Elevate Patient Financial Solutions Strengthens RCM Offering with NYX Health Acquisition

Deal News | Nov 10, 2024 | Edgewater Funds

Elevate Patient Financial Solutions (ElevatePFS), a leader in technology-enabled revenue cycle management (RCM) solutions, has announced the acquisition of NYX Health Eligibility Services. NYX specializes in RCM solutions relating to complex front-end claims, including eligibility verification and enrollment services. This acquisition enhances ElevatePFS's ability to offer comprehensive RCM solutions by reinforcing their existing eligibility and enrollment capabilities. Both ElevatePFS CEO Michael Shea and NYX CEO Jeff Woody expressed enthusiasm for the merger, citing enhanced client service capabilities and mission alignment. The acquisition is backed by The Edgewater Funds and Frazier Healthcare Partners. ElevatePFS is based in Spring, Texas, and provides nationwide RCM solutions to healthcare providers, while NYX, founded in 2023 and based in Alpharetta, Georgia, focuses on Medicaid eligibility verification services for health systems.

Sectors

  • Healthcare
  • Private Equity

Geography

  • United States – ElevatePFS and NYX Health Eligibility Services operate primarily within the United States, and the private equity firm Edgewater Funds is based in Chicago, Illinois.

Industry

  • Healthcare – The article centers around companies offering revenue cycle management solutions for healthcare providers.
  • Private Equity – The acquisition and investment by private equity firms such as The Edgewater Funds and Frazier Healthcare Partners are key elements of the article.

Financials

    Participants

    NameRoleTypeDescription
    Elevate Patient Financial SolutionsAcquirerCompanyA leading provider of technology-enabled specialty revenue cycle management solutions.
    NYX Health Eligibility ServicesTarget CompanyCompanyProvides RCM solutions focusing on Medicaid eligibility verification and enrollment services.
    The Edgewater FundsPrivate Equity FirmCompanyA Chicago-based private equity firm providing capital and experience to growth companies.
    Frazier Healthcare PartnersPrivate Equity FirmCompanyA private equity firm involved in backing ElevatePFS.
    Michael SheaCEO of Elevate Patient Financial SolutionsPersonCEO of ElevatePFS, involved in the acquisition announcement.
    Jeff WoodyCEO of NYX Health Eligibility ServicesPersonCEO of NYX, commented on the excitement of joining ElevatePFS.
    Dan HoseyChief Business Development Officer of NYX Health Eligibility ServicesPersonInvolved in discussing the business development implications of the acquisition.