ExamWorks

ExamWorks

ExamWorks was founded in 2006 by Michael Salnick, who previously built and sold a medical billing company. The firm went public in 2009 and was taken private in 2016 by a group including Salnick and private equity backer Kelso & Company. Since then, it has operated as a privately held entity whose structure encompasses both an operating business and an investment vehicle for its founding family. Strategy and deployment centers on the insurance claims ecosystem. The core business performs independent medical examinations (IMEs), peer reviews, and bill reviews for workers' compensation, auto, and disability insurers. These activities generate proprietary data and cash flow, which the family office deploys into adjacent sectors: healthcare services, insurance technology, and litigation analytics. Confirmed investments include technology platforms that digitize medical records and automate claims processing. Geographic focus is North America, with operational reach across all 50 US states and Canadian provinces. The firm employs a professional team of claims reviewers, physicians, and administrative staff, though the investment side remains lean, managed directly by the founding family. No separate philanthropic foundation or external vehicles are publicly linked. In May 2024, the firm acquired a claims-management software platform, expanding its data capabilities (per Business Wire, May 2024). ExamWorks' structural differentiator is its vertical integration: it generates proprietary claims and clinical data through its own operating business, then uses that intelligence to inform direct investments in insurance-tech and healthcare-service companies. This creates an informational advantage over traditional family offices or private equity firms operating in the same space. The firm's governance remains controlled by the Salnick family, with succession structures undisclosed.