Combining two revenue cycle management companies into a durable market leader



Simplifies and unifies the healthcare revenue cycle with innovative technology that allows clients to collect more with less cost and less stress, so they can focus on their goals, patients, and communities


Healthcare providers use Waystar


Transactions processed annually


Bain Capital’s long history investing in payments, software and healthcare, combined with a transformational approach to strategic M&A, helped make the Waystar story a success.

Our Waystar journey began with the combination of two top-tier healthcare payment software players, Navicure and Zirmed, to form Waystar in November 2017, in partnership with Waystar CEO Matt Hawkins.

The merger was complex – involving the need to integrate two distinct technology stacks, product interfaces, customer bases and company cultures. However, Bain Capital was determined to do it the right way, partnering with management to make sure the company first was integrated successfully, with the technology rebuilt from the ground up. We then moved on to making the right product and go-to-market investments to accelerate the combined platform into new and exciting end markets.

Since the initial merger, the business has grown more than 10x from $60 million in revenue to more than $600 million in combined revenue in 2022, through rapid organic and inorganic growth. It has become the largest cloud, healthcare revenue cycle management software company in the US and is quickly emerging as the long-term leader in the space. Today, Waystar delivers client support and end-to-end RCM technology to over 500,000 providers, including more than 1,000 hospitals and health systems, while processing nearly $1 trillion in claims annually.

Waystar’s success was supported by Bain Capital’s extensive cross-platform advantage. We have long invested in the healthcare and software verticals and have deep domain expertise in both. Across the Waystar journey, we have been able to leverage our significant cross-vertical IP and capabilities in several strategic functions including M&A integration, product innovation, channel strategy design and digital marketing, supporting management to accelerate the development of its offerings and bookings growth trajectory.

A final, critical factor that Bain Capital brought to the merger of Navicure and ZirMed was our alignment and value-added partnership with Navicure’s founder Jim Denny. Navicure’s founder decided on Bain Capital due to its long heritage of growing successful businesses together with entrepreneurs. He had built Navicure over the course of 15 years and knew Bain Capital would be the ideal partner to make an impact and take his company to the next level.

In 2019, EQT Partners and the Canada Pension Plan Investment Board acquired a majority equity stake in Waystar that valued the company at $2.7 billion. Bain Capital has continued to partner with management and EQT in the next chapter as Waystar continues to redefine and transform the healthcare operations space.


Bain Capital brought both healthcare experts and technology experts to the table and there was never this either or scenario, we weren’t either talking to the healthcare professional or the technology professionals, it was a united effort. At Waystar, we are making decisions that we believe are going to positively impact the healthcare marketplace through the next decade. We’re creating something truly transformational and along the way, Bain Capital is proving to be an incredible thought-partner.

Matt Hawkins
CEO, Waystar