TAMPA, FL, January 18, 2022 – Revelstoke Capital Partners (“Revelstoke”), a leading private equity firm focused on investing in healthcare companies, today announced a growth investment in HealthAxis Group, LLC (“HealthAxis”). HealthAxis delivers highly automated, next-generation Core Administrative Processing Solutions (“CAPS”), advanced analytics capabilities, and tech-forward services to healthcare payors.
HealthAxis empowers healthcare payors and other risk-bearing organizations to accurately and efficiently process claims, administer benefits, manage providers, enroll participants, and support value-based contracts through mission-critical software and services. HxOne, HealthAxis’ flagship solution, offers scalability, reliability, and unique data-driven insights which promote administrative efficiency and create substantial value for customers.
“HealthAxis and Revelstoke understand there is an urgent need to digitalize and promote efficiency within our healthcare system. We will use this significant new capital to drive growth through targeted product innovation and investment in our team, all while maintaining focus on our customers, who, through their loyalty and partnership, have positioned us for this transformative growth opportunity. We are excited by this new partnership, and I am deeply grateful to our employees for their years of hard work and dedication,” said Shilen Patel, Founder & CEO of HealthAxis.
“HealthAxis is at the center of the rapid shift to value-based care,” said Russell Cassella, Managing Partner at Revelstoke, “and we look forward to further solidifying its position as a leading CAPS provider for value-based plans. We believe HealthAxis is well-positioned to greatly accelerate growth, develop new capabilities, gain market share and continue innovating in the most mission-critical area of payor IT.”
“Revelstoke is excited to work alongside Shilen and the HealthAxis management team to pursue complementary acquisitions to broaden the company’s solution suite and better serve its customers,” said Cy Barton-Dobenin, Principal at Revelstoke. “This investment will allow the company to enrich and extend its care management, payment integrity, and AI-driven automation capabilities for HealthAxis customers.”
McGuireWoods LLP acted as legal counsel to Revelstoke. Shumaker, Loop & Kendrick LLP acted as legal advisors to HealthAxis. Terms of the transaction were not disclosed.
Revelstoke (www.revelstokecapital.com) is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare services and healthcare technology sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $4.3 billion of assets under management. Since the firm’s inception in 2013, Revelstoke has completed 135 acquisitions, which includes 24 platform companies and 111 add-on acquisitions.
HealthAxis is a leading provider of modern Core Administrative Processing Solutions and related software and services to healthcare payors. We offer our clients scalable and flexible solutions for their most complex challenges. Our next-generation enterprise solution suite, HxOne, is a comprehensive healthcare management solution that combines our HxPro, core benefits administration software platform, HxLogic, data-driven analytics tools, and HxOps, tech-enabled business process outsourcing capabilities under one unified offering. These solutions combine to make HealthAxis the leading partner for payors seeking reliability, innovation, and efficiency across their most mission-critical business functions. Visit HealthAxis.com for more information.