Healthcare Revenue Cycle and Provider M&A

CPS (CPS Solutions, LLC) is one of the largest US providers of outsourced pharmacy management and clinical services to hospitals and health systems, spanning inpatient, ambulatory, and specialty pharmacy, 340B, telepharmacy, and pharmacy supply chain. Founded in 1971, it serves 800+ healthcare facilities with roughly 2,500 professionals.

CRH plc is the world's largest building materials group, producing aggregates, cement, ready-mixed concrete, asphalt and water infrastructure products across roughly 3,900 locations in 28 countries. It is NYSE-listed (CRH), an S&P 500 constituent, and generates the majority of its earnings in North America.

CancerIQ is a Chicago-based precision health software company whose EHR-integrated platform automates hereditary cancer risk assessment, genetic testing workflows, and screening follow-up for health systems. It is deployed across 40+ health systems and 200+ clinical sites, with a telehealth genetic counseling network attached.

Candid Health is a San Francisco-based healthcare software company whose autonomous revenue cycle management platform automates claims submission, eligibility verification, payment posting, and reconciliation for medical providers. It serves 200+ healthcare organizations including Talkiatry, Tia, and Cortica.

Cardiovascular Health Partners (CHP) is a heart and vascular care platform formed in November 2021 when PE investor Assured Healthcare Partners partnered with Oklahoma City-based CardioVascular Health Clinic, which operates eleven Oklahoma locations and one of the first cardiovascular-focused ASCs in the U.S. The platform was built to consolidate cardiology and vascular practices across the Central and Southern United States.

Cedar is a New York-based healthcare financial engagement platform that unifies patient billing, payments, insurance coverage and support into a single AI-driven experience for hospitals, health systems and medical groups. Founded in 2016 by Florian Otto and Arel Lidow, it has raised roughly $350M and reaches tens of millions of patients annually.

Certify Data Systems was a health information exchange (HIE) software company whose HealthLogix Enterprise platform provided bi-directional, real-time clinical data sharing across disparate EHR systems for hospitals, physician groups and laboratories. Humana acquired it in November 2012 and folded it into Transcend Insights in 2015.

Chicagoland Smile Group (CSG) is a Chicago-based dental support organization founded by Dr. Roshan Parikh that provides operations, HR, IT, billing, marketing and supply-chain support to affiliated general and specialty dental practices, growing from 12 to roughly 28 clinics across the Chicago metro. Shore Capital Partners recapitalized CSG in 2015 and rebranded the platform as Great Lakes Dental Partners; both legacy domains now redirect to Innovate 32.

Cleveland Clinic is a nonprofit multispecialty academic medical center headquartered in Cleveland, Ohio, integrating hospital and clinical care with research and education across more than 48,000 employees and locations in Ohio, Florida, Nevada, Canada, the UAE and the UK.

CodaMetrix is a Boston-based healthcare AI company whose CMX platform uses machine learning and NLP to autonomously translate clinical documentation into billing and diagnostic codes across radiology, pathology, surgery and bedside professional coding. Built with Mass General Brigham, it serves systems including Yale Medicine, Henry Ford Health and UMass Memorial.

Cohere Health is a Boston-based healthcare software company whose AI-powered clinical intelligence platform (Cohere Unify) automates prior authorization, utilization management, payment integrity, and care management for health plans. It supports roughly 25M covered lives and 47M plan/provider interactions annually, and has raised $200M to date, including a $90M Series C led by Temasek in May 2025.

Conifer Health Solutions is a Tenet Healthcare subsidiary providing tech-enabled revenue cycle management, value-based care, and population health services to hospitals, physician groups, and employers. Founded in 2008, it manages roughly $25 billion in net patient revenue and 17+ million patient interactions annually.

Covetrus is a global animal-health technology and services company serving roughly 100,000 veterinary practices across ~25 countries, combining distribution of consumables and pharmaceuticals with prescription management and practice-management software (including its Pulse veterinary operating system). It was taken private in October 2022 by Clayton, Dubilier & Rice and TPG at an approximately $4B enterprise value.

Datavant is a health information technology company operating the largest neutral platform for connecting and exchanging identified and de-identified patient data across US hospitals, health plans, life sciences firms, and government agencies. It was formed by the $7B merger of Datavant and Ciox Health in June 2021.

Doeren Mayhew is a top-50 U.S. CPA and advisory firm founded in 1932, delivering assurance, tax, and business advisory services to privately held businesses from 18 offices in the U.S., U.K., and Switzerland. In August 2024 it recapitalized with Audax Private Equity under an alternative practice structure (Doeren Mayhew Assurance for attest; Doeren Mayhew Advisors, LLC for tax and non-attest).

Ensemble Health Partners is a Cincinnati-based revenue cycle management (RCM) provider that runs end-to-end revenue cycle operations for hospitals, health systems and physician practices, combining certified operators with AI-driven workflow technology. Founded in 2014 and spun out of Bon Secours Mercy Health, it employs over 10,000 associates and is backed by Berkshire Partners, Warburg Pincus and, as of June 2026, Thoreau.

Ensora Health (formerly Therapy Brands, rebranded April 2025) is a behavioral-health software platform providing practice management, EHR, e-prescribing, revenue cycle management, and clearinghouse services to mental, behavioral, and rehabilitative health therapists. It serves 28,000+ practices and 200,000+ individual providers, and is backed by KKR and PSG.

Epstein Becker & Green, P.C. is a national U.S. law firm founded in 1973 that concentrates on health care and life sciences, employment and workforce management, and litigation, with 19 offices nationwide. Its health care practice is consistently ranked among the largest in the country.

EyeSouth Partners is an Atlanta-based eye care management services organization (MSO) founded in 2017 that provides administrative, operational, and capital support to affiliated ophthalmology practices. Its network spans 400+ doctors across 285+ locations in roughly 11 states, making it one of North America's largest comprehensive ophthalmology platforms.

Federated Mutual Insurance Company (Federated Insurance) is a mutual property-casualty carrier founded in 1904 in Owatonna, Minnesota, writing commercial P&C, workers compensation, life, surety and bonding for select business niches across 49 states. It acquired Oklahoma surety writer Granite Re, Inc. effective January 1, 2017.

Flare Capital Partners is a Boston-based venture capital firm founded in 2013 that invests exclusively in early- and growth-stage healthcare technology and digital health companies. It backs founders building software, data, and AI infrastructure for payers, providers, and value-based care.

Gentiva is one of the largest U.S. providers of hospice, palliative, home health and personal care services, operating 600+ locations across 38 states with roughly 35,000 associates. It was formed in August 2022 when Clayton, Dubilier & Rice acquired a ~60% stake in Humana's Kindred at Home hospice and personal care divisions, with Humana retaining 40%.

Global Healthcare Exchange (GHX) is a cloud-based healthcare supply chain software platform connecting providers, suppliers and distributors through order automation, inventory management, invoice and payment processing, and vendor credentialing. Founded in 2000, it serves the largest U.S. health systems and global med-surg suppliers, with customers realizing over $27 billion in savings across the last three years.

Groupon, Inc. (NASDAQ: GRPN) is a Chicago-based online local-commerce marketplace that connects consumers with discounted local experiences, activities, travel, goods, and services. It has partnered with over one million merchants and expanded internationally, partly through acquisitions of regional daily-deal sites.

HCA Healthcare is the largest for-profit hospital operator in the United States, running 189 hospitals and roughly 2,600 ambulatory sites of care across 19 states and the United Kingdom. It handles approximately 47 million patient encounters annually and trades on the NYSE as HCA.

Health Catalyst (NASDAQ: HCAT) is a healthcare data and analytics company whose Ignite platform integrates disparate clinical, financial, and operational data for more than 1,000 provider organizations. It pairs analytics applications with professional services covering revenue and cost improvement, quality, and population health.

Health Prime International is an outsourced revenue cycle management (RCM) provider serving physician practices and medical groups, offering end-to-end billing, coding, credentialing and denial-management services across 50+ specialties. It pairs a multi-shore delivery model (US, Costa Rica, India, Philippines) with proprietary tools including Prime Datalytics, Prime Link and Prime Flow.

Infinx is an AI-driven patient access and revenue cycle management (RCM) provider serving hospitals, physician groups, imaging centers, laboratories and billing companies, combining cloud automation software with certified specialists for prior authorization, coding, billing and denial recovery. It is minority-backed by KKR and Norwest Venture Partners.

Ingenios (legally Ingenios Health Co.) was a Jacksonville, FL provider of technology-enabled in-home and in-facility health risk assessments for Medicare Advantage, Managed Medicaid and commercial exchange members, delivered via a proprietary tablet-based platform. Almost Family acquired it in July 2015 for ~260,000 AFAM shares plus $2 million cash, and it no longer operates as a standalone company or website.

Kellogg Company was the Battle Creek-founded packaged-foods group behind Pringles, Pop-Tarts, Cheez-It and the Kellogg's cereal brands. In October 2023 it split into Kellanova (global snacking, the renamed parent, since acquired by Mars) and WK Kellogg Co (North American cereal, since acquired by Ferrero).

Key Surgical is a global provider of consumable products for sterile processing departments, operating rooms and endoscopy suites, including instrument cleaning brushes, care solutions, identification systems and protective covers. Founded in 1988 and headquartered in Eden Prairie, Minnesota, it was acquired by STERIS in November 2020 for $850 million and now operates as a STERIS brand.

Knowtion Health is a technology-enabled revenue cycle management company that helps U.S. hospitals and health systems resolve denials, underpayments and complex third-party payer claims using an AI-driven platform and specialist claims teams. Formed in 2008 (formerly RSource), it serves 600+ hospital clients and is owned by Arsenal Capital Partners with Sunstone Partners retaining a co-investment.

Kodiak Solutions is a healthcare financial technology and tech-enabled services company whose Revenue Cycle Analytics platform automates net revenue reporting, revenue cycle, and payor performance monitoring for hospitals and physician groups. Formerly Crowe Healthcare Consulting, it was carved out of Crowe LLP in 2023 when TPG Growth acquired a majority stake.

Konovo (formerly Apollo Intelligence) is a healthcare and life sciences market research platform that connects researchers to a global network of vetted physicians, patients, and other healthcare professionals through an AI-native insights technology stack. It was built by combining InCrowd, Survey Healthcare Global, and GlocalMind, and has since added Rare Patient Voice.

LateralCare is a healthcare technology company whose flagship platform, Revenue alai, applies generative and agentic AI to revenue cycle management — automating clinical coding, claims scrubbing, denial appeals, and compliance checks. Founded in 2023 by Sowri Krishnan and Roger Davis, it launched publicly in May 2024.

MD Revolution is a technology-enabled care management company whose RevCare platform delivers EHR-integrated remote patient monitoring, chronic care management, and population health programs to provider organizations nationwide. Founded in San Diego in 2011, it was acquired by CoachCare in June 2025.

Machinify is an AI-powered healthcare payment-integrity platform that automates claim review, data mining, subrogation, pharmacy and coordination-of-benefits work for commercial and government payers. Formed by New Mountain Capital's combination of The Rawlings Group, Apixio's payment-integrity business and VARIS, it later acquired Performant Healthcare for roughly $670M.

Medical Review Institute of America (MRIoA) is a Salt Lake City-based provider of outsourced utilization management and independent clinical review services, founded in 1983. It serves health plans, PBMs, TPAs, government entities and self-insured employers through a nationwide network of board-certified physician specialists across 130+ specialties.

Merritt Healthcare Advisors is a healthcare-focused investment bank and M&A advisory firm representing owners of ambulatory surgery centers, physician practices, and ancillary healthcare businesses, with over $5 billion in completed transactions since 2005. It also runs the Transaction Healthcare podcast and maintains offices in Ridgefield, CT and Los Gatos, CA.

NavaDerm is a New York City-based dermatology management platform formed in 2018 from five dermatology groups across New York and New Jersey, supporting 40+ board-certified dermatologists with EHR, payer contracting, HR, coding and compliance services. It is a portfolio company of BelHealth Investment Partners.

Nayya is a New York-based AI benefits platform that helps employees choose and use their health and financial benefits, and automates insurance claims filing on their behalf. It reaches millions of employees through employer, carrier and payroll partners including ADP, Guardian and Workday, and has raised roughly $105M from ICONIQ Growth, Felicis, SVB Capital and ADP/Workday Ventures.

NextGen Healthcare is a healthcare IT company providing cloud-based electronic health record, practice management, patient engagement, and revenue cycle management software to ambulatory and specialty medical practices. Thoma Bravo took it private for $1.8 billion in November 2023.

OODA Health was a San Francisco-based healthcare payments software company, founded in 2017 by Giovanni Colella and Seth Cohen, whose platform enabled real-time claims adjudication and consolidated payer-issued patient billing across providers, payers and members. It was acquired by Cedar for $425M in cash and equity in May 2021 and no longer operates independently.

Ocular Partners is a physician-owned, physician-led eye care platform formed in 2020 through the combination of Chicago Eye Institute and Arbor Centers for EyeCare, backed by MoonSail Capital and Plenary Partners. Its MSO supports roughly ten greater-Chicago locations, 20-plus providers and ten ophthalmic subspecialties; in September 2022 the affiliated practices joined EyeSouth Partners.

Onex Partners is the large-cap private equity platform of Toronto-based Onex Corporation, making control investments in upper-middle-market and large businesses across North America and Europe. Onex manages roughly $55.9 billion in total assets, with healthcare and financial services among Onex Partners' core sectors.

Palantir Technologies builds enterprise data integration and analytics platforms — Gotham, Foundry, Apollo, and AIP — for government and commercial customers. Foundry is widely deployed in healthcare, including national COVID data collaboratives and NHS England's federated data platform.

Parallon is HCA Healthcare's shared-services subsidiary providing full-service revenue cycle management, patient access, health information management, and contact center operations for HCA facilities and external hospital clients. Launched as a standalone business in 2011, it grew out of HCA's shared services strategy begun in 2000.

Patient Funding Alternatives (PFA) is a healthcare revenue-cycle services firm whose web-based platform and Patient Advocate Specialists identify Medicaid and self-pay patients eligible for public and private coverage, including state premium assistance programs. It was recapitalized by Leonard Green & Partners in 2022.

Peraton is a privately held U.S. national security and technology services contractor serving space, intelligence, cyber, defense, homeland security, and health missions for federal customers. Built by Veritas Capital from Harris Corporation's government IT division in 2017, it scaled through the $3.4B Northrop Grumman IT services and $7.1B Perspecta acquisitions in 2021.

PetVet Care Centers is a KKR-owned national veterinary platform operating 450+ general practice, emergency/specialty, and equine hospitals across 39 states. It partners with local practice owners, preserving clinical autonomy while providing centralized back-office, revenue cycle, and growth support.

Prodigo Solutions is a Pittsburgh-based healthcare supply chain and data enablement software company, spun out of UPMC in 2014, whose procure-to-pay platform directs providers to buy the right item from the right vendor at the right contracted price. It was acquired by Global Healthcare Exchange (GHX) in April 2023 and now operates as a GHX business.

Proud Moments ABA is a national provider of applied behavior analysis (ABA) therapy for children and young adults with autism spectrum disorder, delivering care in-home, in-school, and across 70+ clinics in 12 states. Founded in Brooklyn in 2014, it was an Audax Private Equity portfolio company from 2019 until its February 2025 sale to Nautic Partners.

Psychiatric Solutions, Inc. (PSI) was a Franklin, Tennessee operator of freestanding psychiatric inpatient and behavioral healthcare facilities, running 94 facilities across 32 states, Puerto Rico and the U.S. Virgin Islands. Universal Health Services acquired it for $3.1 billion in November 2010; it no longer operates as an independent company.

Radiology Partners is the largest physician-led and physician-owned radiology practice in the United States, founded in 2012, delivering diagnostic and interventional imaging services to hospitals, health systems, and outpatient facilities nationwide. It has scaled through practice consolidation and clinical technology investment, backed by investors including Starr Investment Holdings.

Revint Solutions was a technology-enabled healthcare revenue integrity provider that helped over 1,600 hospitals and health systems recover underpaid or unidentified reimbursement through underpayment recovery, denials, DRG and government reimbursement solutions. Backed by New Mountain Capital, it was rebranded Cloudmed and later acquired by R1 RCM.

SCIO Health Analytics (legally SCIOInspire Holdings) was a West Hartford, Connecticut-based healthcare analytics and payment integrity company serving 100+ payers, providers, PBMs and life sciences clients covering 130M+ lives. EXL acquired it in July 2018 for roughly $240M; it now operates as an EXL company.

Seneca Group is a real estate advisory and development management firm founded in 1992 and headquartered in Seattle, acting as owner's representative on complex capital projects across healthcare, corporate, civic, cultural and education sectors. It merged into Cumming Group, North America's largest pure-play project management and cost consultancy, in October 2025.

Signify Health is a Dallas-based value-based care services platform that deploys a national network of over 10,000 clinicians to deliver in-home health evaluations, diagnostics, and social-determinants screening for Medicare Advantage plans and provider groups. New Mountain Capital formed the company in 2017 and sold it to CVS Health for approximately $8 billion in March 2023.

Smart Data Solutions (SDS) is a healthcare automation company providing an AI-native platform for digital mailroom, document intelligence, clearinghouse, and claims workflow orchestration to health plans, TPAs, and providers. Founded in 2000, it serves over 300 healthcare organizations.

Smile Brands Inc. is one of the largest U.S. dental support organizations, providing business, marketing, and administrative support to 600+ affiliated dental offices and 2,200+ dentists across 29 states under 75+ local brands including Bright Now! Dental, Monarch Dental, and Castle Dental. Founded in 1998 and acquired by Gryphon Investors in 2016, it has grown through both de novo openings and platform acquisitions such as Midwest Dental.

Smile Doctors is the largest orthodontics-focused dental support organization (OSO) in the U.S., supporting 550+ affiliated practices across 36 states with operations, RCM, marketing and HR services. Founded 2015; backed by Linden Capital Partners and Thomas H. Lee Partners since 2017 and 2021 respectively.

Sycamore Partners is a New York-based private equity firm founded in 2011 specializing in retail, consumer and distribution-related investments. In August 2025 it completed its up-to-$23.7 billion take-private of Walgreens Boots Alliance, splitting it into Walgreens, Boots, Shields Health Solutions, CareCentrix and VillageMD.

TeleMed2U is a Roseville, California-based multi-specialty virtual care provider founded in 2011, delivering outpatient, inpatient, and asynchronous telehealth across 20+ medical and behavioral health specialties. It serves health plans, health systems, employers, and primary care groups, with a network of several hundred specialists covering roughly 2 million lives.

The Boeing Company is a global aerospace manufacturer that develops, builds and services commercial airplanes, defense and space systems for customers in more than 150 countries, operating through Commercial Airplanes, Defense Space & Security, and Global Services segments. It is one of the largest U.S. exporters, with roughly 180,000 employees worldwide.

UPMC is a $34 billion nonprofit integrated health enterprise headquartered in Pittsburgh, operating more than 40 academic, community, and specialty hospitals, 800 outpatient sites, and roughly 100,000 staff. Its Insurance Services Division, UPMC Health Plan, covers more than four million members and is western Pennsylvania's largest medical insurer.

United Derm Partners is a dermatology physician services organization that partners with dermatology groups across the U.S., providing centralized revenue cycle, managed care, compliance, HR, IT and accounting support so affiliated physicians can focus on general dermatology, Mohs surgery, dermatopathology and aesthetics. It was founded in 2016 and is backed by Frazier Healthcare Partners.

United Urology Group is a Maryland-based management services organization backing one of the largest US networks of independent urology practices, supporting roughly 250 physicians and advanced practice providers across Arizona, Colorado, Delaware, Maryland, and Tennessee. Audax Private Equity owned it from 2016 until its sale to OneOncology, which closed in October 2024.

VITAS Healthcare is the largest single-source provider of end-of-life hospice and palliative care in the United States, operating roughly 58 hospice programs across 15 states and the District of Columbia with about 12,000 employees and a daily census above 22,000 patients. Founded in 1978, it has been a wholly-owned subsidiary of publicly traded Chemed Corporation (NYSE: CHE) since 2004.

WellCare Health Plans, Inc. is a Tampa-based managed care organization serving government-sponsored health programs, offering Medicaid, Medicare Advantage and Medicare Part D plans to roughly 5.5 million members across all 50 states. It was acquired by Centene Corporation in January 2020 for $17.3 billion and now operates as a Centene subsidiary and consumer brand.

XiFin, Inc. is a healthcare information technology company providing SaaS-based revenue cycle management (RCM), billing, and workflow automation software for diagnostic providers, including laboratories, pathology, radiology, and pharmacy organizations. Founded in 1997, its rules-based platform processes several billion dollars in claims annually and has expanded into RCM outsourcing services via acquisition.

Xealth is a Seattle-based digital health software platform, spun out of Providence health system in 2017, that lets clinicians prescribe, order and monitor third-party digital health tools directly inside EHR workflows. It was acquired by Samsung Electronics in October 2025 and operates under its own brand.

Y Combinator is a San Francisco-based startup accelerator that invests $500k per company across four batches a year, running a three-month intensive program culminating in Demo Day. Founded in 2005, it has backed 5,000+ companies including Stripe, Airbnb, DoorDash and Coinbase.

Zocdoc is a New York-based digital health marketplace and SaaS platform where patients find in-network doctors and dentists, see real-time availability, and book in-person or virtual appointments. Founded in 2007, it monetizes on the provider side, with practices paying for patient acquisition and scheduling software.

agilon health (NYSE: AGL) is a value-based care platform that partners with independent primary-care physician groups and health systems, providing the technology, capital, and operating model to move senior patient care into full-risk Total Care arrangements.

athenahealth is a cloud-based healthcare software company whose athenaOne platform bundles electronic health records, practice management, revenue cycle management and patient engagement for ambulatory providers. Founded 1997, it has been PE-owned since 2019 and is currently held by Bain Capital and Hellman & Friedman.

iHealth Technologies was an Atlanta-based provider of prospective (pre-payment) claims accuracy and payment policy management services to U.S. healthcare payers, serving 20 of the top 25 payers. It merged with Connolly in May 2014 to form Connolly iHealth Technologies, rebranded as Cotiviti in 2015.

lifeIMAGE built the largest U.S. cloud network for exchanging medical imaging between hospitals, physicians, and patients, connecting over 1,100 hospitals and moving billions of studies. It was acquired by Hg/TA Associates-backed Intelerad in September 2022 and now operates under the Intelerad brand.