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RCM Disruption could fuel deals 

The week that was

Deals o' the week

Your weekly dose 

Quote of the week 

Revenue cycle management (RCM) is the process health care organizations use to get paid for care they provide to patients. Tech vendors get a percentage of the revenue they recover.

Why it matters: RCM companies find themselves preparing for a fundamental shift thanks to emerging AI, industry consolidation and new market entrants.

Deals will follow as companies maneuver to retain market share.

Context: Automation and competition could cut RCM current vendor take rates from between 4% to 5% of collections to less than 1%, per a new PitchBook report. That would sharply reduce the revenue pool investors once prized. 

What's next: Well-funded RCM platforms will likely pursue deals to add technology, clinical intelligence capabilities and enhanced communication with payors.

Reality check: Nailing the transition and replacing lost revenue or customers might not be easy for large incumbents, says PitchBook's lead health care analyst, Brian Wright.

Waystar, the main public comparable, is down more than 40% over the past year, despite its $1.25 billion deal for clinical intelligence startup Iodine Software.  

1 big thing: RCM Disruption could fuel deals

Illustration of a band-aid with binary code

This week the team was busy bringing you a scoop on Trinity Hunt's move to sell Supreme Group, an exclusive funding story and an RCM deep dive.

💰 Scoop: Trinity Hunt selling health marketing company Supreme Group

Buyer demand is being tested in a pharma commercialization market that's packed with processes.

💲 Exclusive: Pearl Health raises $110M for Medicare-focused tech

Andreessen Horowitz led the $50 million Series C equity tranche that also included Viking Global Investors, AlleyCorp and Ulysses Capital. The company has now raised $125 million in equity.

🤖 Waystar sees AI silver lining amid broader sell-off  

Waystar's generative AI work was a major draw for public investors during its 2024 IPO, but its stock hasn't been immune to a broader SaaS sell-off.

🤝 Apollo buying stake in Bayer's contraceptives unit for $3.43B

It's the latest reshuffling of reproductive health assets as investors and Big Pharma weigh their broader women's health strategies.

Scoop: Trinity Hunt selling health marketing company Supreme Group

Exclusive: Pearl Health raises $110M for Medicare-focused tech

Waystar sees AI silver lining amid broader sell-off

Apollo buying stake in Bayer's contraceptives unit for $3.43B

2. The week that was

Repeating pattern of health tech-related emojis.

• Keyfactor, a Cleveland-based digital identity management company, raised more than $1b led by Summit Partners. Go deeper 

• TJM, a pharmacy automation platform, raised $75m in Series B funding. Elephant led, joined by Arthur Ventures and Updata Partners. Go deeper

• Handspring Health, a Jersey City, N.J.-based virtual mental health company, raised $19m in Series B funding. RPS Ventures led, joined by Angelini Ventures. Go deeper 

• CurifyLabs, a Finnish startup focused on personalized medicine manufacturing, raised €12m in Series A funding. Sandwater and HealthCap led, joined by Tesi and Lifeline Ventures. Go deeper 

• Katalyze AI, an SF-based agentic operating system for pharma companies, raised $10.5m in seed funding, per Axios Pro. Bonfire Ventures led, joined by iNovia Capital, Ripple Ventures and Alumni Ventures. Go deeper 

• Avid Health at Home, a Havencrest Capital Management portfolio company, acquired Tech Medical Home Care, a home care services provider focused on Kentucky and Ohio. Go deeper 

•  Blackstone is in talks to buy Australian med-tech company Device Technologies from Navis Capital, per The Australian. Go deeper 

• Bregal Sagemount invested in Pandion, a Fairport, N.Y.-based group purchasing organization. Go deeper 

• CenterGate Capital invested in Canadian Dental Labs, a maker of dental prosthetics and orthodontic appliances. Go deeper 

• Frazier Healthcare Partners agreed to acquire MatrixCare, a Bloomington, Minn.-based provider of EHR software for out-of-hospital care settings, for $490m from Resmed (NYSE: RMD). Go deeper 

• Real Chemistry, a New Mountain Capital portfolio company, acquired Spurwing Communications, a Singaporean health comms and marketing firm. Go deeper 

• Regal Healthcare Capital Partners, an NYC-based PE firm focused on health care services, raised $610m for its fourth fund. Go deeper 

• Warburg Pincus is near a deal to buy specialty pharmacy company PantheRx Rare for over $7 billion, including debt, from a General Atlantic-led syndicate, per the WSJ. Go deeper

• Hologic, owned by TPG and Blackstone, is seeking to sell its surgical unit for more than $4b, per the FT. Go deeper 

3. Deals o' the week

Illustration of stacks of money with a strap that travels upward and forms an upward pointing arrow

🏃‍➡️ Docs unable to harness wearables data, survey finds — Axios

🧑‍🍳 Nestlé to tweak some recipes to appeal to duller GLP-1 palates — WSJ

🥗 Exclusive: Trump admin presses hospitals on healthier food — Axios

4. Your weekly dose

Illustration of a weekly pill dispenser box with a newspaper called "daily dose" in each compartment.

"The RCM industry is entering its largest structural shift since the move from paper claims to electronic claims."

— Invidia Capital Management partner Matt Bennett on AI's role in RCM 

5. Quote of the week

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July 11, 2026

1 big thing: RCM Disruption could fuel deals