With summer behind us and September upon us, that can only mean one thing - deal announcements! We count 12 healthcare payments deals to report in this issue. This plus our own announcement about the publication of our new healthcare payments white paper, a CEO Chat with former Amedisys CEO Paul Kusserow, and some stablecoin reading, leave little room for more to cover this issue.
Note: If you'll be in Chicago Sep 30-Oct 1, we'd love to say hello at the Becker's conference. Schedule time with us here.
NEW WHITE PAPER
Demystifying Healthcare Payments: A Practical Overview
Before we get to deal news, we want to tell you our news! FinMed Partners in collaboration with TrustCommerce has published Demystifying Healthcare Payments: A Practical Overview, a new white paper to help healthcare leaders, bankers, investors, and other stakeholders navigate the increasingly complex patient payment ecosystem. The paper covers the following topics:
Payments industry overview
What makes healthcare different
The healthcare payments landscape
Positioning of key healthcare payments players
Seven trends to watch in healthcare payments
We'd love to hear your feedback and invite anyone interested to schedule time with the FinMed team to review highlights and our take on key trends (calendar link).
Spring, TX-based Elevate Patient Financial Solutions (ElevatePFS) was sold in early August by Frazier Healthcare Partners to Audax Private Equity and Parthenon Capital (price was not disclosed). ElevatePFS, formerly known as MedData and originally acquired by Frazier in 2019, offers RCM solutions for hospitals and health systems including Eligibility & Enrollment, Complex Claims, Revenue Integrity, and Patient Pay.
Phreesia acquires patient financing company AccessOne
Patient engagement and payments company Phreesia (NYSE: PHR) announced in early September that it has agreed to purchase Fort Mill, SC-based AccessOne for $160 million in cash. AccessOne provides recourse patient financing for large provider organizations including some of the largest U.S. health systems (e.g., Advocate Health). AccessOne manages $450 million in receivables and is expected to contribute $35 million of annual revenue and $11 million of adjusted EBITDA to Phreesia. This implies a revenue multiple of 4.6x and EBITDA multiple of 14.5x.Two of AccessOne's biggest competitors over the years have been ClearBalance Healthcare and CarePayment.
In a round led by current investor Ten Coves Capital, New Haven, CT-based Inbox Health added $20 million in new equity and debt financing. The funds will be used to invest in AI capabilities for its patient billing platform. Other existing investors CT Innovations, Commerce Ventures, Fairview Capital, I2BF, Healthy Ventures, and Vertical Venture Partners also participated. Inbox Health currently serves 3,500 medical practices.
Conversational AI company Hello Patient closes Series A round
Austin, TX-based Hello Patient raised $22.5 million of equity in a Series A round, led by Scale Venture Partners with participation from 8VC, Bling Capital, Max Ventures, Remus Capital, and FirstLook Partners. Hello Patient's CEO, Alex Cohen, previously led consumer product and growth at Carbon Health. The company's platform uses voice, text, and chat to handle end-to-end patient conversations, helping practices increase patient volume and improve retention.
ElisaAI raises $250 million to expand healthcare offering
New York City-based EliseAI added another $250 million of capital to further advance AI-driven solutions for customers. The Series E round was led by Andreessen Horowitz with participation from Bessemer Venture Partners, Sapphire Ventures, and Navitas Capital. EliseAI operates in housing and healthcare. In healthcare, the company's platform handles complex front end workflows including navigating multi-step scheduling, prior authorizations, and capturing patient concerns.
Medsphere's health IT assets acquired by CareCloud
Somerset, NJ-based CareCloud (NASDAQ: CCLD) announced that it closed on the acquisition of Medsphere's EMR, revenue cycle and IT services solutions in late August 2025 for $16.5 million plus the assumption of certain liabilities. Medsphere's product lines include CareVue, RCM Cloud, Wellsoft, HealthLine, and ChartLogic. They are used in more than 600 medical practices and hospitals.
Blackstone emerges as winning bidder for RCM company AGS
As rumored a few issues ago, Blackstone did indeed reach agreement to acquire AGS Health from EQT Private Capital Asia (FKA Baring Private Equity Asia) for $1.1 billion. EQT acquired AGS for $320 million in 2019. Other bidders were reportedly a consortium of TPG/ General Atlantic, Frazier Healthcare Partners and Vitruvian Partners. AGS specializes in RCM solution outsourcing, including healthcare billing, coding, and customized analytics services and employs over 12,000 people in India, the Philippines and the United States. The company has more than 150 clients with the U.S as its key healthcare market.
Carlyle Group has reportedly agreed to acquire a majority stake in Knack Global (now branded Knack RCM), a Florida-based RCM outsourcing firm with operations in India and four offices in the U.S. Carlyle's investment would value Knack at approximately $500 million. Knack has 3,800 employees and serves medical groups, hospitals, ASCs, and DME suppliers.
Little Rock, AR-based MedEvolve has sold its RCM services business to Sustainable Medical Billing. MedEvolve retains its workforce automation and analytics software business and will increase its focus on technology solutions including innovation in generative and agentic AI. Sustainable Medical Billing is based in Phoenix, with 300 employees across six states focused on supporting hundreds of healthcare organizations with billing, coding, eligibility verification, credentialing, contract negotiation, and patient service center support.
Boston-based Great Hill Partners, a PE firm known for investing in payments-related businesses, announced that it has closed its ninth growth buyout fund with $7 billion of committed capital. The fundraising had targeted $5 billion, making this fund significantly oversubscribed. Great Hill Partners targets investments of $100-500 million in high-growth companies across the software, financial services, healthcare, consumer, and business services sectors. Great Hill currently has an investment in patient engagement company Clearwave.
HSA checkout company Flex raises $15 million Series A
San Francisco-based Flex, a benefit tech company helping simplify how employees use their HSA/ FSA cards at retail checkout, has closed a $15 million Series A financing. The round was co-led by First Round Capital and CoreVC, with participation from Rethink Impact, and Cameron Ventures. Flex's technology verifies product eligibility in real time, and handles split payments for eligible and non-eligible items.
UMB expands further into HSA market with latest acquisition
Kansas City, MO-based UMB Financial has purchased $32.5 million of HSA deposits from Old National Bancorp. This continues its HSA growth by adding 8,000 HSA accounts. While trailing far behind market leaders HealthEquity and Fidelity, UMB is a mid-sized but still significant player in the HSA space with $4.5 billion in HSA assets (compared to HealthEquity's $25 billion).
Epic unveils 200 AI features at Users Group Meeting
Photo: Epic Users Group Meeting, August 2025
At its recent Users Group Meeting (UGM) held at headquarters in Verona, WI, Epic talked about a number of AI-based features that it is developing for its hospital and physician software platform. According to coverage of the event, a new feature of the MyChart portal is the "always-on" Emmie assistant, which will answer questions about lab results, propose appointment times and suggest relevant screenings that patients can discuss with their doctor. Epic is also making it easier for patients with multiple instances of MyChart at different hospitals and physician offices to use a single sign on to access their medical record. Epic made no mention of applying AI capabilities to patient payments.
Click here to read our latest CEO Chat with Paul Kusserow. Before joining Amedisys in 2014, Paul held leadership roles at Humana, Alignment Healthcare, Ziegler HealthVest Fund, and Tenet Healthcare as well as multiple healthcare startups and boards.
Paul is the co-author of a book called The Coming Healthcare Revolution: 10 Forces That Will Cure America’s Health Crisis. He took time recently to talk with us about some of the forces shaping the U.S. healthcare system.
A Stablecoin Primer: Money for the Digital Age. A deep look at stablecoin, the history of money, how stablecoins remain stable, the different layers supporting this digital currency, how the different providers stack up to TradFi, and more. (Jas Shah, Fintech Under the Hood)
Stablecoins Explode Across the Financial System. In this special episode of Live from The Compound, Downtown Josh Brown and Michael Batnick sit down with Sam Broner, partner on the investing team at a16z crypto to break down the biggest developments in the world of stablecoins. From PayPal and Circle to the role of U.S. regulators, this conversation covers where the money’s moving and why it matters. Sam explains how stablecoins are quietly reshaping payments, banking, and global finance. (The Compound podcast)
We'll be in Chicago for the Beckers conference from September 30 - October 1. We'd love to meet up with you at the show - schedule time with us by clicking here!
Conference List. Rolling twelve month look ahead at conferences and other events covering healthcare payments, revenue cycle, fintech and related areas. Updated through September 2026.
FMP Blog. Thoughts from healthcare payments CEOs and investors on their right to win and goals for the year ahead, as well as data and perspectives on healthcare payments.
Newsletter Archive. News, trends, and insights from the healthcare payments industry compiled in our bi-weekly newsletter. Last six months of newsletters.
Epic MyChart. Excel sheet with full listing of all Epic MyChart instances as of May 2024, categorized by state, provider type and specialty.
All of these resources can also be accessed at the FinMed Partners Insights page.
Thank you for reading! If you enjoyed this newsletter, please forward to a friend or colleague.
FinMed Partners is a management consulting and advisory business focusing at the intersection of payments/ fintech and healthcare. Our founders have developed deep expertise from decades of experience with health IT companies, healthcare providers and many players within the payments ecosystem. Investors, boards and executive teams work with us to maximize business value through strategic input and tactical execution.
FinMed Partners LLC, 34 Long Avenue, Belmont, MA 02478, United States
