The private equity firm has hired Jefferies to handle the sale according to Reuters, which cited two people familiar with the matter.
Odyssey bought the business as One Call Medical in 2009 before merging it with MSC Care Management three years later.
The company provides discounted access to medical services as part of compensation claims.
Odyssey is also looking to sell Evans Analytical Group according to two other Reuters sources, five years after an $86.8m take-private deal.
The firm last tested the fundraising market in 2009 by raising a $1.5bn fund, following a $750m vehicle in 2005 and $760m in 1998.
It targets control investments in established mid-market companies.
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