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Peer Fund / Dealmaker·RCM

Max Lin

Partner at KKR

New York, New York

ML
Why they matter

Leads KKR's Americas healthcare private equity and co-sponsored Cotiviti, making him the decision-maker on how the largest payer payment-integrity platform is underwritten, governed, and scaled.

Background

Max Lin is a Partner at KKR who leads the Health Care industry team within the firm's Americas Private Equity platform, which he joined in 2005 after an M&A and financing career at Morgan Stanley. He sits on KKR's Americas Private Equity Investment Committee and Portfolio Management Committee, the Health Care Strategic Growth Investment Committee, and the Global Conflicts and Compliance Committee, making him a decision-maker rather than a deal executor. He holds a B.S. and B.A.S., summa cum laude, from the University of Pennsylvania and an M.B.A. from Harvard Business School.

Notable deals

  • 2024
    Led KKR's co-sponsorship of Cotiviti alongside long-standing owner Veritas Capital, taking an equal ownership stake in the healthcare payment-accuracy and analytics platform serving roughly 200 payers; reported at an approximately $11B valuation.
  • 2021
    Announced KKR's acquisition of Therapy Brands (now Ensora Health), the behavioral and mental health practice-management and billing software platform, from PSG and Lightyear Capital; Lin is a board director.
  • 2017
    Has served on the board of BrightSpring Health Services since 2017, anchoring KKR's home and community health services platform through its build-out and public listing.
  • 2025
    As PetVet Care Centers board member, led the CEO succession naming Eric Enderle chief executive and moving founder Gino Volpacchio to Vice Chair.

Call-prep brief

Background

  • Partner at KKR since 2005 (ex-Morgan Stanley M&A); leads the Health Care industry team for Americas Private Equity.
  • Sits on the Americas PE Investment Committee and Portfolio Management Committee, the Health Care Strategic Growth Investment Committee, and the Global Conflicts and Compliance Committee. He signs off on capital, he does not just source it.
  • Penn (B.S./B.A.S., summa cum laude); Harvard MBA.

Current focus

  • Payer-side data and analytics: co-sponsored Cotiviti with Veritas Capital in May 2024, KKR taking an equal ownership stake in a platform used by roughly 200 payers for payment accuracy and quality.
  • Provider services and healthcare software compounding: BrightSpring, Covenant Physician Partners, Heartland Dental, 123Dentist, Therapy Brands/Ensora Health, PetVet, Global Medical Response.

What he cares about

  • Cost-of-care leakage and payment accuracy as the durable value driver, not one-off recovery revenue.
  • Scaled platforms with recurring payer contracts; long hold periods; management continuity (he ran PetVet's CEO transition himself in March 2025).

Potential sensitivities

  • Envision Healthcare: KKR's 2018 take-private ended in Chapter 11. Do not open there.
  • Cotiviti is a 50/50 co-sponsorship with Veritas; he cannot move unilaterally, and governance questions are live.
  • His anchor exposure is payer-side, so provider-side RCM assets can read as conflict rather than adjacency.

Ask him

  1. Where does Cotiviti's payment-integrity moat sit against AI-native entrants chasing the same payer budgets?
  2. How do you underwrite provider-facing RCM when your largest exposure sells to payers?
  3. In a 50/50 co-sponsor structure, what governance rights did you insist on before writing the check?

Outreach draft

Subject
Payment integrity: a question on Cotiviti
Max, I'm looking closely at healthcare revenue-cycle and payment-integrity assets, and your Cotiviti co-sponsorship with Veritas is the clearest recent read on how a control investor underwrites that market. I'd value twenty minutes on two things: how you size the payer payment-accuracy budget over the next cycle, and whether AI-native entrants compress incumbent pricing or expand the pool. Happy to trade what we're seeing on the provider side of the same workflow, including where denials management is consolidating. No pitch, genuinely a diligence conversation. I can send a one-page version of our thesis beforehand if that's more useful. Would a call in the next two weeks work? Best, [Your Name]

Linked companies

Sources