Private Equity Health Care Acquisitions – June 2025

In light of continued investor interest in healthcare and the risks associated with private equity ownership of healthcare companies, the Private Equity Stakeholder Project is tracking private equity-backed healthcare acquisitions. Below is a list of private equity healthcare buyouts, growth investments, and add-on acquisitions completed during June 2025. We will continue to track acquisitions on a monthly basis.

See May 2025 acquisitions here.

June sees heightened private equity investment activity in revenue cycle management

 In June, there were at least four private equity deals involving revenue cycle management companies. Revenue cycle management (RCM) refers to a healthcare sector focused on identifying, managing, and collecting medical claims and patient payments. In recent years private equity investment in RCM companies has been elevated despite a downturn in private equity investment more generally. Private equity firms have consolidated debt collectors, medical payments, and other revenue cycle management functions into “end-to-end” service providers, coordinated from the point of initial patient contact to aggressive follow-up on payments for services. The four deals identified in June were all add-on acquisitions, a type of deal in which a private equity firm uses a platform company to acquire another company.

See below for the private equity acquisitions of RCM companies in June 2025:

• Management Resource Group, an RCM provider for physicians, anesthesiologists, CRNAs, ASCs, and imaging centers, was acquired by platform company Equalize RCM, owned by Pilot Wall Group.[1]
• TANYR Healthcare, an RCM provider for the infusion services industry, was acquired by ACU-Serve,[2] a revenue cycle management platform company of Lovell Minnick Partners.[3] This is the second add-on acquisition ACU-Serve has made since Lovell Minnick’s October 2023 investment.[4]
• Medical debt collector Americollect was acquired by Getix Health, an RCM platform company of Cordish Dixon Private Equity Fund I[5] and H.I.G. Capital.[6] On its website, Americollect markets its “Ridiculously Nice” approach to medical debt collection that “creates a relationship of trust with the patient.”[7] A search for Americollect in the Consumer Financial Protection Bureau’s complaint data returns over 2,000 search results, and AmeriCollect has an average one star customer review rating with 18 customer reviews on the Better Business Bureau’s website.
• Knowtion Health, a platform company of Ardan Equity,[8] Arsenal Capital Partners, and Sunstone Partners,[9] acquired Switch RCM, “a data- and technology-first company that uncovers and resolves overlooked reimbursement opportunities through intelligent automation and data-driven innovation.” The press release announcing the acquisition celebrated how “the combination of Knowtion and Switch is designed to meet the moment: as payer complexity grows, margins shrink, and policy uncertainty looms, health systems face an increasingly uphill battle to collect what they’re owed.”[10]

Indeed, given the recent passage of the Republican budget that will cut Medicaid spending by an estimated $1 trillion over ten years and increase the number of uninsured people by an estimated 17 million,[11] revenue cycle management companies and medical debt collectors will be well positioned to market themselves to providers facing significant revenue losses.

To read more about private equity’s investments in the RCM sector, visit PESP’s September 2024 report, “Private Equity’s Revenue Cycle: Creating and Collecting U.S. Medical Debt.”

Federal funding cuts open the doors for increased private equity influence in research

In June, STAT reported that a Harvard biotech lab focused on developing new therapies for metabolic conditions run by Dr. Gökhan Hotamışlıgil will receive a $39 million investment from a Turkish private equity firm.[12]

The lab is part of Harvard’s T.H. Chan School of Public Health, which has faced dire funding cuts from the Trump administration over the university’s alleged failure to address campus antisemitism.[13] The entire university is affected, with Harvard seeing more than 900 research grants cancelled, totaling approximately $2.6 billion in funding.[14]

STAT reported that “Hotamışlıgil said he is shocked that a country like the U.S. would pull back its scientific financing so drastically, given how much success it’s lent to large corporations and research institutions that elicit international envy.”[15]

A NYT article detailing the funding cuts describes how much of the research funded by the U.S. government has historically been

“ ‘basic’ research – the foundational  knowledge that lays the groundwork for technological advances, disease cures and improvements in quality of life…basic research takes years. And it produces insights that aren’t profitable on the time scale of corporate quarterly earnings…Without researchers at Harvard or other universities doing this foundational work, it’s not clear who would. The government doesn’t have the expertise. Companies don’t have the luxury of time. And this same research would cost far more outside academia, where it runs on graduate students working long hours at relatively low cost.” .[16]

The significant loss of federal funding opens the doors for private investors – including private equity firms focused on generating outsized returns above all else – to exercise greater influence over research priorities and to increasingly privatize not only the medical  and public health benefits of scientific research, but the knowledge it produces.

[1] “Investments – Pilot Wall Group.” Accessed July 10, 2025. https://pilotwallgroup.com/investments/.

[2] HME News. “ACU-Serve, TANYR Unite,” June 17, 2025. https://www.hmenews.com/article/acu-serve-tanyr-unite.

[3] “Our Portfolio | Private Equity Firms LA, NYC, PA | Lovell Minnick Partners.” Accessed July 10, 2025. https://www.lmpartners.com/portfolio.

[4] HME News. “ACU-Serve, TANYR Unite,” June 17, 2025. https://www.hmenews.com/article/acu-serve-tanyr-unite.

[5] “Deals – GetixHealth – Company Profile.” Accessed July 10, 2025. https://my.pitchbook.com/profile/112482-19/company/deals#deal-290118-97T.

[6] H.I.G. Capital. “H.I.G. Capital Completes Acquisition of GetixHealth,” August 7, 2025. https://www.prnewswire.com/news-releases/hig-capital-completes-acquisition-of-getixhealth-302421450.html.

[7] “Home.” Accessed July 10, 2025. https://www.americollect.com/.

[8] Ardan Equity. “Post | LinkedIn.” Accessed July 10, 2025. https://www.linkedin.com/posts/ardanequity_rcm-revenuecycle-healthcaresoftware-activity-7343046803300204544-60gW/.

[9] Arsenal Capital Partners. “Establishing New Frontiers in Revenue Recovery: Knowtion Health Acquires Switch RCM | News.” Accessed July 10, 2025. https://arsenalcapital.com/news/knowtion-acquires-switch-rcm.

[10] Knowtion Health. “Establishing New Frontiers in Revenue Recovery: Knowtion Health Acquires Switch RCM,” June 23, 2025. https://www.prnewswire.com/news-releases/establishing-new-frontiers-in-revenue-recovery-knowtion-health-acquires-switch-rcm-302488194.html.

[11] KFF. “About 17 Million More People Could Be Uninsured Due to the Big Beautiful Bill and Other Policy Changes.” Accessed July 7, 2025. https://www.kff.org/quick-take/about-17-million-more-people-could-be-uninsured-due-to-the-big-beautiful-bill-and-other-policy-changes/; See Euhus, Rhiannon, Elizabeth Williams, Alice Burns, and Robin Rudowitz Published. “Allocating CBO’s Estimates of Federal Medicaid Spending Reductions Across the States: Senate Reconciliation Bill.” KFF (blog), July 1, 2025. https://www.kff.org/medicaid/issue-brief/allocating-cbos-estimates-of-federal-medicaid-spending-reductions-across-the-states-senate-reconciliation-bill/ and KFF. “Tracking the Medicaid Provisions in the 2025 Reconciliation Bill.” Accessed July 7, 2025. https://www.kff.org/tracking-the-medicaid-provisions-in-the-2025-budget-bill/.

[12] DeAngelis, Allison. “Private Equity Firm Will Finance Harvard Research Lab, in Possible Template for Future.” STAT, June 16, 2025. https://www.statnews.com/2025/06/16/harvard-lab-to-be-financed-by-39-million-from-private-equity-firm-from-turkey/.

[13] Feldscher, Karen. “Funding Cuts Create ‘Existential Crisis’ at Harvard Chan School | Harvard T.H. Chan School of Public Health,” May 21, 2025. https://hsph.harvard.edu/news/funding-cuts-create-existential-crisis-at-harvard-chan-school/.

[14] Badger, Emily, Aatish Bhatia, and Ethan Singer. “Here Is All the Science at Risk in Trump’s Clash With Harvard.” The New York Times, June 23, 2025, sec. The Upshot. https://www.nytimes.com/interactive/2025/06/22/upshot/harvard-funding-cuts.html.

[15] DeAngelis, Allison. “Private Equity Firm Will Finance Harvard Research Lab, in Possible Template for Future.” STAT, June 16, 2025. https://www.statnews.com/2025/06/16/harvard-lab-to-be-financed-by-39-million-from-private-equity-firm-from-turkey/.

[16] Badger, Emily, Aatish Bhatia, and Ethan Singer. “Here Is All the Science at Risk in Trump’s Clash With Harvard.” The New York Times, June 23, 2025, sec. The Upshot. https://www.nytimes.com/interactive/2025/06/22/upshot/harvard-funding-cuts.html.