Carlyle Acquires Knack RCM, EqualizeRCM Stake to Expand Healthcare Services Platform

The firm indicated that the acquisition will support leadership expansion and accelerate the use of artificial intelligence across operations.

Carlyle Group has acquired a majority stake in healthcare revenue cycle management firms Knack RCM and EqualizeRCM, signaling an expansion of its platform strategy in a specialized segment of healthcare services. Financial terms of the deal were not disclosed.

The transaction is expected to strengthen Carlyle’s presence in revenue cycle management (RCM), as healthcare providers continue to navigate increasing complexity in billing, reporting, and administrative workflows. The firm indicated that the acquisition will support leadership expansion and accelerate the use of artificial intelligence across operations.

As part of the deal, Knack founder Rajiv Sharma and EqualizeRCM’s Nagi Rao will reinvest a portion of their proceeds into the newly formed RCM platform, retaining involvement in its next phase of growth.

The combined platform serves a range of healthcare segments, including physician groups, durable medical equipment (DME) providers, rural hospitals, and other specialty care organizations. These segments often require customized revenue cycle solutions due to operational and regulatory complexities.

Rao said the integration will combine EqualizeRCM’s advisory capabilities with Knack’s analytics and global delivery infrastructure to enhance service offerings. Knack CEO Gautam Barai noted that the partnership is positioned to address complex RCM areas such as rural cost reporting, DME intake processes, and anesthesia-related billing challenges.

The acquisition reflects Carlyle’s ongoing focus on scaling healthcare infrastructure businesses that operate behind the scenes. These areas are increasingly drawing investor interest due to fragmentation, operational intensity, and the potential for technology-driven efficiencies.

Carlyle stated it plans to pursue additional opportunities within the RCM sector, indicating that this deal may be part of a broader strategy to build a larger, integrated revenue cycle management platform.

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