Probabilities and cross sections for ionization plus excitation in helium produced by fast heavy-particle impact have been evaluated. In these calculations, contributions from shake-off, time ordering, and independent interactions of the frozen-target electrons with the projectile are included. A comparison is made to recent experimental observations for the ratio of excitation-ionization to single-ionization total cross sections. A comparison is also made to calculations of excitation-ionization by fast electron impact.