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05 Jul, Tuesday
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Waystar coming to Utah

Salt Lake City— The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Waystar will open an office in Utah, creating up to 70 new high-paying jobs in the next seven years. 

“Waystar will be a great addition to Utah’s tech scene. We’re excited for the high-paying jobs they’ll bring to the state,” said Val Hale, GOED’s executive director. “This expansion will help Waystar better serve its customers in the western area of the country, and we wish them the best as they continue to expand.”

Waystar is a cloud-based healthcare payments platform used by more than 450,000 healthcare providers and 750 health systems across the country. The company’s state-of-the-art technology automates payments processes and manual tasks, offers price transparency for patients and enables providers to focus on improving care. Waystar is regularly recognized for its market-leading technology and high levels of client satisfaction.

“Waystar is grateful for the opportunity to join the Utah business community, and we greatly appreciate Gov. Herbert’s support and growth-oriented mindset. We’re excited by this next stage of expansion for our company and our team,” said Matt Hawkins, CEO of Waystar. “Fundamentally, any software business is a people business. We look forward to tapping into the Utah talent pool to find talented, tech-focused people ready to help us advance our mission of simplifying and unifying healthcare payments.”

“We are delighted to welcome Waystar to Utah and support its efforts to create meaningful jobs in our great state,” said. Gov. Gary Herbert. “We appreciate their dedication and hard work in helping to improve healthcare in a monumental way.” 

Waystar may earn up to 15 percent of the new state taxes it will pay over the seven-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $408,959. Each year that Waystar meets the criteria in its contract with the state, it will earn a portion of the total tax credit.

“Waystar in some ways represents the convergence of Healthtech and Fintech, which are two areas of concentration in Utah’s economy,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “There is an abundance of talent here, and we look forward to helping them grow in our market.”

State of Utah Tax Credit by the Numbers
Tax revenue:              $2,726,396
Wages:                       $45,186,871
Jobs:                           70
Capital investment:     $1 million
Timeline:                     7 years

About Utah Corporate Incentives

The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30 percent of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.

About the Utah Governor’s Office of Economic Development (GOED)

Under the direction of Gov. Gary Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and helps drive increased tourism, film production and outdoor recreation in the state. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.

About Waystar

Waystar provides next-generation, cloud-based technology that simplifies and unifies healthcare payments. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. Waystar products have won Best in KLAS® or Category Leader every year since 2010 and earned multiple #1 rankings from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. For more information, visit waystar.com or follow @Waystar on Twitter.