Leonard Green  Weighs $4 Billion Sale of ExamWorks

The owner of ExamWorks LLC is exploring a sale of the health-care services company that could value it at about $4 billion, according to people familiar with the matter.

Private equity firm Leonard Green & Partners is working with advisers on a potential sale of ExamWorks, which verifies illnesses and reviews medical bills for insurance companies, government agencies and legal firms, said the people, who requested anonymity because the talks are private. Leonard Green took the company private in 2016 in a $2.2 billion deal.

A representative for Leonard Green declined to comment. Representatives for Atlanta-based ExamWorks didn’t respond to requests for comment.

ExamWorks is part of the health-care industry that weighs in when patients and insurance companies disagree on the type of medical care that should be covered. The firm also reviews bills and helps verify the legitimacy of claims for insurers and government programs looking to combat fraud and manage costs, and provides Medicare compliance.

ExamWorks, which started operating in 2008, has made several acquisitions through the years, including Sedgwick Inc.’s peer-review and independent medical examination assets in 2020.

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