Elevate Patient Financial Solutions Receives Strategic Investment from Audax Private Equity and Parthenon Capital

Elevate Patient Financial Solutions has received a strategic investment from Audax Private Equity and Parthenon Capital. The investment will support Elevate's growth initiatives and future acquisitions, enhancing its value proposition to hospital and health system clients. Elevate will focus on strengthening its front-end and back-end RCM technology and services, while adding new complementary solutions. The investment will enable Elevate to deliver more value-added capabilities to its clients.

Elevate Patient Financial Solutions (Elevate), a leading provider of front-end eligibility and enrollment and back-end revenue cycle management (RCM) technology and services, has announced a strategic investment from Audax Private Equity (Audax) and Parthenon Capital (Parthenon). The investment, which closed on July 31, 2025, aims to support Elevate's growth initiatives and future acquisitions, thereby enhancing its value proposition to hospital and health system clients.

The investment will provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions. This strategic partnership will allow Elevate to continue strengthening its existing front-end and back-end RCM technology and services while adding new complementary solutions to support the operating performance of hospitals and health systems [1].

Elevate's CEO, Mike Shea, expressed enthusiasm about the partnership, stating, "We are thrilled to partner with the Audax and Parthenon teams as we move into this next chapter in Elevate’s evolution. 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" [1].

Adam Abramson, a Partner at Audax, highlighted Elevate's position as an industry leader in front-end eligibility and enrollment and its growing presence in back-end revenue cycle management solutions, serving some of the largest hospitals and health systems across the country. He noted that the investment will enable Elevate to continue delivering a strong front-end and back-end value proposition to clients while expanding into other high-value RCM services and technology [1].

Dan Killeen, a Partner at Parthenon, emphasized the critical time for hospitals and health systems as they navigate significant regulatory changes impacting patient coverage. He expressed excitement about supporting Elevate in its mission to ensure hospitals and health systems can provide care to those who need it most [1].

The investment is part of Audax's Flagship strategy, which focuses on control buyouts in the core middle and lower middle markets. With approximately $19 billion of assets under management as of March 2025, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999 [2].

Parthenon Capital, a leading growth-oriented private equity firm, is known for its niche industry expertise and deep execution team. The firm invests in growth companies in service and technology industries and seeks to be an active and aligned partner to management through recapitalization transactions or by backing new executives [2].

Elevate, a trusted partner for more than 40 years, delivers market-leading RCM solutions to hospitals and health systems nationwide. The company provides best-in-class services and innovative, specialized technology to address the most complex challenges of the revenue cycle [2].

References:

[1] https://sg.finance.yahoo.com/news/elevate-patient-financial-solutions-announces-142400082.html
[2] https://www.businesswire.com/news/home/20250804163231/en/Elevate-Patient-Financial-Solutions-Announces-Strategic-Investment-from-Audax-Private-Equity-and-Parthenon-Capital