Research survey?

Waystar secured #1 rankings in eight out of 18 AI categories, including claim accuracy, operational efficiency, reduction in administrative burden, and patient engagement, outperforming 80 other vendors.

How does Waystar's AltitudeAI platform impact healthcare claim denials?

AltitudeAI, launched in January 2025, features AltitudeCreate for appealing denied claims, using AI-powered predictive analytics to catch errors before submission and automate claim tracking and error correction workflows.

What improvements in claim processing has Waystar's AI technology achieved?

Waystar's AI technology has improved clean claim submission rates, reduced claim rejection and denial rates, and enhanced claims reimbursement turnaround time through automated tracking and error correction.

How does Waystar's platform enhance patient payment collections?

Waystar leads in patient payment automation through AI-driven engagement tools, intuitive patient-friendly portals with real-time cost estimates, resulting in higher collection rates with minimal patient friction.

What distinguishes Waystar from other healthcare payment software vendors in 2025?

Waystar was the only vendor to secure multiple #1 rankings in Black Book's survey, with no other competitor achieving more than one top ranking across the 18 AI categories evaluated.