Elevate Secures Strategic Investment from Audax and Parthenon
Deal News | Aug 04, 2025 | Parthenon Capital LLC
Elevate Patient Financial Solutions, a key player in healthcare revenue cycle management, has confirmed a strategic investment agreement with Audax Private Equity and Parthenon Capital. The partnership aims to provide the company with additional resources and capital to further its growth initiatives and future acquisitions, thereby enhancing its service to hospital and health system clients. Elevate's CEO, Mike Shea, expressed enthusiasm about the collaboration with the two private equity firms, which are renowned for their expertise in fostering healthcare businesses. Adam Abramson of Audax and Dan Killeen of Parthenon spoke highly of Elevate's established capabilities and future potential in delivering both front-end and back-end RCM solutions. The investment is seen as timely, given current regulatory changes impacting healthcare providers. The deal, which closed on July 31, 2025, was advised financially by Robert W. Baird and legally by Goodwin Procter LLP for Elevate, while Kirkland & Ellis advised Audax and Parthenon.
Sectors
- Healthcare
- Private Equity
- Financial Services
Geography
- United States – All involved entities, including Elevate Patient Financial Solutions, Audax Private Equity, and Parthenon Capital are based in the United States, with operations affecting the American healthcare system.
Industry
- Healthcare – Elevate Patient Financial Solutions is involved in providing healthcare finance and revenue cycle management solutions, directly relating to the healthcare industry.
- Private Equity – Audax Private Equity and Parthenon Capital are private equity firms involved in the strategic investment into Elevate, demonstrating their role in financial growth and M&A activities within this sector.
- Financial Services – Elevate focuses on revenue cycle management, which is a financial service provided to hospitals and health systems.
Financials
- Not disclosed – The exact financial details of the investment by Audax Private Equity and Parthenon Capital in Elevate were not disclosed in the article.
- $19 billion – Audax Private Equity's assets under management as of March 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Elevate Patient Financial Solutions | Target | Company | A leading provider of revenue cycle management solutions for hospitals and health systems. |
| Audax Private Equity | Investor | Company | A private equity firm providing strategic investment to Elevate, aiming for growth in the healthcare sector. |
| Parthenon Capital | Investor | Company | A growth-oriented private equity firm investing in Elevate to support its expansion and service enhancement. |
| Robert W. Baird | Financial Advisor | Company | Advised Elevate on the financial aspects of the investment transaction. |
| Goodwin Procter LLP | Legal Counsel | Company | Provided legal counsel to Elevate during the transaction. |
| Kirkland & Ellis | Legal Counsel to Audax and Parthenon | Company | Provided legal counsel to Audax and Parthenon for the investment deal. |