Philadelphia, PA – July 22,2025 – Corporate Advisory Solutions (“CAS”) is pleased to announce the successful acquisition of Virtual Accounts Receivable Outsourcing, LLC (“VARO”), and BYL Services, LLC (“BYL”), (together, the “Companies”) by Professional Credit, a Tonka Bay partner company. CAS served as the exclusive sell-side M&A advisor to the Companies in this transaction.
The acquisition marks the continued expansion of Professional Credit’s national footprint and strengthens its position in the healthcare revenue cycle management (RCM) space. Terms of the transaction were not disclosed.
“Joining forces with Professional Credit marks an exciting next chapter for our companies,” said Jeff Heft, Chief Financial Officer of VARO and BYL. “We’re confident this partnership will allow us to deepen our impact in the healthcare revenue cycle space and better serve our clients through expanded capabilities and shared values.”
Mickey Kaiser, Vice President at CAS said, “It was great experience working with the team at Varo and BYL. I am looking forward to evolution of these businesses as part of Professional Credit.”
This deal continues to demonstrate the trend of consolidation in the Accounts Receivable Management and Healthcare Revenue Cycle Management industries –where there is a focus on opportunities that provide additional capabilities and strengthen service offerings.
If you would like to confidentially discuss strategic plans for your business or market trends impacting the tech-enabled outsourced business services sector, please reach out to Michael Lamm ([email protected]) or Mickey Kaiser ([email protected]) to discuss.
About Corporate Advisory SolutionsCorporate Advisory Solutions (CAS) is an independent investment and merchant banking firm based in Philadelphia and Washington, D.C., specializing in M&A, valuation, and strategic advisory services for the Global Outsourced (tech-enabled) Business Services (OBS) sector. With more than 140 completed transactions and $2.5 billion in deal value, CAS brings over 40 years of combined experience in M&A, exit preparation, and strategic consulting.
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CAS publishes a quarterly newsletter highlighting deal activity and macroeconomic trends within the OBS sector.
About Professional Credit
Founded in 1933, Professional Credit Service has continually demonstrated its commitment to delivering unparalleled recovery and outsource solutions. With a rich history of excellence and innovation, Professional has emerged as a trusted partner to a wide array of clients, including healthcare organizations, government entities, and financial institutions. Professional Credit is majority owned by Tonka Bay Equity Partners (“Tonka Bay”), a private investment firm that invests in entrepreneur owned businesses and works closely with management on strategic growth initiatives. Tonka Bay has invested in 45 platform companies and assisted their companies to complete more than 90 add-on acquisitions.
About VARO Healthcare and BYL Services
VARO Healthcare (Virtual Accounts Receivable Outsourcing, LLC), and BYL Services, LLC, together provide a range of revenue cycle and accounts receivable management solutions. Founded in 1998 and based in West Chester, PA, VARO specializes in patient-pay revenue cycle services—including call center outsourcing, and denial management. BYL complements these offerings by providing debt collections services.