What You Should Know:
– Frazier Healthcare Partners (“Frazier”), a private equity firm focused exclusively on the healthcare sector announced the sale of Elevate Patient Financial Solutions (“Elevate” or the “Company”) to Audax Private Equity and Parthenon Capital. Financial terms of the transaction were not disclosed.
– Elevate, headquartered in Spring, TX, is a leading provider of technology-enabled specialty revenue cycle management (“RCM”) services for hospitals and health systems, with solutions across Eligibility & Enrollment, Complex Claims, Revenue Integrity, and Patient Pay.
From Carve-Out to Market-Leading Platform
Frazier acquired Elevate, formerly known as MedData, in 2019 in partnership with Executive in Residence Jim Brady. Following the acquisition, Frazier recruited Mike Shea as CEO and assembled a seasoned executive team. During its ownership, Frazier partnered with Elevate’s management team to accelerate organic growth through significant investments in talent, commercial infrastructure, and technology. Frazier also supported seven strategic add-on acquisitions that expanded Elevate’s solution suite and transformed the Company into a diversified RCM enterprise with market-leading offerings for hospitals and health systems.
“Elevate exemplifies Frazier’s thesis-driven approach to healthcare investing,” said Ryan Lucero, Partner at Frazier. “From carve-out to scaled, multi-solution platform, Elevate’s growth reflects a defined strategic vision, disciplined execution, and a high-impact partnership with management. We’re proud to have supported this transformation and look forward to the Company’s continued success.”
