Edgewater Funds Exits Elevate Patient Financial Solutions
Deal News | Jul 25, 2025 | Edgewater Funds
The Edgewater Funds has announced the sale of its ownership share in Elevate Patient Financial Solutions to Audax Private Equity and Parthenon Capital. Elevate provides specialized revenue cycle management solutions via a proprietary technology platform, offering services such as Eligibility & Enrollment, Complex Claims, and Patient Pay solutions to hospitals and health systems across the country. The investment by Edgewater Funds, which began in October 2019 when Elevate was known as MedData, involved significant growth and expansion through seven strategic acquisitions, enhancing Elevate's solutions and geographical reach. Edgewater's flexible investment approach enabled them to partner with experienced executive Mike Shea for this venture. Edgewater's strategy is to collaborate with strong management teams to accelerate business growth.
Sectors
- Healthcare Technology
- Private Equity
Geography
- United States – Elevate provides services to hospitals and health systems nationwide, and Edgewater Funds is based in the U.S.
Industry
- Healthcare Technology – Elevate provides technology-enabled revenue cycle management solutions for hospitals and health systems.
- Private Equity – The article discusses a private equity transaction involving Edgewater Funds, Audax Private Equity, and Parthenon Capital.
Financials
- – The financial terms of the transaction were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| The Edgewater Funds | Private Equity Firm | Company | An investment firm that exited its investment in Elevate Patient Financial Solutions. |
| Elevate Patient Financial Solutions | Target Company | Company | A provider of technology-enabled revenue cycle management solutions for healthcare institutions. |
| Audax Private Equity | Buyer | Company | A private equity firm that, along with Parthenon Capital, acquired Edgewater's stake in Elevate. |
| Parthenon Capital | Buyer | Company | A private equity firm that, along with Audax Private Equity, acquired Edgewater's stake in Elevate. |
| Mike Shea | RCM Industry Executive | Person | An experienced executive in the revenue cycle management industry partnered with Edgewater Funds. |