Axios Pro: Health Tech Deals
May 09, 2022
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1 big thing: Aquiline's Aspirion in play

Illustration of a first aid bag filled with cash.  
Illustration: Aïda Amer/Axios

Aquiline Capital Partners is exploring strategic options for Aspirion, which offers complex revenue cycle solutions for hospitals, multiple sources tell Sarah.

Driving the news: The Columbus, Georgia-based business received first-round bids last week in a Baird-run process, sources say.

  • Two of the sources say the projected run-rate EBITDA for 2022 is $34 million, adding that an 18x multiple was needed to advance into the process’s second round. (If bidders underwrite that figure, that implies a value target of at least some $600 million.)
  • One source characterized the process as targeting a partial recap, with Aquiline considering rolling a near 50% stake.

How it works: Aspirion helps health care providers recover lost claims revenue, providing real-time visibility into performance via its recently launched business intelligence platform.

  • Complex claims are collected from denials, aging accounts receivable, motor vehicle accidents, workers’ compensation, Veterans Affairs/TRICARE, and out-of-state Medicaid and Medicare eligibility.
  • Aspirion has clients in 45 states and growing, and, as one source notes, customers tend to be sticky.

Flashback: Aquiline acquired Aspirion in May 2018.

State of play: Deal flow has remained steady this year across the broader revenue cycle management sphere.

Aquiline and Baird declined to comment.

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