Ventra Health Combines with ADVOCATE RCM


Ventra Health, a portfolio company of Varsity Healthcare, combination with ADVOCATE RCM


Ventra Health, a portfolio company of Varsity Healthcare Partners (“Varsity”), has completed a strategic combination with ADVOCATE RCM. ADVOCATE RCM will operate as a division of Ventra Health. Terms of the transaction were not disclosed.

Baird served as exclusive financial advisor to Varsity Healthcare Partners on this transaction.


Ventra Health is a leading business solutions provider for facility-based physicians practicing anesthesia, emergency medicine and hospital medicine. Focused on Revenue Cycle Management (RCM) and Advisory services, Ventra Health partners with private practices, hospitals, health systems and ambulatory surgery centers to deliver transparent and data-driven solutions that solve the most complex revenue and reimbursement issues, enabling clinicians to focus on providing outstanding care to their patients and communities. Ventra Health is headquartered in Dallas, Texas.

Varsity Healthcare Partners is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. Varsity’s tactical investment strategy emphasizes identifying and transacting with growth-seeking, provider-owned or founder-owned companies, leveraging Varsity’s developed “buy and build” playbook to drive significant operational, managerial enhancement early in the life of each platform investment, followed by a well-resourced aggressive and multidimensional growth plan. Varsity’s unique tactical investment playbook and strong track record is complemented by Varsity’s distinct organizational culture, emphasizing highly collaborative engagement, strong professional accountability and a commitment to excellence in work product and team performance. Varsity is headquartered in Los Angeles, California.

ADVOCATE RCM is a provider of premium technology-enabled revenue cycle management services for radiology and other facility-based physician specialties. Since 1998, ADVOCATE RCM has invested substantial capital in technology and innovation, building a premier billing process that produces consistent and superior revenue results for its clients. ADVOCATE RCM is headquartered in Dublin, Ohio.

Ventra Health, a portfolio company of Varsity Healthcare, combination with ADVOCATE RCM

January 2024
Varsity Healthcare Partners
M&A - Buyside
Healthcare IT & Services
Target Geography
North America
Acquiror Geography
North America