Revenue cycle management company Waystar filed for an initial public offering Monday with the Securities and Exchange Commission. The company did not specify how many shares it plans to offer or what share price it is targeting.
Previous reports have pegged the company’s potential valuation at $8 billion, which would make it larger than competitor R1 RCM, which is valued at a $5.5 billion market cap. It would also be bigger than private equity-backed Ensemble Health Partners, the RCM spinout from Bon Secours Mercy Health, which was valued at $5 billion in a deal last year with Berkshire Partners and Warburg Pincus.
Waystar manages medical billing for approximately 30,000 clients, representing around 1 million different providers and almost 50% of patients in the United States. The company lists ATI Physical Therapy, Cleveland Clinic, Providence, Mount Sinai, and Adventist Health among some of its clients on its website. It handles everything from patient onboarding to prior authorization to payment collection for providers that include hospitals, physician practices, and surgery centers. It also feeds the data to its machine learning and AI algorithms to improve the Waystar software.
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