The emergency room network, which is backed by Sterling Partners, could be floated in the current quarter, said Reuters, citing people familiar with the matter.
First Choice operates in Texas and Colorado and posted revenues of nearly $100m in 2012.
Sterling Partners closed its most recent fund on $917m in June last year.
The firm hoped to raise $1.2bn for Sterling Capital Partners IV, which it launched in May 2011, but reduced that to $1bn amid a tricky fundraising environment.
Sterling is focused on the education, healthcare and business services sectors by investing up to $175m at a time.
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