Healthcare business valuation services

Ambulatory surgery centers. Infusion and oncology centers. Imaging centers. Urgent care platforms. Home health and hospice agencies. Behavioral health providers. Dialysis centers. Laboratories. DME companies. Pharmacies. Hospital departments and service lines evaluated for joint venture or syndication.

Each carries its own economics — surgeon concentration in an ASC, drug margin and payer mix in an infusion center, certificate-of-need protection where it exists, reimbursement trajectory everywhere — and the valuation has to be built on those economics, not on a generic multiple.

Valuing a physician practice for a sale or partner transition? That work has its own page: medical practice valuation.

Healthcare is the one industry where paying too much is not merely bad business — it can be a federal violation. The Stark Law and Anti-Kickback Statute require that financial arrangements between referral sources be consistent with fair market value and commercially reasonable, without regard to the volume or value of referrals.

That standard has teeth. Fair market value deliberately excludes the synergies a specific buyer would pay for — so an FMV conclusion is frequently lower than a strategic offer, and the gap between the two is precisely what regulators examine. A defensible FMV opinion documents its data, reasoning, and conclusion so the arrangement can be evaluated on the record as it stood when the parties signed.

We prepare FMV and commercial reasonableness opinions for entity transactions, employment and compensation arrangements, service agreements, and leases — documented to the standard the compliance file requires.

Compensation FMV is its own discipline. The analysis benchmarks the arrangement against national survey data — MGMA, SullivanCotter, AMGA — adjusted for specialty, productivity, geography, and duties, with attention to the questions surveys alone cannot answer:

• — Total compensation tested against total work — clinical productivity (wRVUs), call coverage, medical direction, and administrative duties stacked together rather than evaluated in isolation
• — Compensation-to-collections and compensation-per-wRVU relationships, and what they imply about the economics of the arrangement
• — Whether the arrangement makes commercial sense absent referrals — the commercial reasonableness question regulators ask first

Acquisitions and divestitures. Physician employment and alignment transactions. Joint ventures and syndications. Management services and co-management arrangements. Partner buy-ins and redemptions priced under operating agreements. Litigation and disputes. Each purpose carries its own standard of value and documentation requirement — establishing that up front is the first step of every engagement.

Where a transaction follows the valuation, our transaction advisory practice supports diligence, structuring, and negotiation.