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New Mountain Capital is acquiring a majority stake in revenue cycle management company Access Healthcare, reportedly valuing the business at $2 billion.

Why it matters: New Mountain beat out several big PE names for the business, underscoring how valuable RCM assets are. 

Flashback: As of December 2024, Advent, Blackstone, Carlyle and Hillhouse were also bidding for the business, per reports.

At that time, the firms were vying to acquire around 60% to 70% of the business for a valuation of about $1.4 billion to 1.5 billion.

Catch up quick: New Mountain (which announced acquisitions of Machinify and Union Healthcare in the last week) was vying for R1 RCM before that business sold to TowerBrook and CD&R for almost $9 billion in August 2024. 

Hillhouse will have to go back to the RCM drawing board again, after losing out on GeBBs to EQT, which acquired that business for more than $850 million in last September.

State of play: Other recent sponsor-led RCM deals include Ontario Teachers' Pension Plan and Goldman Sachs Alternatives' co-investment in Omega Healthcare last December.

In October 2024, Patient Square Capital invested in CorroHealth for joint control with Carlyle.

Accel-KKR acquired VisiQuate from Sixth Street Capital that same month. 

Arsenal Capital Partners invested in Knowtion Health alongside existing investor Sunstone Partners in August 2024. 

💭 Claire's thought bubble: Now could be a good time for GTCR to put Cedar Gate Technologies — acquired in 2020 — on the block.

New Mountain to acquire RCM software company Access Healthcare

New Mountain beat out several big PE names for the business, underscoring how valuable RCM assets are.

Illustration of a venn diagram with a hospital bench and clasped hands on one side and money and a health insurance card on the other

New Mountain Capital is acquiring a majority stake in revenue cycle management company <a class="gtmContentClick" data-vars-link-text="Access Healthcare" data-vars-click-url="https://link.axios.com/click/38195707.31/aHR0cHM6Ly93d3cucHJuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlcy9hY2Nlc3MtaGVhbHRoY2FyZS1hbm5vdW5jZXMtZ3Jvd3RoLWludmVzdG1lbnQtZnJvbS1uZXctbW91bnRhaW4tY2FwaXRhbC0zMDIzNDk5NTguaHRtbD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/62b08994dc126ea6680998dbB0be4001a" data-vars-content-id="17b076c6-62bd-4621-b250-c3ba1811003a" data-vars-headline="New Mountain to acquire RCM software company Access Healthcare" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/38195707.31/aHR0cHM6Ly93d3cucHJuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlcy9hY2Nlc3MtaGVhbHRoY2FyZS1hbm5vdW5jZXMtZ3Jvd3RoLWludmVzdG1lbnQtZnJvbS1uZXctbW91bnRhaW4tY2FwaXRhbC0zMDIzNDk5NTguaHRtbD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/62b08994dc126ea6680998dbB0be4001a" target="_self">Access Healthcare</a>, reportedly <a class="gtmContentClick" data-vars-link-text="valuing the business at $2 billion" data-vars-click-url="https://link.axios.com/click/38195707.31/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjUtMDEtMTMvbmV3LW1vdW50YWluLW5lYXJzLWRlYWwtdG8tYWNxdWlyZS1hY2Nlc3MtaGVhbHRoY2FyZT9zcm5kPXBoeC1kZWFscyZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/62b08994dc126ea6680998dbBf5ad2f4e" data-vars-content-id="17b076c6-62bd-4621-b250-c3ba1811003a" data-vars-headline="New Mountain to acquire RCM software company Access Healthcare" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/38195707.31/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjUtMDEtMTMvbmV3LW1vdW50YWluLW5lYXJzLWRlYWwtdG8tYWNxdWlyZS1hY2Nlc3MtaGVhbHRoY2FyZT9zcm5kPXBoeC1kZWFscyZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/62b08994dc126ea6680998dbBf5ad2f4e" target="_self">valuing the business at $2 billion</a>.Why it matters: New Mountain beat out several big PE names for the business, underscoring how valuable RCM assets are.

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New Mountain to acquire RCM software company Access Healthcare

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