Carlyle seeks to create AI-native, global, multi-specialty RCM platform

WOODBRIDGE, N.J., and AUSTIN, Texas – Investment firm Carlyle has acquired a majority stake in Knack RCM and EqualizeRCM, two U.S. healthcare revenue cycle management providers, to create an artificial intelligence (AI)-native, global, multi-specialty RCM platform.

Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI (CAP VI) and Carlyle Asia Partners Growth II (CAPG II).

“The U.S. health care revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care,” said Kapil Modi, partner at Carlyle India Advisors. “Carlyle has significant experience in scaling RCM platforms to achieve market leadership, and we believe Knack and Equalize stand out as leaders with their AI-native, specialty‑focused, and outcomes‑driven approach, which aligns well with the growing needs and demand in healthcare RCM.”

Rajiv Sharma, founder of Knack RCM, and Nagi Rao, founder of EqualizeRCM, will remain invested in the platform through a reinvestment of a portion of their proceeds.

Carlyle says the combined platform is expected to enhance operational scale and diversification, broaden the delivery footprint, strengthen leadership depth and help accelerate AI capabilities to enhance outcomes for clients.

• Knack contributes scaled, global delivery across the U.S., India, and the Philippines, anchored by an intelligent, end-to-end revenue engine powered by its orchestration platform, Workmate.
• EqualizeRCM complements this with its established delivery scale in the U.S. and India, alongside a proprietary payer enrollment platform and AI-driven tools – such as Bill Smart for denial prediction and avoidance – that are purpose-built for hospitals, urgent care, and targeted specialty segments.

Carlyle says it intends to build on this platform strategy by pursuing additional opportunities in the RCM industry and will continue to seek to add synergistic assets with complementary offerings to the RCM platform.

• Related: Knack RCM ‘redefines’ RMC with HealthyBOS.
• Related: EqualizeRCM expands DME services.