Former Revenue Masters Founders File Delaware Action Over Equity Payout

Founders seek transparency on equity distribution following reported $1B+ sale of Elevate Patient Financial Solutions

Published on Feb. 9, 2026

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The founders of the healthcare revenue-cycle technology company Revenue Masters have filed a verified complaint in the Delaware Court of Chancery seeking access to books and records from Elevate RCM Holdings LLC. This follows the reported $1 billion-plus sale of Elevate's operating subsidiary, Elevate Patient Financial Solutions (EPFS), by Frazier Healthcare Partners and The Edgewater Funds to Audax Private Equity and Parthenon Capital.

Why it matters

The case highlights the importance of transparency and proper documentation when founders sell their companies and receive equity payouts, especially in large transactions involving multiple parties and complex corporate structures.

The details

According to the lawsuit, the Revenue Masters founders sold their company to EPFS in 2023 and accepted a portion of their compensation in the form of Elevate membership units. Following the reported EPFS sale, the founders allege they received a wire payment on July 31, 2025, without advance notice and without any accompanying documentation explaining how the value of their equity or their distribution amount had been calculated.

  • Revenue Masters was sold to EPFS in 2023.
  • The reported $1 billion-plus sale of EPFS occurred in 2025.
  • The founders received a wire payment on July 31, 2025.

The players

Revenue Masters

A healthcare revenue-cycle technology company whose founders sold the company to EPFS in 2023.

Elevate RCM Holdings LLC

The parent company of EPFS, which the founders are seeking records from regarding the equity payout following the reported sale of EPFS.

Elevate Patient Financial Solutions (EPFS)

Formerly known as MedData, EPFS is the operating subsidiary of Elevate RCM Holdings that was reportedly sold for over $1 billion to Audax Private Equity and Parthenon Capital.

Rick Bengson

Co-founder of Revenue Masters.

Frazier Healthcare Partners

The private equity firm that previously owned EPFS.

The Edgewater Funds

The private equity firm that previously owned EPFS along with Frazier Healthcare Partners.

Audax Private Equity

The private equity firm that acquired EPFS as part of the reported $1 billion-plus transaction.

Parthenon Capital

The private equity firm that acquired EPFS as part of the reported $1 billion-plus transaction.

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What they’re saying

“After years of pouring our blood, sweat, and ingenuity into building Revenue Masters, we are demanding the full transparency we deserve on how our equity was valued and distributed in this reported billion-dollar sale.”

— Rick Bengson, Co-founder of Revenue Masters (PRNewswire)

“Elevate's outright refusal to share even the most basic details—like the actual sales price of the transaction or a simple calculation for what amounted to a large percentage of our company's sale consideration—would make anyone wonder what they're trying to hide.”

— Rick Bengson, Co-founder of Revenue Masters (PRNewswire)

What’s next

The judge in the case will decide whether to grant the founders' request to inspect Elevate's books and records to determine if the equity payout was properly calculated.

The takeaway

This case highlights the importance of clear communication and documentation when founders sell their companies, especially in complex transactions involving multiple parties. It underscores the need for transparency to ensure founders receive the full value they are entitled to from the sale of their life's work.