Carlyle has announced the acquisition of a majority stake in Knack RCM and EqualizeRCM to create a unified, AI-enabled global platform focused on healthcare revenue cycle management (RCM). The investment is being made through funds affiliated with Carlyle Asia Partners VI and Carlyle Asia Partners Growth II. Financial details of the transaction were not disclosed.
The combination brings together two complementary RCM providers with expertise across physician groups, durable medical equipment providers, rural hospitals and specialty healthcare segments. The platform is designed to support a wide range of clinical areas including anaesthesia, eyecare, behavioural health, urgent care and multi-specialty practices.
Knack RCM contributes a scaled delivery network spanning the United States, India and the Philippines, supported by its proprietary orchestration platform. EqualizeRCM adds capabilities in payer enrolment, advisory services and AI-driven tools, including predictive solutions aimed at reducing claim denials and improving revenue outcomes. Together, the companies are expected to enhance operational scale, expand geographic reach and strengthen service delivery through advanced analytics and automation.
KapilModi, Partner at Carlyle India Advisors, said the investment reflects growing demand for technology-enabled RCM solutions in the U.S. healthcare sector, driven by cost pressures, workforce challenges and the shift toward value-based care models.
Rajiv Sharma, Founder of Knack RCM, noted that Carlyle’s continued partnership and the addition of EqualizeRCM will strengthen the company’s ability to deliver integrated solutions to clients.
Nagi Rao, Founder of EqualizeRCM, highlighted the importance of combining advisory expertise with analytics and global delivery capabilities to support healthcare providers facing operational and financial challenges.
Gautam Barai, Chief Executive Officer of Knack RCM, stated that the combined platform will focus on addressing complex revenue cycle challenges, particularly for rural hospitals and specialised care providers, with the goal of improving financial performance and supporting patient care delivery. Amit Jain, Partner and Head of Carlyle India Advisors, added that the investment aligns with Carlyle’s strategy of building scaled platforms in fragmented industries and leveraging technology-driven services for global growth.
Carlyle plans to further expand the platform through additional acquisitions and strategic investments, targeting complementary capabilities within the RCM sector. Carlyle is a global investment firm managing significant assets across private equity, credit and investment solutions, with operations spanning multiple continents. Knack RCM and EqualizeRCM provide specialised revenue cycle management services to healthcare providers, offering solutions that enhance reimbursement processes, operational efficiency and financial outcomes across diverse healthcare settings.
