Healthcare Investors & Operators

Strategic capital and operating expertise for healthcare companies ready to scale.

RAB Ventures provides growth equity and credit to healthcare companies approaching profitability or scaling established platforms. We pair flexible capital with deep operating and investing experience to help management teams build market-leading businesses.

Our Approach Get in Touch
Track Record

Four decades building, operating, and investing in healthcare.

RAB Ventures is led by Richard Barasch, who has spent more than 40 years in healthcare as an operator, public-company CEO, and investor. His career has spanned managed care, value-based care, provider services, and healthcare technology — including building and selling a Fortune 500 health insurer and leading multiple healthcare SPACs to successful public combinations.

1995 — 2017
Universal American Corp.
Chief Executive Officer of the publicly-traded health insurance and services company focused on the senior market and government programs. Led the company from 1995 through its acquisition by WellCare Health Plans in May 2017.
2017 — 2024
DFB Healthcare → AdaptHealth (SPAC)
Founder, Chairman & CEO of DFB Healthcare Acquisitions Corp., which raised $250M in its 2018 IPO. Acquired AdaptHealth Corp. (Nasdaq: AHCO) in a 2019 transaction with a pro forma enterprise value over $1 billion. Served as Chairman until June 2024.
2019 — 2025
DFP Healthcare → The Oncology Institute (SPAC)
Co-founder and Executive Chairman of DFP Healthcare Acquisitions Corp., which raised $230M in its 2020 IPO. Acquired The Oncology Institute (Nasdaq: TOI) in 2021. Served as Chairman until August 2025; TOI revenue has grown 25.4% annually since combination.
2017 — Present
RAB Ventures
Led by Richard, RAB Ventures is an institutional investment platform backing a diverse portfolio of transformative healthcare companies. Since 2017, the firm has acted as a vital strategic partner and board-level ally to management teams shaping the future of healthcare services, technology, and value-based care.
Approach

Flexible capital for complex healthcare situations.

We work with healthcare companies facing important strategic and operational inflection points — growth, refinancing, restructuring, or shareholder liquidity — and help them realize their long-term potential.

  • Growth capital for companies scaling toward profitability.
    Flexible equity and credit solutions for businesses navigating periods of expansion and operational transition.
  • Structured solutions for complex situations.
    Experience across recapitalizations, shareholder liquidity, restructurings, and special situations.
  • Long-term healthcare operating experience.
    Perspective informed by decades of work across healthcare services, managed care, and healthcare technology.
Capabilities

What we bring to the table

Our approach is grounded in long-term partnership, strategic capital, and decades of healthcare operating experience.

i.

Flexible Structuring

Growth equity, credit, preferred equity, convertibles, secondaries, and PIPEs structured around the needs of the business and stakeholder group.

ii.

Healthcare Expertise

Decades of experience across healthcare services, payors, value-based care, and healthcare technology — both as operators and investors.

iii.

Operational & Strategic Partnership

Hands-on support for healthcare companies navigating periods of growth, transition, and complexity — helping management teams solve immediate challenges while positioning the business for its next stage.

Investment Focus

Where we invest.

We invest across healthcare services, healthcare technology, value-based care, and adjacent sectors. Our approach is flexible, with experience spanning structured equity, credit, secondaries, and special situations.

We typically partner with healthcare businesses that have achieved product-market fit and are approaching profitability or generating scaled earnings. Many are at a point where additional capital, operational support, or balance sheet flexibility can accelerate long-term growth.

Sectors
Healthcare services, healthcare technology, payors, provider enablement, and value-based care.
Situations
Growth capital, recapitalizations, structured equity, refinancings, and shareholder liquidity.
Structures
Majority and minority equity, preferred equity, convertible structures, and credit investments.
Portfolio

Selected healthcare investments.

Arbiter
AI-enabled care operations platform
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Cadence Behavioral Health
Geriatric psychiatry care for skilled nursing facilities, assisted living facilities, and acute care facilities
Cecelia Health
Virtual specialty care for cardiometabolic conditions
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Cityblock Health
Community-based care delivery platform
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Cylinder Health
Clinician-led virtual digestive health platform
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Empassion Health
Serious illness and palliative care platform
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Frontier Direct Care
Employer-sponsored direct primary care
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The Oncology Institute NASDAQ : TOI
Value-based community oncology
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Realized investments

Selected realized investments.

i.
AdaptHealth (Nasdaq: AHCO)
Home medical equipment provider. Public listing completed through a RAB-led SPAC.
ii.
HouseWorks
Personal home care for seniors. Sold to a strategic acquirer.
iii.
Quest Analytics
Provider network management software for health plans and regulators.
iv.
ELMC Risk Solutions
Specialty MGU for medical stop-loss insurance. Sold to NSM Insurance Group.
Leadership

Our leadership.

Richard Barasch
Richard Barasch
Founder
LinkedIn →
Healthcare executive and investor with more than 40 years of experience across managed care, value-based care, provider services, and healthcare technology. In addition to his professional achievements, Richard is a member of the Advisory Board of the Mailman School of Public Health at Columbia University and is chair of the National Advisory Board of the Health Policy and Management program at Mailman. He is also a Trustee of Maimonides Medical Center in Brooklyn, NY.

Richard is a graduate of Swarthmore College and Columbia University Law School, where he was an Editor of the Law Review.
Avi Rafalson
Avi Rafalson
Principal
LinkedIn →
Founding Principal at RAB. Most recently served as CFO of MyndYou, an AI patient engagement platform acquired by a strategic acquirer in 2025. Prior to joining MyndYou, he helped execute the sale of CareMount Medical, a New York–based multi-specialty physician group, to Optum and later served as Regional Vice President of Financial Planning & Analysis for Optum Tri-State. He earned a BBA from the University of Texas at Austin McCombs School of Business.

Get in touch.

We welcome conversations with founders, operators, and intermediaries working with healthcare businesses navigating growth and transition.

contact@rab.ventures