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Investment Banker·RCM

Neil Borg

Senior Managing Director, Head of Healthcare Investment Banking at Ziegler

Bethesda, Maryland, USA

NB
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Why they matter

Runs Ziegler's healthcare M&A practice, 70+ deals, and sat on the board of Transfer-DRG recovery firm Auditz through its TransUnion sale — rare operator-level RCM insight.

Background

Neil Borg joined Ziegler in 2006 and is Senior Managing Director and Head of Healthcare Investment Banking, running the firm's M&A advisory practice across healthcare services and healthcare IT from Bethesda, Maryland. Before Ziegler he worked in the healthcare services investment banking divisions of J.P. Morgan (via Chase H&Q and Hambrecht & Quist) and Friedman, Billings, Ramsey & Co., and was a partner in H&Q Serv*s Ventures, an early-stage healthcare venture fund backed by Hambrecht & Quist and Johnson & Johnson. He has completed more than 70 transactions and also leads Ziegler's for-profit strategic advisory and principal investing efforts as a managing partner of the Ziegler Link-age Longevity Fund.

Notable deals

  • 2023
    Board appointee at At Home Harmony following Ziegler Link-age Fund III's significant growth investment in the home-based care provider
  • 2016
    Served on the board of Auditz, LLC, a Transfer DRG underpayment recovery business, through its 2016 sale to TransUnion
  • 2015
    Served on the board of Ingenios, LLC through its 2015 sale to Almost Family
  • 2012
    Served on the board of health information exchange vendor Certify Data Systems through its 2012 sale to Humana

Call-prep brief

Background

  • Joined Ziegler in 2006; Senior Managing Director and Head of Healthcare Investment Banking, based in Bethesda, MD.
  • Prior: healthcare services investment banking at J.P. Morgan (via Chase H&Q / Hambrecht & Quist) and Friedman, Billings, Ramsey & Co.; partner in H&Q Serv*s Ventures, an early-stage healthcare fund backed by H&Q and Johnson & Johnson.
  • 70+ completed transactions across M&A, public and private financings, and principal investments in middle-market healthcare services and HCIT.
  • M.B.A., Columbia Business School; B.A. economics, Denison University (cum laude).

Current focus

  • Leads Ziegler's healthcare services and healthcare IT M&A practice, plus for-profit strategic advisory and principal investing; managing partner of the Ziegler Link-age Longevity Fund.
  • Ziegler publishes a recurring RCM Market Update; the H2 2025 edition frames growing denial balances and administrative workforce shortages as the twin drivers of RCM M&A.

What he cares about

  • Emerging-growth and middle-market assets over mega-cap platforms; durable data and technology moats rather than labor arbitrage; buyer renewal behavior, which he sees from both banker and board seats.

Recent moves

  • Board seat at At Home Harmony after Link-age Fund III's 2023 investment.
  • His practice has stayed active into 2026 (Preferred Vascular Group/Surgery Partners, OFFOR Health/Havencrest), though other Ziegler MDs fronted those releases.

Sensitivities

  • He is a sell-side banker and will be qualifying you for a mandate; live processes and named clients are off-limits.
  • Board seats and the Link-age fund create genuine information walls and possible conflicts.
  • Ziegler's heritage is non-profit senior living and health system finance; a purely opportunistic PE framing may land poorly.

Ask him

  1. From your Auditz Transfer-DRG days, which denial and underpayment vendors have defensible data assets versus repackaged offshore labor?
  2. Where is the multiple gap opening between tech-enabled RCM and BPO-heavy RCM?
  3. Which RCM buyers are actually renewing at scale, and where is churn hiding?

Outreach draft

Subject
Your read on RCM denial-management M&A
Neil — I lead healthcare services investing at [Firm], and revenue cycle is our highest-conviction area for the next twelve months. I read Ziegler's RCM market update on denial balances and administrative workforce pressure, and it matched what we are hearing from provider CFOs. What draws me to you specifically is the Auditz board seat: very few people have sat on the operating side of Transfer DRG recovery and then banked the sector. I am not running a process and have nothing to pitch — I would value thirty minutes on where durable data moats exist in RCM versus repackaged labor. Any week that works? — [Your Name], [Firm]

Linked companies

Sources