On May 4, Carlyle announced the acquisition of Knack RCM and EqualizeRCM.
Headquartered in Austin, Texas, EqualizeRCM is a leading provider of revenue cycle management (RCM) services to physicians, hospitals, ambulatory surgery centers, labs and other healthcare providers and investors throughout the United States.
Knack RCM empowers healthcare delivery organizations with end-to-end RCM services that generate efficiencies, accelerate payments and deliver operational insights. Knack has a deep global bench of more than 5,800 dedicated healthcare experts and serves a broad range of healthcare providers in a variety of formats, including physician groups, durable medical equipment (DME) suppliers and surgical and ambulatory care centers. It was sold by LKCM Headwater Investments.
The Carlyle Group is one of the world’s largest private equity firms. It manages more than $465 billion of assets under management, as of June 30, 2025. Carlyle employs more than 2,200 people in 29 offices across four continents.
Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI and Carlyle Asia Partners Growth II. The terms of the transaction are not disclosed. Together, the companies bring deep, specialty-specific expertise across DME, anesthesia, eyecare, behavioral health, rural hospitals, urgent care and multi-specialty physician groups.
According to data captured in the LevinPro HC database, this transaction represents the 80th eHealth acquisition of the year, and the 18th in the RCM subsector. Throughout 2025, 301 eHealth and 55 RCM deals were reported.
