RCM Deals & Raises

GTCR-backed Experity (~50% of U.S. urgent care centers) acquires Exdion Healthcare, an AI-driven chart-to-cash SaaS platform. Claims: 86% denial reduction, autonomous claim processing. Terms undisclosed. TripleTree advised.

Cleargate Capital Partners (founded 2025, healthcare-focused lower middle market PE) made a strategic investment in Fellow Health Partners, a Bay Shore, NY-based RCM services provider to physician groups and ASCs nationwide. Terms not disclosed. Another data point in the ongoing PE consolidation of independent physician group RCM.

Apollo-backed Thoreau Group (Matt Holt, former New Mountain Capital) in advanced talks to acquire Ensemble Health Partners at ~$12B. Ensemble manages $46B in patient revenue annually across 12,000 employees. Warburg Pincus, Berkshire Partners, and Bon Secours Mercy Health would exit. One of the largest PE-backed healthcare services deals in recent history.

Innovaccer's fifth acquisition embeds 30 years of ambulatory RCM expertise into its Flow agentic platform. CaduceusHealth manages $5B in gross patient charges annually across ~4,000 providers. Combined platform targets $20B in avoidable annual denials — predicting and resolving rejections before claims are submitted.

Led by General Catalyst with Sequoia, Morgan Stanley, and Kirkland & Ellis. Commure runs end-to-end RCM across 130+ health systems including HCA and Tenet, processing tens of billions in annual claims. The claim: 85%+ autonomous. Capital going toward replacing legacy BPO and billing vendor infrastructure.

Led by Temasek with $200M total raised. Cohere processes 12M+ prior auth requests annually and auto-approves 90% of them. Expansion into broader clinical decision-making use cases next.

A fresh round targeting denial management automation — one of the most active sub-segments in RCM venture capital right now.

PE capital continues to flow into AI-enhanced revenue cycle platforms as the managed services model evolves.