Frazier Healthcare Partners Completes Elevate Sale to Audax and Parthenon
Deal News | Aug 07, 2025 | Goodwin
Frazier Healthcare Partners has successfully concluded the sale of Elevate Patient Financial Solutions to Audax Private Equity and Parthenon Capital. Elevate, a major provider based in Spring, Texas, specializes in technology-enabled specialty revenue cycle management services tailored for hospitals and health systems. These services include solutions in Eligibility & Enrollment, Complex Claims, Revenue Integrity, and Patient Pay. Frazier Healthcare Partners, established in 1991, focuses exclusively on the healthcare sector and has raised over $11 billion in capital since its inception. The company has a strategic approach of partnering with robust management teams, using its internal resources and network to develop outstanding companies. The advisory for this transaction was provided by Goodwin, with the deal team led by Jared Spitalnick, Michael Miller, Matthew Giannascoli, and Dan Marks.
Sectors
- Healthcare
- Financial Services
- Private Equity
Geography
- United States – Elevate Patient Financial Solutions is headquartered in Spring, TX, and the private equity firms involved operate extensively in the U.S.
Industry
- Healthcare – The article focuses on Elevate Patient Financial Solutions, a company providing healthcare revenue cycle management services, and Frazier Healthcare Partners, a healthcare-focused private equity firm.
- Financial Services – Involves revenue cycle management, a financial service critical for hospitals and health systems to manage billing and payment processes.
- Private Equity – Frazier Healthcare Partners and Audax Private Equity are involved, providing investment and strategic guidance in this transaction.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Frazier Healthcare Partners | Seller | Company | A private equity firm focused on the healthcare industry, based in Seattle, WA. |
| Elevate Patient Financial Solutions | Target Company | Company | A provider of technology-enabled specialty revenue cycle management services headquartered in Spring, TX. |
| Audax Private Equity | Buyer | Company | A private equity firm involved in the acquisition of Elevate Patient Financial Solutions. |
| Parthenon Capital | Buyer | Company | A private equity firm involved in the acquisition alongside Audax Private Equity. |
| Goodwin | Legal Advisor | Company | Provided legal advisory services in the transaction. |
| Jared Spitalnick | Deal Team Lead | Person | Led the deal team for the transaction. |
| Michael Miller | Deal Team Member | Person | Part of the deal team overseeing the transaction. |
| Matthew Giannascoli | Deal Team Member | Person | Part of the deal team overseeing the transaction. |
| Dan Marks | Deal Team Member | Person | Part of the deal team overseeing the transaction. |