Waystar: 2Q’26 CapEx Survey: RCM momentum improves; Hospitals prefer embedded AI

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Waystar: 2Q’26 CapEx Survey: RCM momentum improves; Hospitals prefer embedded AI

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Waystar

2Q’26 CapEx Survey: RCM momentum

improves; Hospitals prefer embedded AI

Maintain Rating: BUY | PO: 38.00 USD | Price: 22.43 USD

Hospitals re-evaluating RCM strategies improves in 2Q 13 July 2026

Our 2Q'26 survey indicates health systems are increasingly willing to re-evaluate their Equity

RCM strategies and Waystar’s competitive positioning may be improving. The share of

respondents expecting to replace their current RCM vendor, add an external RCM Allen Lutz, CFA Research Analyst

solution, or increase RCM spend over the next six months increased to 26% in 2Q’26 BofAS

from 20% in 1Q’26, while the percentage reporting no change in RCM plans declined to +1allen.lutz@bofa.com646 855 4380

57% from 70% (Exhibit 1). While still below the elevated levels observed immediately Hanna Lee

following the Change cyberattack, the sequential improvement suggests demand for Research Analyst

BofAS

RCM solutions remain resilient despite broader macro uncertainty. Improving hospital +1 646 855 3682

willingness to revisit RCM strategies and WAY’s increase in mindshare suggests the hanna.y.lee@bofa.com

company remains a key beneficiary of RCM vendor re-evaluation. We maintain our Buy Dev Weerasuriya

Research Analyst

rating on Waystar (WAY) and $38 PO, based on 16x CY26E EBITDA. BofAS

+1 646 855 5707

Waystar increases mindshare, among the top 2 vendors dev.weerasuriya@bofa.com

In 2Q'26, Waystar’s share improved to 15% from 12% in the prior quarter and ranked

second to Change Healthcare among respondents allocating incremental RCM spend.

Respondent indicated Change Healthcare (19%) as the top vendor for incremental RCM Stock Data