Investment provides additional resources and capital to support continued growth and strategic acquisitions to expand Elevate’s value proposition to hospitals and health systems

Elevate Patient Financial Solutions (“Elevate” or the “Company”), a leading provider of front-end eligibility and enrollment and back-end revenue cycle management (“RCM”) technology and services, announced a strategic investment from Audax Private Equity (“Audax”) and Parthenon Capital (“Parthenon”), two private equity firms with a long history of supporting innovative healthcare businesses.

The investment will provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions seeking to enhance its value proposition to hospital and health system clients.

“We are thrilled to partner with the Audax and Parthenon teams as we move into this next chapter in Elevate’s evolution,” said Mike Shea, Elevate’s CEO. “Both firms bring deep experience in building healthcare businesses, and we are excited by the alignment in the go-forward strategic vision for Elevate. We look forward to pursuing innovative ways to deliver more value-added capabilities and support our clients as they navigate an ever-changing market environment.”

With a diverse suite of front-end eligibility and enrollment, back-end complex claims, revenue integrity, and patient pay solutions, Elevate will focus on continuing to strengthen existing front-end and back-end RCM technology and services, while adding new complementary solutions that can support operating performance of hospitals and health systems.

Adam Abramson, a Partner at Audax said, “Elevate has established itself as an industry-leader in front-end eligibility and enrollment with a growing presence in back-end revenue cycle management solutions, serving some of the largest hospitals and health systems across the country. We believe the Company is well-positioned to continue to deliver a strong front-end and back-end value proposition to clients, while continuing to expand in other high-value RCM services and technology that can deliver tangible value to its hospital and health system clients.”

Dan Killeen, a Partner at Parthenon said, “We are entering a critical time for hospitals and health systems as they look to navigate significant regulatory changes that will impact the coverage of patients across the country. Elevate is a strategic partner to its provider clients and we are excited to support the Company as it continues to pursue its mission of ensuring hospitals and health systems are able to provide care to those patient populations who need it most.”

Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP served as legal counsel, while Kirkland & Ellis served in the same capacity to Audax and Parthenon. Audax is investing in Elevate through its Flagship strategy.

The transaction closed on July 31, 2025.

About Elevate

A trusted partner for more than 40 years, Elevate delivers market-leading RCM solutions to hospitals and health systems nationwide. Elevate provides best-in-class services and innovative, specialized technology to address the most complex challenges of the revenue cycle. Services include Medicaid Eligibility and Disability Enrollment, Third Party Liability, Workers’ Compensation, Veterans Affairs, Out-of-State Eligibility, Denials Management, Extended Business Office Engagements, including A/R Services, Low Balance Insurance Follow up, Zero Balance Payment Recovery, and Legacy Receivables, and Self-Pay/Early Out Billing and Collections. Learn more at www.elevatepfs.com.

About Audax Private Equity

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

About Parthenon

Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology, or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.

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