Page 36 Bain Capital Healthcare
P. 36
HEALTHCARE IT
Creating a leader in revenue
cycle management
Quick facts
OVERVIEW
Simplifies and unifies the healthcare revenue
cycle using cloud-based software that helps
healthcare providers collect payments more
efficiently and at lower cost
HQ
Lehi, Utah and Louisville, Kentucky
INVESTMENT
2016 (Combination of Navicure and ZirMed to
create Waystar)
KEY EVENTS
2019: Majority stake sold to EQT Partners, CPPIB
2024: Take-public (NASDAQ: WAY)
2025: Iodine Software acquisition
INVESTORS
Private Equity
WEBSITE
waystar.com
Bain Capital’s investment in Waystar
reflects our ability to combine
sector expertise in healthcare,
software, and payments to build a
durable, scaled market leader. Our
partnership began in 2016, when we
joined forces with Navicure founder
Jim Denny and CEO Matt Hawkins
to merge Navicure and ZirMed,
two leading healthcare payment
software companies, to create a
single, integrated platform under the
Waystar brand.
The integration was complex,
requiring the alignment of two
technology stacks, product
portfolios, and cultures. Bain Capital
partnered closely with Waystar’s
management team to rebuild the
platform architecture from the
ground up and establish a unified,
cloud-based solution. “Waystar’s
transformation shows what can
happen when world-class founders
and a committed management
team join forces with deep sector
expertise—we were aligned from
day one on building a truly scaled,
next-generation platform,” says
Paul Moskowitz, a Partner on Bain
Capital's Private Equity team. From
there, we helped the company
expand into adjacent end markets
and refine its commercial strategy
to accelerate growth. Throughout
the partnership, Bain Capital has
provided hands-on support across
A merger between the two top-rated
providers reduced administrative friction
and improved reimbursement accuracy
36
Creating a leader in revenue
cycle management
Quick facts
OVERVIEW
Simplifies and unifies the healthcare revenue
cycle using cloud-based software that helps
healthcare providers collect payments more
efficiently and at lower cost
HQ
Lehi, Utah and Louisville, Kentucky
INVESTMENT
2016 (Combination of Navicure and ZirMed to
create Waystar)
KEY EVENTS
2019: Majority stake sold to EQT Partners, CPPIB
2024: Take-public (NASDAQ: WAY)
2025: Iodine Software acquisition
INVESTORS
Private Equity
WEBSITE
waystar.com
Bain Capital’s investment in Waystar
reflects our ability to combine
sector expertise in healthcare,
software, and payments to build a
durable, scaled market leader. Our
partnership began in 2016, when we
joined forces with Navicure founder
Jim Denny and CEO Matt Hawkins
to merge Navicure and ZirMed,
two leading healthcare payment
software companies, to create a
single, integrated platform under the
Waystar brand.
The integration was complex,
requiring the alignment of two
technology stacks, product
portfolios, and cultures. Bain Capital
partnered closely with Waystar’s
management team to rebuild the
platform architecture from the
ground up and establish a unified,
cloud-based solution. “Waystar’s
transformation shows what can
happen when world-class founders
and a committed management
team join forces with deep sector
expertise—we were aligned from
day one on building a truly scaled,
next-generation platform,” says
Paul Moskowitz, a Partner on Bain
Capital's Private Equity team. From
there, we helped the company
expand into adjacent end markets
and refine its commercial strategy
to accelerate growth. Throughout
the partnership, Bain Capital has
provided hands-on support across
A merger between the two top-rated
providers reduced administrative friction
and improved reimbursement accuracy
36
