Frazier Healthcare Partners (“Frazier”), a private equity firm focused exclusively on the healthcare sector, today 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.

Headquartered in Spring, TX, Elevate is a leading provider of technology-enabled specialty revenue cycle management (“RCM”) services for hospitals and health systems, with leading solutions across Eligibility & Enrollment, Complex Claims, Revenue Integrity, and Patient Pay.

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 Chief Executive Officer and assembled a seasoned executive team to lead the Company. During its ownership, Frazier partnered with Elevate’s management team to accelerate organic growth through significant investments in talent, commercial infrastructure, and technology. Additionally, Frazier 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.”

“We’ve enjoyed a terrific partnership with Mike and the Elevate team and are very proud of the growth the Company has achieved,” added Nader Naini, Managing Partner at Frazier. “This sale represents yet another great example of Frazier’s Executive in Residence-centric investment model. EIR Jim Brady’s thesis in revenue cycle management was core to Frazier’s strategic vision, and Jim’s support in the diligence and carve-out of Elevate was invaluable at the outset of our initial investment.”

“Frazier has been a tremendous partner in our evolution into the market-leading platform we are today,” said Mike Shea, CEO of Elevate. “Their deep healthcare expertise, operational insight, and strategic support have been instrumental in strengthening our capabilities and expanding our impact. We’re excited to build on this momentum with Audax and Parthenon.”

Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP served as legal counsel.

About Elevate Patient Financial Solutions

ElevatePFS is a leading provider of technology-enabled specialty revenue cycle management solutions for hospitals and health systems nationwide. ElevatePFS’ market-leading proprietary technology platform offers a unified suite of RCM solutions designed to engage patients, empower physicians and hospitals, and improve financial outcomes throughout the entire healthcare continuum. ElevatePFS’ suite of solutions includes Eligibility & Enrollment, Complex Claims, Revenue Integrity, and Patient Pay solutions. ElevatePFS is headquartered in Spring, TX.

About Frazier Healthcare Partners

Founded in 1991, Frazier Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. Since its inception, Frazier has raised over $11 billion of capital for private funds and co-investment opportunities and has invested in more than 200 companies over 33 years. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier is headquartered in Seattle, WA, with an office in New York City, and invests broadly across the U.S., Canada, and Europe. For more information about Frazier, visit www.frazierhealthcare.com/home.

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