Carlyle Group has acquired majority stakes in Knack RCM and EqualizeRCM, two U.S.-based healthcare revenue cycle management companies, to build a comprehensive multi-specialty platform. The deal combines Knack, headquartered in Woodbridge, New Jersey, with Equalize, based in Austin, creating scale across multiple healthcare provider segments.

Revenue cycle management has become increasingly vital as healthcare providers face mounting pressure to optimize billing processes and reduce administrative costs. Both companies serve physician groups, durable medical equipment providers, rural hospitals, and specialty provider segments that often struggle with complex reimbursement systems.

Founders Rajiv Sharma of Knack and Nagi Rao of Equalize will maintain ownership stakes through reinvested proceeds, signaling their confidence in Carlyle's vision for the combined platform. This consolidation reflects private equity's continued appetite for healthcare technology businesses that demonstrate recurring revenue models and strong market positioning.

The acquisition positions Carlyle to capitalize on the growing demand for specialized RCM solutions as healthcare systems increasingly outsource these functions to improve cash flow and operational efficiency.