Mumbai: Global investment firm Carlyle has acquired a majority stake in US based healthcare revenue cycle management (RCM) providers Knack RCM and EqualizeRCM, a move to create an AI-native, multi-specialty global platform in the rapidly growing healthcare services sector.
The investment, backed by Carlyle Asia Partners VI and Carlyle Asia Partners Growth II, brings together two complementary players in the RCM space. Financial terms of the deal were not disclosed. Founders Rajiv Sharma and Nagi Rao will remain involved and retain stakes through reinvestment.
The combined entity aims to deliver end-to-end revenue cycle solutions to a wide range of healthcare providers, including physician groups, rural hospitals, and durable medical equipment providers. The platform will also cater to specialty segments such as anesthesia, behavioral health, eyecare, and urgent care.
Knack RCM brings a global delivery network spanning the United States, India, and the Philippines, along with its proprietary orchestration platform, Workmate. EqualizeRCM complements this with strong U.S. and India operations and AI-driven capabilities, including tools designed to predict and prevent insurance claim denials.
Equalize’s platform, built on large language models and agentic AI systems, has already demonstrated traction in the market, including replacing larger incumbent vendors in key contracts.
“The US healthcare revenue cycle market is growing rapidly, Knack and Equalize stand out with their AI-native and outcomes-driven approach, which aligns well with evolving market needs,” Kapil Modi, Partner, Carlyle India Advisors.
Leadership at the combined platform emphasised that success will be measured by tangible financial outcomes for healthcare providers rather than the extent of automation alone.
“Healthcare providers measure success by their ability to meet payroll and sustain services. This combination allows us to address the most complex financial risks across the revenue cycle,” said Gautam Barai, CEO, Knack RCM.
Highlighting the importance of supporting underserved segments such as rural hospitals and behavioral health providers, which often operate under severe financial constraints, Nagi Rao, Founderm EqualizeRCM stated that the acquisition aligns with Carlyle’s broader strategy of building scaled platforms in fragmented industries. The firm has previously invested in healthcare technology and services companies such as Indegene and CorroHealth.
“This investment extends our ‘India for the world’ thesis,” said Amit Jain, Partner and Head, Carlyle India Advisors, pointing to the role of India as a global delivery and innovation hub.
Carlyle indicated it will continue to pursue additional acquisitions to expand the platform’s capabilities and market reach. The strategy reflects a broader trend of consolidation in the RCM industry, as investors seek to build scaled, technology-enabled service providers capable of addressing growing complexity in healthcare administration.
Carlyle’s acquisition of Knack RCM and EqualizeRCM signals a push to combine scale, specialization, and AI capabilities in healthcare revenue management—positioning the new platform to capitalize on rising demand for efficient, tech-enabled financial operations in the US healthcare system.
Mumbai: Global investment firm Carlyle has acquired a majority stake in US based healthcare revenue cycle management (RCM) providers Knack RCM and EqualizeRCM, a move to create an AI-native, multi-specialty global platform in the rapidly growing healthcare services sector.
The investment, backed by Carlyle Asia Partners VI and Carlyle Asia Partners Growth II, brings together two complementary players in the RCM space. Financial terms of the deal were not disclosed. Founders Rajiv Sharma and Nagi Rao will remain involved and retain stakes through reinvestment.
The combined entity aims to deliver end-to-end revenue cycle solutions to a wide range of healthcare providers, including physician groups, rural hospitals, and durable medical equipment providers. The platform will also cater to specialty segments such as anesthesia, behavioral health, eyecare, and urgent care.
Knack RCM brings a global delivery network spanning the United States, India, and the Philippines, along with its proprietary orchestration platform, Workmate. EqualizeRCM complements this with strong U.S. and India operations and AI-driven capabilities, including tools designed to predict and prevent insurance claim denials.
Equalize’s platform, built on large language models and agentic AI systems, has already demonstrated traction in the market, including replacing larger incumbent vendors in key contracts.
“The U.S. healthcare revenue cycle market is growing rapidly, Knack and Equalize stand out with their AI-native and outcomes-driven approach, which aligns well with evolving market needs,” Kapil Modi, Partner, Carlyle India Advisors.
Leadership at the combined platform emphasised that success will be measured by tangible financial outcomes for healthcare providers rather than the extent of automation alone.
“Healthcare providers measure success by their ability to meet payroll and sustain services. This combination allows us to address the most complex financial risks across the revenue cycle,” said Gautam Barai, CEO, Knack RCM.
Highlighting the importance of supporting underserved segments such as rural hospitals and behavioral health providers, which often operate under severe financial constraints, Nagi Rao, Founder, EqualizeRCM stated that the acquisition aligns with Carlyle’s broader strategy of building scaled platforms in fragmented industries. The firm has previously invested in healthcare technology and services companies such as Indegene and CorroHealth.
“This investment extends our ‘India for the world’ thesis,” said Amit Jain, Partner and Head, Carlyle India Advisors, pointing to the role of India as a global delivery and innovation hub.
Carlyle indicated it will continue to pursue additional acquisitions to expand the platform’s capabilities and market reach. The strategy reflects a broader trend of consolidation in the RCM industry, as investors seek to build scaled, technology-enabled service providers capable of addressing growing complexity in healthcare administration.
Carlyle’s acquisition of Knack RCM and EqualizeRCM signals a push to combine scale, specialization, and AI capabilities in healthcare revenue management, positioning the new platform to capitalize on rising demand for efficient, tech-enabled financial operations in the US healthcare system.
