Case Study


January 2021

Transaction Background and Thesis

Nucleus Health (“Nucleus”) is a leading provider of teleradiology services and cloud-based image sharing software to hospitals and radiology groups. At the time of TTCP’s 2016 investment, Nucleus was 100% founder- and management-owned. TTCP viewed the Company’s core teleradiology service offering as a stable, growing business with attractive cashflows and also believed the Company’s fledgling cloud-based imaging software and tools had tremendous commercial potential. Throughout the life of the investment, TTCP worked with the Nucleus team to grow and optimize the teleradiology business, while investing heavily into the development of cloud technology to position it for strategic interest.

Value Creation

  • Facilitated new relationships for the Company with TTCP’s health system relationships  
  • Completed 180-day Value Creation Plan (“VCP”) program with focus on teleradiology efficiency, account management, and software development roadmap
  • Actively drove analysis and assessment, then supported management in streamlining teleradiology business by reducing credentialing bottlenecks and enhancing workflow
  • Co-led “buy vs. build” analysis as the Company evaluated bolt-on / tuck-in opportunities
  • Provided guidance and hands-on support as the business launched new cloud product iterations to the market
  • Led the identification and recruitment of talent and Board members

TTCP looked beyond our origins as a teleradiology business and instead focused on our potential to be an early disruptor in the cloud imaging technology market. The perspective and insights from TTCP during our partnership were instrumental both in building a larger, more successful company and ultimately in selling our cloud technology in a highly strategic acquisition by Change Healthcare.

Vish Verma, CEO of Nucleus Health


Over the course of TTCP’s investment, Nucleus revenue more than doubled as it expanded its footprint significantly to 7,500+ image sharing sites and 400+ teleradiology locations. The cloud technology transitioned from workflow tools to robust, enterprise-ready modules that Nucleus successfully sold as larger, enterprise-level contracts with hospitals. In 2020, Change Healthcare (NASDAQ: CHNG) acquired the cloud platform, as a means to quickly accelerate its own cloud-based enterprise imaging solution. Concurrent with this this transaction, TTCP largely exited its investment in the Company.


Acquired By