Physician Services
Mergers & Acquisitions
for Medical Practices
Whether you're selling to private equity, acquiring a retiring practice, or merging with peers — we protect your value and your patients.
Physician practice M&A is a specialized corner of healthcare law. Deals involve regulatory compliance (Stark, Anti-Kickback, HIPAA), corporate-practice-of-medicine constraints, credentialing, payer consents, real estate, employment of the selling physicians, and often a sophisticated private-equity buyer with experienced counsel on the other side. We level the table — representing physicians buying, selling, merging, or rolling up.
What We Deliver
Sell-Side Representation
From first LOI to closing, we maximize value and protect you post-transaction.
- Letter of Intent (LOI) negotiation
- Purchase price structure and earn-outs
- Employment agreement at the acquirer
- Reps, warranties, and indemnification caps
Buy-Side Representation
Acquiring a retiring colleague's practice or a competing group without overpaying or inheriting liabilities.
- Legal and compliance due diligence
- Asset vs. stock acquisition analysis
- Payer contract and credentialing transition
- Assumed liability and indemnification terms
Private Equity & Platform Deals
PE-backed roll-ups move fast. We help physicians preserve clinical autonomy, rollover equity value, and put-right optionality.
- Rollover equity and management company structure
- MSO (Management Services Organization) compliance
- Post-closing governance and physician boards
- Second-bite liquidity modeling
Practice Mergers & Joint Ventures
Two or more practices combining — or forming a joint venture for ancillary services.
- New entity formation and governance
- Valuation equalization and true-ups
- Integration of HR, payer, and vendor contracts
- Anti-Kickback and Stark structuring
Our Process
Deal Strategy
We map the transaction path: structure, timing, tax, regulatory constraints, and leverage points.
Negotiation & Diligence
We lead legal negotiation and manage the due-diligence process with your CPA and banker.
Closing & Integration
Funds flow, regulatory filings, credentialing, and a clean transition plan for patients and staff.
Frequently Asked Questions
Straight answers to the questions our clients ask most.
Should I sell my practice as a stock sale or an asset sale?+
Most physician practice sales are structured as asset sales, which give the buyer a stepped-up tax basis and limit inherited liabilities. Sellers often prefer stock sales for capital-gains treatment. The right structure depends on entity type, tax position, payer contracts, and what the other side will accept.
How are physician practices valued in an M&A transaction?+
The most common valuation methods are a multiple of EBITDA (often 5x–10x for PE buyers depending on specialty and scale), multiple of net collections, and discounted cash flow. Valuation is heavily influenced by payer mix, ancillary revenue, recurring procedures, and physician longevity.
What is a Management Services Organization (MSO) and why does PE use them?+
Because Texas prohibits non-physician ownership of medical practices, private equity uses an MSO structure — the PE firm buys the non-clinical business operations through an MSO, while the clinical practice remains owned by physicians. The MSO contracts with the practice for management services.
What is rollover equity?+
In PE deals, sellers typically roll over 20–40% of sale proceeds into equity of the acquiring platform, rather than taking all cash. The rollover can be highly valuable on a future ('second-bite') exit — but also carries real risk if the platform underperforms.
Do I still practice medicine after a PE sale?+
Generally yes. Most PE transactions require selling physicians to sign multi-year employment agreements with defined compensation, productivity expectations, and non-competes. Negotiating these terms is as important as the headline purchase price.
Ready to Protect Your Future?
Take the first step toward securing your legacy. Schedule a free consultation with our experienced team or contact us today to discuss your legal needs.
Call us directly: (888) 517-4575