PE backs specialty-focused healthcare RCM services: 8 deals

As patients seek lower-cost outpatient care, demand for revenue cycle management (RCM) systems that focus on specific clinical specialties is on the rise. Private equity has taken note, and dealmakers are pursuing these specialty-focused RCM businesses, Brad Armstrong, partner at Lovell Minnick Partners, told PE Hub.

“In the RCM space, we’re particularly drawn towards the post-acute and ambulatory sectors and other areas where there are persistent tailwinds,” he said. “We have found those sectors to be more AI-resistant and the RCM platforms in those markets are better positioned to be the harnessers of AI and automation, because they are highly-focused on the provider landscape that they’re serving.”

In 2023, Lovell Minnick invested in ACU-Serve, an RCM services provider for the post-acute, home care industry. In 2025, the company merged with Pinnacle, a provider of home infusion and ambulatory infusion center services; and acquired Tanyr, a provider of infusion RCM services.

PE is also pursuing M&A around AI, automation and data analytics to help RCM platforms verify payment accuracy, reduce denials, automate manual tasks and better navigate a reimbursement environment as it grows in complexity.

These trends, along with high fragmentation, have continued to drive PE-backed deals in the RCM segment in 2026.

Starting from the most recent, PE Hub rounded up eight deals dating back to the beginning of the year.

1. Longshore invests in Prochant

In July, Longshore Capital Partners announced an investment it made in Prochant, which provides technology-enabled RCM services for home-based care providers.

Prochant is based in Charlotte, North Carolina. The investment is expected to help Prochant enhance client experiences and outcomes, develop more revenue cycle services, expand service capacity and operational scale and recruit talent.

The company also expects to add advanced technologies, analytics, AI and automation capabilities, and pursue similar growth opportunities within its core markets.

2. Serent-backed Raintree acquires Spike Technologies

Also in July, Raintree, a portfolio company of Serent Capital, announced the acquisition of Spike Technologies, a developer of agentic AI voice technology for healthcare.

Raintree is based in Chandler, Arizona, and is an electronic health record and practice management platform for rehabilitation and physical therapy organizations. Serent Capital invested in the company in 2021.

Spike Technologies was founded in San Francisco in 2022 and is backed by Silicon Valley and EU-based investors, including Practica Capital, TheVentureCity, Plug & Play, Geek Ventures, CEAS Investments and NVIDIA Inception.

3. Cleargate Capital invests in Fellow Health Partners

Cleargate Capital Partners announced in June an investment in Fellow Health Partners, a provider of RCM services for physician groups, ambulatory surgery centers and healthcare organizations.

Fellow is based in Great River, New York, and helps improve collections, reduce administrative burdens and enhance financial performance for more than 500 clinicians nationwide. It has deep specialty expertise in orthopedic surgery, anesthesia, ASCs and other specialty physician practices.

Cleargate will provide Fellow with resources for further investment in the company’s SAVi technologies platform of AI tools and workflow capabilities. It will also evaluate acquisition opportunities to expand Fellow’s service offerings and geographic presence.

4-5. Carlyle snaps up Knack RCM and EqualizeRCM

In May, Carlyle announced the acquisition of Knack RCM and EqualizeRCM to create a global, multi-specialty, AI-enabled RCM platform.

The investment was made from funds affiliated with Carlyle Asia Partners VI and Carlyle Asia Partners Growth II. Knack RCM founder Rajiv Sharma and EqualizeRCM founder Nagi Rao have reinvested.

Based in Woodbridge, New Jersey, Knack RCM is a specialty‑focused provider of AI-enabled RCM operations, intelligent process automation, workflow management and AI-backed credentialing for healthcare providers. It has over 8,000 employees at its 10 delivery centers in India, the Philippines and the US.

EqualizeRCM is headquartered in Austin, Texas, and offers RCM services to physicians, hospitals, ASCs, laboratories and rural healthcare providers. It uses large language models and agentic AI.

The combined platform is expected to enhance operational scale and diversification, broaden the delivery footprint, strengthen leadership depth and help accelerate AI capabilities. Carlyle plans to pursue additional opportunities in the RCM industry to build on the platform.

6. New Mountain- and Francisco Partners-backed Office Ally acquires Jopari Solutions

Office Ally, backed by New Mountain Capital and Francisco Partners, announced in April the acquisition of Jopari Solutions, an electronic claims processing services provider for government healthcare as well as the property and casualty, and commercial insurance industries. The seller was WestView Capital Partners.

Office Ally operates out of Vancouver, Washington, and is a provider of RCM services as well as healthcare technology clearinghouse and software services for healthcare providers, partners and health plans. New Mountain invested in the company in 2025. Francisco Partners originally invested in 2021 and reinvested as part of the 2025 transaction.

Jopari Solutions is based in Concord, California. WestView Capital made a minority investment in 2017.

7. Serent invests in Saisystems

In March, Serent Capital announced an investment in Saisystems Health, a provider of RCM and electronic health record technology for skilled nursing facilities.

Saisystems is headquartered in Shelton, Connecticut, and helps improve reimbursement efficiency, streamline documentation and reduce administrative burdens for physician groups nationwide. It expects the investment to provide it with AI-driven automation, enhanced go-to-market capabilities and the ability to offer better customer experiences.

8. PE-backed Elevate PFS acquires Centauri Health Solutions’ health systems services unit

Elevate Patient Financial Solutions, backed by Audax Private Equity and Parthenon Capital, in February announced the acquisition of Centauri Health Solutions’ health systems services division.

Elevate PFS is an RCM services provider for healthcare providers and based in Spring, Texas. Audax and Parthenon acquired the company from Frazier Healthcare Partners in 2025.

Centauri Health is based in Tempe, Arizona. Its HSS division provides specialized eligibility and enrollment services for Medicaid and disability benefits, out-of-state Medicaid billing and related complex revenue cycle services.

As investors seek AI-resilient targets and demand for RCM systems increases, PE Hub predicts more deals in the segment in the coming months.