Craig Potts: Navicure

Navicure (now Waystar) provides cloud-based claims management and patient payment software for physician practices and hospitals. Navicure was based in Duluth, Georgia, and offered revenue-cycle management software to more than 90,000 health care provider customers in the U.S. Bain Capital Private Equity acquired a majority stake in Navicure in June 2016.

The Challenge

Navicure was a founder-started company with angel investors in 1999 and took its first and only round of minority investment from Private Equity (JMI Private Equity) in late 2010 when revenue was almost $30 million. The equity firm wished to rapidly increase sales in order to produce a nice return for their investors. My challenge was to commercialize the organization and rapidly grow the company working alongside the owner/founder of the company.  

My Role

Executive Vice President Sales & Business Development

I was hired  by the CEO/Founder and JMI Private Equity because of my 30 years of expertise in Sales & Business Development in high growth and turnaround companies. I have been a sales management professional at all levels, across both public and private companies with a specialty in sales and sales transformation from the ground up, and/or in turnaround situations, with a particular focus on team building and employee buy-in. I’ve worked with new growth technology companies and subsidiaries of large companies, PE, and venture backed start-ups and mid-market stage companies. 

The Work

After assessing the organization and market, we established the initial critical action plan to add value to (1) top grade the existing sales organization, (2) establish an inside sales organization, lead generation organization, and more collaborative sales and marketing function; (3) grow the one person business development channel organization; (4) establish effective sales methodology, forecasting, and metrics model in sales and business development and marketing for a SaaS high growth company.

  • Tasked with moving five year organic growth from $30 million to approximately $100 million.
  • Built and managed a team of 55 employees, where we experienced 300 percent revenue growth in five years (increasing EBITDA 80 percent in 2015). 
  • Hired and created a high performing sales engine.
  • Built the lead generation team utilizing latest technology and methodology.
  • Worked closely with the Navicure Board of Directors as a member of the senior leadership team.
The Outcome

Bain Capital Private Equity acquired a majority stake in Navicure in June 2016 producing a 4X-5X return in less than six years to JMI Private Equity, management team and other investors. My contributions were in working with leadership, people, and by employing a repeatable execution process we successfully transformed the company sales organization by adding a deep growth-minded playbook across a broad array of sales initiatives, including effectiveness, enablement, strategy, operations, talent management and marketing alignment. 

People are the key to being successful in any situation and given the right direction they can achieve anything to succeed. Lead and teach best practices and then inspire everyone to become “CEO” of their area of responsibility.

––EVP of Sales & Business Development, Craig Potts