Starboard Value LP, which last year scored bragging rights among so-called activist investors by unseating Darden Restaurants Inc.'s board, is now calling on MedAssets Inc. to overhaul operations—and its board.

"We question the independence of these directors and believe some directors may have been on the Board too long to view certain strategic and managerial decisions objectively or to fairly consider alternative perspectives," the hedge fund wrote in a six-page letter signed by managing member Peter A. Feld and sent Monday to MedAssets' board and Chief Executive R. Halsey Wise.

The New York hedge fund—one of MedAssets' largest shareholders with 5.2 million shares or about an 8.7% stake—asked the health-care technology company to give shareholders greater control, including the ability to call for special meetings and to act by written consent, which would make it possible for shareholders to replace directors or change bylaws, for example, without waiting for an annual or special meeting.

Jeffrey C. Smith's Starboard charged MedAssets' stock is "deeply undervalued" and outlined a plan to cut expenses and boost the company's stock to about $37—and as much as $46—by the end of 2016.

MedAssets' stock closed Monday at $23.60, up 19% for the year.

The hedge fund criticized the Georgia company's acquisition track record, saying that in some cases it bought the companies at too high a price and failed to integrate them properly, resulting in duplicate costs.

"While there may be other bolt-on acquisition opportunities for MedAssets in the future," Starboard said MedAssets ought to focus on its current operations, considering which areas to invest and which to divest and using its cash to buy back shares.

The hedge fund, which last month disclosed it had taken a stake in Macy's Inc. and was joining the push for the 157-year-old retailer to spin off its real estate, opened its position in MedAssets in the three months ended June 30, according to regulatory records.

Starboard had about $4.81 billion under management as of March 31, according to its most recent 13F filing with the Securities and Exchange Commission, a quarterly requirement for investors managing more than $100 million.

MedAssets shares rose nearly 13% in late trading to $26.56, topping the 52-week-high of $23.90 set on July 30 during regular trading.

Write to Maria Armental at maria.armental@wsj.com

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