Audax Private Equity announced on August 4 that, alongside Parthenon Capital Partners, it has acquired Elevate Patient Financial Solutions (ElevatePFS).
ElevatePFS delivers revenue cycle management (RCM) solutions to hospitals, health systems and health providers nationwide. ElevatePFS was backed by private equity firm Frazier Healthcare Partners.
During its ownership, Frazier partnered with ElevatePFS’s management team to accelerate organic growth through significant investments in talent, commercial infrastructure and technology. Additionally, Frazier supported seven strategic add-on acquisitions that expanded Elevate’s solution suite and transformed ElevatePFS into a diversified RCM enterprise with market-leading offerings for hospitals and health systems.
Audax Private Equity focuses on building leading middle-market companies. It is part of Audax Group, an alternative asset management firm specializing in investments to middle-market companies. Since its founding in 1999, Audax Private Equity has raised more than $30 billion in capital across its private equity and private debt businesses. Since inception, Audax Private Equity has acquired more than 160 platforms and completed more than 1,200 add-on acquisitions.
Parthenon Capital Partners provides capital and strategic resources to growth companies in financial services, healthcare services and business services.
Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP served as legal counsel. The financial terms of the acquisition were not disclosed.
According to data captured in the LevinPro HC database, this transaction represents the 184th eHealth acquisition of 2025, and 36th in the RCM specialty. There were 36 RCM transactions announced in 2024, and 55 announced in 2023.
