Talisman Capital Partners has sold ADVOCATE RCM to Ventra Health, a portfolio company of Varsity Healthcare Partners


ADVOCATE RCM is a provider of premium technology-enabled revenue cycle management (RCM) services for radiology and other facility-based physician specialties. Since 1998, Dublin, Ohio-based 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.

The Deal

ADVOCATE RCM, a portfolio company of Talisman Capital Partners, was acquired by Ventra Health, a portfolio company of Varsity Healthcare Partners. Ventra Health is a leading provider of high-performance business solutions for physician practices, hospitals, health systems and ambulatory service centers with deep expertise in anesthesia, emergency medicine and hospital medicine. ADVOCATE RCM will operate as a division of Ventra Health, and the combined organization creates one of the nation’s largest, most sophisticated technology-enabled providers of end-to-end RCM services, offering clients access to industry-leading technology, data and analytics, patient engagement, payer contracting and automation tools.

Our Perspective

Mike Siano, Lincoln International Managing Director who led the transaction, commented, “We are grateful and honored for the opportunity to have advised Talisman and ADVOCATE RCM on its new partnership with Ventra Health and Varsity Healthcare Partners. ADVOCATE RCM has established an innovative and differentiated offering in the radiology RCM segment, and we look forward to following the future success of the business as part of the broader Ventra Health platform.”

Connect with a Senior Team Member
Lincoln International was selected to represent ADVOCATE RCM due to their demonstrated knowledge of our industry, their relationships with key target sponsors and their philosophy of running a narrow process with qualified investors and strategic partners. Lincoln did a phenomenal job at running the process itself, and also showcasing what makes Advocate a unique asset in the healthcare revenue cycle space. Our leadership team had not participated in a transaction of this size and scope, and Lincoln’s strategic advice was instrumental in guiding the representative team members and arriving at a favorable transaction for our shareholders.
Todd Walker
Chief Executive Officer of ADVOCATE RCM

Meet our Senior Team

Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.