Linden Completes Aspirion Acquisition

August 2, 2022

CHICAGO and COLUMBUS, Ga. – August 2, 2022 – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare industry, announced today the completion of its acquisition of Aspirion (the “Company”), a leader in technology-enabled healthcare revenue cycle management (“RCM”), from Aquiline Capital Partners. Varsity Healthcare Partners (“VHP”), a healthcare services private equity firm with RCM investing experience through its portfolio company Ventra Health, joined the ownership group as a minority shareholder.

Aspirion is a leading provider of RCM services for complex claims and revenue integrity, offering a broad array of technology-driven solutions for the most specialized revenue cycle challenges faced by hospital systems and healthcare providers. Leveraging its unique data access and proprietary platforms, the Company has invested in artificial intelligence (“AI”) and machine learning (“ML”) models to automate claims processing workflows, improve claims processing times, and ultimately increase collections for its hospital and physician customers.

Richard Thomas, industry veteran and incoming Chairman of the Board, said, “We commend Jason Erdell and the Aspirion team. They have built a truly differentiated company providing complex claims and revenue integrity solutions, delivered with industry leading customer service. The healthcare regulatory landscape is changing and more complex than ever, creating robust demand for Aspirion’s services. We look forward to supporting the Company through its next chapter of growth, and accelerating the development of its technology, AI/ML, and data foundation.”

To support Aspirion’s growth plan, Linden has assembled a Board of Directors that brings considerable expertise in software, data, and AI/ML solutions, along with deep RCM industry knowledge. The new Board will work closely with the Aspirion team to help realize Linden and management’s shared vision to drive a step change improvement in RCM solutions, providing better outcomes for healthcare providers, and ultimately the patients they serve.

“We are thrilled to partner with Linden,” Aspirion CEO Jason Erdell added. “We are impressed with the vision Linden brings for our next chapter, as evidenced by the firm’s thoughtful approach to value creation planning and the experienced Board of Directors that Linden has assembled. We are confident we have the strategic plan and expertise to continue our growth trajectory and drive technological advancement in the industry.”

The board is composed of Miki Kapoor, Operating Partner at Linden and founding CEO of Verana Health, Rand Ballard, Chief Customer Officer at Vizient and previously Chief Operating Officer, Chief Customer Officer and in the Office of the Chief Executive Officer at MedAssets, Nick Giannasi, Chief Product Officer at Ciox and former Chief Artificial Intelligence Officer at Change Healthcare, Jason Erdell, Richard Thomas, Linden Partner Kam Shah, Linden Vice President Arsi Sefaj, and VHP Managing Partner David Alpern.

About Aspirion

Aspirion, headquartered in Columbus, GA, helps hospitals and physicians recover otherwise lost claims revenue from Motor Vehicle Accidents, Workers’ Compensation, Veterans Affairs, and TRICARE as well as out-of-state Medicaid, Medicaid eligibility, underpayments, and denials. Aspirion’s experienced team of healthcare, legal, and technical professionals combined with industry-leading technology platforms help ensure that providers receive their Complex RCM revenue so that providers, hospitals, and their staff can focus on patient care. The Company serves over 140 clients across 45 states, including 40% of the largest health systems in the U.S.

About Linden Capital Partners

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit

About Varsity Healthcare Partners

Varsity Healthcare Partners is a leading lower middle market healthcare services private equity investment firm, targeting exclusively multi-site healthcare provider platforms or businesses providing outsourced services, technology or tools to healthcare providers and/or payers. VHP’s tactical investment strategy emphasizes identifying and transacting with growth-seeking, provider-owned or founder-owned companies, leveraging VHP’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. VHP’s unique tactical investment playbook and strong track record is complimented by VHP’s distinct organizational culture, emphasizing highly collaborative engagement, strong professional accountability, and a commitment to excellence in work product and team performance.


John Perilli
Prosek Partners

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