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HealthAxis gets new investment to boost artificial intelligence capabilities

Veronica Brezina

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Shelan Patel is the CEO of the Health Axis Group. Screengrab.

The HealthAxis Group, a Tampa company that provides technology for healthcare payers, has received a new investment to help the firm continue to digitalize data in the health care system. 

announced Wednesday it invested in HealthAxis Group. The financial terms of the investment were not disclosed, but a news release states it was a significant amount. 

“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,” Shilen Patel, Founder & CEO of HealthAxis, said in a statement. 

Patel was not immediately available to provide further comments on the new investment. 

McGuireWoods LLP acted as legal counsel to Revelstoke. Shumaker, Loop and Kendrick LLP acted as legal advisors to HealthAxis. 

“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,” Cy Barton-Dobenin, principal at Revelstoke, said in a statement. “This investment will allow the company to enrich and extend its care management, payment integrity and AI-driven automation capabilities for HealthAxis customers.”

HealthAxis works with payers, providers and third parties by providing electronic health records, practice management systems, billing, benefits administration platforms and application management. 

Over the years, HealthAxis has been on a growth track, acquiring several companies. In 2019, it acquired Analytics Partners, a Jacksonville-based health care analytics company, and Beacon Health Solutions, a Tampa services company. 

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