Healthcare Services Acquisitions in Kentucky

Confluent Health announced a partnership with Commonwealth Hand & Physical Therapy, a Kentucky-based practice operating six clinics, which will join Confluent's national musculoskeletal care network while retaining its local brand. The deal expands Confluent Health's footprint and gives Commonwealth access to Confluent's management services, clinician education, and practice enablement resources.

Waystar Holding Corp. completed the acquisition of Iodine Software, adding Iodine’s clinical dataset and client base of more than 1,000 hospitals and health systems to Waystar’s healthcare payment platform. The deal expands Waystar’s total addressable market by over 15%, strengthens its AI-driven clinical and financial intelligence capabilities, and is expected to be accretive to margins and non-GAAP net income per share in 2027.

Knipper Health, a therapy initiation and fulfillment provider backed by Frazier Healthcare Partners, has acquired eBlu Solutions, a provider-integrated platform for real-time benefit investigation and electronic prior authorization. The deal integrates eBlu's automation capabilities with Knipper's national fulfillment network to accelerate patient enrollment and streamline order-to-therapy initiation.

Ascend Learning, a healthcare learning and certification company, has acquired Clover Learning, a provider of online diagnostic imaging education and certification exam preparation. The acquisition expands Ascend's allied health portfolio and strengthens its diagnostic imaging training and continuing education offerings.

Charlotte-based Already Autism Health has acquired Commonwealth ABA and received a majority investment led by Triton Pacific Healthcare Partners, with Star Mountain Capital and Ace & Company participating. The deal expands Already Autism Health's clinic footprint into Georgia, Kentucky, Indiana and Virginia and brings Commonwealth founder Brett Blevins into the combined company's leadership as Chief Development Officer.

Knack Global, a tech-enabled provider of revenue cycle management (RCM) solutions, has acquired Merrick Management, Inc., a Lexington, Kentucky-based anesthesia-focused RCM and practice management firm. The deal expands Knack's specialty RCM capabilities into the anesthesia market and will fold Merrick's leadership into a new Anesthesia Services division while Knack continues to grow alongside investment partner LKCM Headwater.

AnewHealth has acquired HomeFree Pharmacy Services and will merge it with ExactCare to expand its suite of at-home pharmacy and medication management solutions. In connection with the transaction, The Vistria Group has made a minority investment in AnewHealth; Nautic Partners remains the controlling owner of AnewHealth.

Capitol Pain Institute (CPI), a PE-backed interventional pain management platform, has acquired Pain Care Surgery of Louisville, an ambulatory surgical center (ASC) in Louisville, Kentucky. The deal — supported by CPI sponsor Iron Path Capital — expands CPI's ability to offer advanced, minimally invasive procedures in Kentucky and strengthens its regional ASC footprint.

West Physics Consulting, LLC has acquired the medical physics service division of Tricord, Inc., a Paducah, Kentucky-based provider of radiation safety, health, medical, industrial, and environmental physics services. The deal brings Tricord's medical clients into West Physics' national platform (expanding coverage in western Kentucky, southern Missouri, southern Illinois and Tennessee) while Tricord's president Steve Meiners will remain on a part-time consulting basis during the transition.

Affiliates of New Mountain Capital have made a strategic growth investment in The Rawlings Group, a La Grange, Kentucky–based coverage analytics and payment integrity provider for health insurers. The capital will support investments in AI, product development, talent, and expansion into new markets and capabilities while New Mountain partners with Rawlings' management team.

First Stop Health, a Chicago-based virtual care provider backed by Sverica Capital Management, has acquired SentryHealth, an AI-driven employee health and wellbeing platform. The acquisition adds care management and advocacy capabilities to First Stop Health’s virtual primary, urgent and mental health services to better serve employer clients and their employees.

VersiCare Group, a Partner Company of Seven Hills Capital, has acquired Open Doors, a Louisville-based provider of residential care and Family Home Provider (FHP) services for individuals with intellectual and developmental disabilities under Kentucky’s Supports for Community Living (SCL) Medicaid waiver. The deal expands VersiCare’s footprint in Kentucky (its fourth acquisition in the state) and increases the company’s capacity in home- and community-based I/DD services.

Full Guard Capital has provided strategic growth capital and support to Comprehensive Correctional Care ("3C"), an outsourced inmate healthcare provider based in Benton, Kentucky. The partnership will supply resources to help 3C expand its contracted medical services for county correctional facilities across Kentucky and pursue a multi-year growth plan.

Spero Health, a PE-backed national outpatient addiction treatment provider, has acquired My Turning Point, a Kentucky-based outpatient addiction treatment program with four clinic locations (Stanford, Russell Springs, Nicholasville and Cynthiana). The deal expands Spero's network across Kentucky and increases local capacity for medication‑assisted and integrated behavioral health services.

Prescott's, Inc., a portfolio company of Atlantic Street Capital, has acquired Heartland Medical Sales & Service, a Louisville-based provider of sales, service, refurbishment and repair of anesthesia machines and related equipment. The acquisition expands Prescott's service offering into the anesthesia equipment category and represents an add-on to its PE-backed platform to broaden technical capabilities for hospitals, surgery centers and specialty practices.

Humana Inc. has acquired the remaining 60% interest in Kindred at Home from private equity sponsors TPG Capital and Welsh, Carson, Anderson & Stowe in an $8.1 billion enterprise-value transaction, making Humana the nation’s largest provider of care in the home. Kindred at Home operates home health, hospice and personal care services across ~40 states (serving ~550,000 patients annually and employing ~43,000 caregivers) and will be integrated into Humana’s Home Solutions/CenterWell home health platform to accelerate value-based, home-based clinical care.

LifePoint Health agreed to acquire Kindred Healthcare in June 2021 and completed the transaction in December 2021, combining LifePoint's community hospital network with Kindred's long-term acute care, rehabilitation and behavioral health capabilities. The deal created a new national system, ScionHealth, and LifePoint committed to invest roughly $1.5 billion over three years to expand services, technology and community-based care.

KnowFully Learning Group, a NexPhase Capital‑backed provider of professional education, has acquired Creative Educational Concepts (CEC), an accredited provider of interprofessional continuing medical education. The acquisition brings CEC’s live and online CME capabilities and oncology-focused programs into KnowFully’s healthcare education portfolio, with CEC founder Dr. Joni Fowler continuing to lead the division.

Physical Rehabilitation Network (PRN), a Carlsbad-based physical therapy provider and portfolio company of Gryphon Investors, acquired Professional Rehabilitation Associates, PSC (PRA), adding three outpatient clinics and management of one inpatient physical therapy center in Kentucky. The deal expands PRN's national footprint to roughly 150 clinics across 14 states and marks PRN's entry into the Kentucky market.

An ownership group led by Trailcreek Capital Group, LLC has acquired the Home Instead Senior Care Louisville franchise from long-time owners Brent and Becky Beanblossom. Steve Hendricks has assumed the role of CEO of the Louisville office and will continue operating the local in‑home senior care business, with no immediate staffing changes and plans to hire additional CAREGivers to expand services.

Podiatry Growth Partners, a St. Louis-based platform backed by private equity investors, announced a strategic partnership with Kentucky/Indiana Foot and Ankle Specialists (KYINFAS), the largest podiatry practice in metropolitan Louisville led by Dr. Syed Khader. The deal brings KYINFAS's 20 providers into the Podiatry Growth Partners platform to support continued expansion of locations, providers, and capabilities in the region.

Trivest Partners has partnered with Bluegrass Orthopaedics (BGO) in Lexington, Kentucky to form a new national management services organization (MSO) as the seventh platform investment from Trivest Fund VI. Trivest invested alongside BGO physicians and also supported investment in Bluegrass Specialty Surgery Center to accelerate growth, invest in facilities and talent, and pursue add-on orthopedic practice partnerships.

Life Link III, a non-profit air medical consortium, has acquired FlightBridgeED, a Bowling Green, Kentucky-based critical care and pre-hospital education provider. The acquisition will integrate FlightBridgeED's advanced certification education and training capabilities into Life Link III's clinical operations to expand and promote evidence-based critical care education across its network.

Pediatric Home Service (PHS) announced a partnership with RSVP Home Care and its adult division Pulmonary Partners to expand in-home pediatric and respiratory care across the Cincinnati/Kentucky region. RSVP will co-brand with PHS for 6–12 months before adopting the Pediatric Home Service name, while Pulmonary Partners will retain its existing brand and clinical teams will remain in place.

Unified Women's Healthcare has acquired the assets of Lucina Health (operating as Lucina Analytics) to integrate maternal health analytics into its services. The acquisition expands Unified's innovation platform by adding data-driven maternity risk identification and care-planning capabilities for payors and providers.

Waystar, a leading provider of cloud-based revenue cycle technology, has acquired Recondo Technology, a provider of AI- and RPA-powered patient access and business office automation for healthcare providers. The acquisition expands Waystar's AI and patient-access capabilities and will integrate Recondo's transaction and prior-authorization processing into Waystar's end-to-end revenue cycle platform.

The EQT VIII Fund and Canada Pension Plan Investment Board (CPPIB) agreed to acquire a majority equity stake in Waystar, a cloud-based revenue cycle management provider, in a transaction valuing the company at $2.7 billion. Bain Capital Private Equity will retain a minority stake and will continue to support Waystar alongside the new investors to fund continued innovation and transformative M&A.

Partners Group has acquired Confluent Health from The Edgewater Funds. Confluent, headquartered in Louisville, Kentucky, operates approximately 200 outpatient physical therapy clinics and provides occupational health & safety services and education programs, employing over 2,000 therapists and office professionals. The transaction transfers Edgewater's equity stake to Partners Group, which will look to accelerate growth across Confluent's multi-segment care platform.

The MENTOR Network acquired Just Family, Inc., a Lexington, Kentucky provider of Adult Day Health services, including nine centers and home-based attendant care, in a transaction that closed July 1, 2019. The acquisition gives The MENTOR Network entry into the Kentucky ADH market and expands its ADH footprint to five states.

Women's Care Enterprises, a Tampa-based multispecialty women's health platform and portfolio company of Lindsay Goldberg, has partnered with London Women's Care, a Kentucky-based OB‑GYN and multispecialty practice. The deal brings London Women's Care's 29 providers and 113 employees into the Women's Care Enterprises platform to support the company's strategic growth and expansion of women's health services.

St. Louis-based EyeCare Partners completed acquisitions of three Kentucky ophthalmology practices — John-Kenyon Eye Centers, Bennett & Bloom Eye Centers, and McPeak Vision Partners — expanding its footprint in Louisville and southern/western Kentucky. The deals bring multiple doctors and locations into EyeCare Partners’ network to broaden patient access to ophthalmology and refractive services across the state.

Riverside Partners, a Boston-based private equity firm, completed a majority equity investment in Bottom Line Systems (BLS), a Crescent Springs, Kentucky-based provider of revenue cycle management technology and services for hospitals and healthcare providers. Financial terms were not disclosed; Riverside said it will invest in BLS's technology and support continued growth and expansion of its client base.