New Mountain Capital has invested in revenue cycle management company Access Healthcare, continuing the private equity firm's foray into health technology.
The investment is set to be used for artificial intelligence advancement, workflow automation, product development, and market expansion, the companies said Tuesday. Financial details were not disclosed.
Related: New Mountain nears deal to acquire Access Healthcare
Access Healthcare and New Mountain Capital did not immediately respond to a request for comment.
New Mountain Capital placed a $5.8 billion bid last year to acquire the portion of R1 RCM it did not already own and take the company private. Though New Mountain was the revenue cycle management company's largest investor at 32% ownership, it lost out to an $8.9 billion joint bid from competing private equity firms TowerBrook Capital Partners and Clayton, Dubilier & Rice.
New Mountain, which said it has $55 billion, on Tuesday also said it made an undisclosed investment in Union Healthcare Insight, a healthcare research company.
Last week, New Mountain entered into a definitive agreement to acquire Machinify, an AI healthcare payment software company, for an undisclosed amount. Machinify would be folded into a $3 billion company formed by combining three assets in the New Mountain portfolio — The Rawlings Group, the payment-integrity business of Apixio and Varis, a recently acquired firm. The resulting would be called Machinify.