Private equity firm New Mountain Capital announced a strategic investment in Access Healthcare to support the revenue cycle management company's next stage of growth.
Financial details of the investment were not included in a Jan. 14 news release. Access Healthcare will continue to be helmed by its current leadership.
Access Healthcare provides medical billing, coding and accounts receivable management services to more than 150 institutions, including hospital and non-acute care practices.
The RCM company's chairman, Vardhman Jain, said the private equity firm's investment will position the company to "scale more rapidly, invest in next-generation technologies, and continue providing the platform upon which our clients rely."
New Mountain has been busy on the revenue cycle management front. On Jan. 10, the firm signed a definitive agreement to acquire Machinify, which provides AI-powered software for healthcare payments.
The planned acquisition of Machinify comes after New Mountain Capital merged three payment integrity firms in 2024. Machinify will be a core part of the new company formed by the merger of those companies, according to a Jan. 10 news release. The combined company will take on the Machinify name.
In September, New Mountain Capital merged The Rawlings Group, Apixio's payment integrity business, and Varis. The private equity firm said at that time that the combined company will have "an expansive set of capabilities," including subrogation, coordination of benefits, pharmacy payment integrity and complex claim solutions.
New Mountain said that the combined company will have more than 2,000 employees with revenue of more than $500 million. Upon closing of the Machinify acquisition — which is expected by the end of the first quarter — David Pierre will lead the combined company as CEO. Machinify’s founder and CEO Prasanna Ganesan will assume the role of executive vice president and chief product officer.
Rawlings, Apixio PI and Varis will maintain their respective legacy sub-brand names.
In 2024, New Mountain also unsuccessfully attempted to acquire R1 RCM. Private equity firms TowerBrook Capital Partners and Clayton, Dubilier & Rice ultimately acquired the revenue cycle management company in an $8.9 billion deal that closed in November.