Riding mega-trends to digital health success



Innovative healthcare technology that connects clinicians, patients, payers and partners in differentiated ways


Ambulatory care provider partnerships


Ambulatory care provider specialties


Bain Capital is one of the most active private equity investors globally in healthcare, backing many of the largest healthcare services, technology, and life sciences operators. Bain Capital also oversees one of the largest private healthcare IT portfolios in the US.

We have differentiated insight into the needs of the healthcare market, across payers, providers, consumers and the entire value chain. We have unequaled domain expertise and pattern recognition in the specialized field of healthcare IT. We deeply understand how technology is influencing the healthcare industry. The athenahealth story is a testament to this differentiation.

Digital transformation in healthcare is changing rapidly from an optional initiative to an urgent priority. At the forefront of this transition in the US is athenahealth, a leading provider of cloud-based software solutions for medical groups and health systems.

athenahealth partners with providers to provide mission critical practice management automation tools that create ROI by reducing costs, improving revenue, automating back-office processes and enhancing the care experience for nearly 20% of the U.S. population.

athenahealth sits at the core of the HCIT landscape and has emerged as a clear leader in its dynamic $20B EMR market, but it took extensive expertise in both healthcare and technology to appreciate the full extent of athenahealth’s value proposition and opportunity set. In November 2021, we tapped into our institutional knowledge and together with Hellman & Friedman acquired athenahealth for $17 billion.

We believe athenahealth has an exceptional competitive position and is well positioned as the long-term winner and consolidator in its space. In particular, athenahealth’s offering has several, durable advantages vs. legacy on-premise players:

· The only scaled cloud offering in its segment, resulting in best-in-class NPS, innovation, UI and feature/functionality

· Integrated billing services, which greatly increase practice productivity and cost-efficiency

· A superior ROI driven by its best-in-class billing engine

· An exceptional management team – led by CEO Bob Segert – that has been able to drive successful, continuous innovation at scale

As a result, the company has continued to win share at the expense of legacy incumbents and we believe is poised to be a long-term consolidator in the space.

athenahealth also sits at the intersection of many of the mega macro tailwinds we like across healthcare and technology including: the shift in care from hospital settings and into ambulatory outpatient settings, the rise of value-based care and the acceleration of physician practice consolidation tailwinds, all of which benefit the business’s core customers and are enabled by athenahealth’s technology.

In addition, Bain Capital has several platform synergies it is drawing upon to support the investment, including partnership opportunities in our portfolio portfolio, an extensive network across the healthcare ecosystem, a strong HCIT talent pool and a well-honed approach to GTM and strategic M&A acceleration building on the successes at Waystar and Zelis.

athenahealth already is the largest independent provider of cloud medical records and revenue cycle software to independent physicians in the US and it is poised to increase its lead in the coming years.


athenahealth has built an exceptional technology platform and differentiated itself as a next generation cloud leader in its space. In addition it sits at the cross-section of many of the most exciting megatrends in healthcare and HCIT. These include the rise of value-based care, consolidation in the physician sphere, automation of the physician practice and the accelerating shift to the cloud. We are excited to leverage our extensive HCIT experience to help Bob and the management team accelerate growth, build new products, gain share and continue to rapidly innovate in a large and exciting end market.

Paul Moskowitz
Managing Director, Bain Capital Private Equity