Taking a Stab at Sizing Waystar‘s Clearinghouse Revenues

Research evidence excerpt

Taking a Stab at Sizing Waystar‘s Clearinghouse Revenues

trategic significance within the broader platform. Type

US Healthcare Claims Assumptions

Transactions Approach Yields $225-$375MM In CH Revs. Using WAY's disclosed '25 transaction Medicare FFS Claims 1.1B % of Total22%

vol of 7.5B & applying a $0.03-$0.05 per-transaction fee range, which we believe reflects prevailing OtherNon-MedicareMedicare 1.0B2.9B 20%58%

industry pricing based on multiple expert checks, we est. the CH business generated approximately .Source:Total Jefferies, CMS 5.0B 100%

$225-$375MM of revs in '25, ~19-32% of PF revs Notably, 15-20 years ago, these (mostly front-

end) transactions cost about $0.20-$0.30, showing the commoditization of basic clearinghouse Exhibit 3 - Estimated Waystar Clearinghouse

transactions. Despite this pricing compression, the analysis suggests the CH business remains a Size: AdministrativeWAY ClearinghouseTransactionsSizing: Transactions ApproachApproach

meaningful contributor to WAY's Rev base. Waystar Annual Transactions High 7.5B Mid 7.5B Low 7.5B

Cost per Transaction $0.05 $0.04 $0.03

. Total Clearinghouse Revs (000's) 375,000 300,000 225,000

Annual Gross Claims Approach Implies $336-$409MM In CH Revs. As a second analysis, we used Source: Jefferies, Company Data, Industry Expert Calls

WAY's reported $2.4T of annual gross claims vol for '25 and benchmarked it against CMS NHE

Exhibit 4 - Estimated Waystar Clearinghouse

data for total non-Rx spending. Based on expert checks and discussions w/ former WAY clients, Size: Annual Gross Claims Approach

WAY Clearinghouse Sizing: Annual Gross Claims Approachcomprehensive CH rates are ~$0.25 per Medicare claim at the upper end, w/ a bundled price of High Mid Low

~$0.20 per claim (~$0.30 and ~$0.25 for non-Medicare claims).