Elevate Patient Financial Solutions, a provider of front-end eligibility and enrollment and back-end revenue cycle management (RCM) technology and services, secured a strategic investment from Audax Private Equity and Parthenon Capital, two private equity firms.
The investment will provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions seeking to enhance its value proposition to hospital and health system clients.
“We are thrilled to partner with the Audax and Parthenon teams as we move into this next chapter in Elevate’s evolution,” Mike Shea, CEO of Elevate, said. “Both firms bring deep experience in building healthcare businesses, and we are excited by the alignment in the go-forward strategic vision for Elevate. We look forward to pursuing innovative ways to deliver more value-added capabilities and support our clients as they navigate an ever-changing market environment.”
“Elevate has established itself as an industry-leader in front-end eligibility and enrollment with a growing presence in back-end revenue cycle management solutions, serving some of the largest hospitals and health systems across the country,” Adam Abramson, a partner at Audax, said. “We believe the company is well-positioned to continue to deliver a strong front-end and back-end value proposition to clients, while continuing to expand in other high-value RCM services and technology that can deliver tangible value to its hospital and health system clients.”
“We are entering a critical time for hospitals and health systems as they look to navigate significant regulatory changes that will impact the coverage of patients across the country,” Dan Killeen, a partner at Parthenon, said. “Elevate is a strategic partner to its provider clients and we are excited to support the company as it continues to pursue its mission of ensuring hospitals and health systems are able to provide care to those patient populations who need it most.”
Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter served as legal counsel, while Kirkland & Ellis served in the same capacity to Audax and Parthenon. Audax is investing in Elevate through its flagship strategy.
The transaction closed on July 31, 2025.
