Healthcare-focused private equity firm Frazier Healthcare Partners announced on March 12 the completion of its acquisition of RevSpring from Chicago, Illinois-based GTCR. Frazier is joined in the transaction by NEA, 22C Capital and RevSpring’s senior leadership team.
RevSpring offers physical and electronic invoices, consumer payment portals, data cleansing solutions and analytics tools. It serves a client base of approximately 2,000 health systems and hospitals, revenue cycle management (RCM) providers and financial services organizations. The company was originally acquired by GTCR in November 2016.
Frazier Healthcare Partners is a provider of growth capital to healthcare companies. With more than $7.1 billion in total capital raised, Frazier has invested in more than 200 companies. Frazier has offices in Seattle and Menlo Park, California, and invests across the United States, Canada and Europe.
Morgan Stanley and TripleTree acted as co-lead financial advisors to RevSpring, and William Blair acted as financial advisor to Frazier. Kirkland & Ellis LLP served as legal counsel to RevSpring, and Goodwin Proctor LLP served as legal counsel to Frazier. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction represents the 58th eHealth acquisition of 2024, and the ninth in the RCM specialty. In 2023, 273 eHealth and 55 RCM transactions were announced. Of those 55 RCM deals, 32 of them (58%) involved private equity firms and/or their portfolio companies as the buyers.
