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Health data software company Innovaccer acquired revenue cycle management company CaduceusHealth, Innovaccer CEO Abhinav Shashank tells Axios Pro.

The big picture: RCM has long been a popular add-on for companies monetizing health care data.

Inside the room: Innovaccer paid $66 million in a mix of cash and stock, per two sources close to the deal.

How it works: Jersey City, N.J.-based CaduceusHealth manages provider billing, claims and denial resolution across dozens of specialties.

Innovaccer builds AI-powered software that helps health care providers manage data, coordinate care and improve performance.

The acquisition gives Innovaccer clients for its agentic AI revenue cycle platform and provides it better access to the ambulatory care market.

Catch up quick: The acquisition is the company's fifth since its founding in 2014.

Last year, Innovaccer acquired Story Health to deepen its chronic and specialty care offerings and Humbi AI, which focuses on health care actuarial software, services and analytics.

What they're saying: "Our goal is to build out what could be the autonomous infrastructure layer for these health systems," Shashank says.

What's next: Innovaccer could look to acquire companies focused on utilization management and risk adjustment where providers lack human resources, Shashank says.

Follow the money: Innovaccer announced a $275 million Series F round in January 2025 from B Capital Group, Banner Health and others. The fundraise, a mix of primary and secondary capital, valued it at a reported $3.45 billion.

Threat level: Enterprise intelligence giant Palantir is making a deeper push into health care as it tries to become the AI infrastructure platform of choice for health systems.

That effort is putting it on a direct collision course with companies like Innovaccer.

Exclusive: Innovaccer acquires CaduceusHealth for $66M

Revenue cycle management has long been viewed as a popular add on.

Illustration of a caduceus with a price tag

Health data software company Innovaccer acquired revenue cycle management company CaduceusHealth, Innovaccer CEO Abhinav Shashank tells Axios Pro.The big picture: RCM has long been a popular add-on for companies monetizing health care data.

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Exclusive: Innovaccer acquires CaduceusHealth for $66M

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