Clinical Advisory · clinicaladvisory.com

Every Dollar of EBITDA
Is Worth Eight to Ten
at Exit.

Specialty benchmarks, payer contract analytics, and current M&A market data — applied systematically to your practice to capture every dollar you’re leaving behind and position you for the highest possible transaction outcome. One seamless advisory partner from performance optimization through final close.

EBITDA & Valuation → M&A Advisory
Exit Multiple
8x – 10x EBITDA
Current physician practice M&A transaction multiples
Revenue Recovery
5% – 12%
Typical revenue cycle improvement on gross collections
Payer Rate Gains
8% – 15%
Consistent rate improvements on targeted payer contracts
Ideal Timeline
12 – 36 Months
Before transaction for maximum value capture
Service 01 · EBITDA & Practice Valuation

Where Physician Practices Leave the Most Value Behind.

View Full Service Details & FAQ →

Most physicians don’t know exactly what their practice is worth — or how much additional value is sitting unrealized in their revenue cycle, payer contracts, and lease structure. We find every dollar and build a clear path to capturing it before your transaction window opens.

Revenue Cycle Optimization
Full revenue cycle audit powered by specialty-specific coding benchmarks and payer-level analytics — identifying exactly where your collections underperform against specialty peers. Every recovery opportunity quantified before implementation begins. Typical result: 5%–12% of gross revenue flowing permanently to EBITDA.
Payer Contract Renegotiation
CPT-level rate benchmarking by payer, specialty, and market — every underperforming contract identified with precision before renegotiation. Data that turns payer negotiations from conversations into leverage. Consistent results: 8%–15% rate improvements on targeted contracts.
Occupancy Cost Reduction
Rent is the second-largest practice expense and the most improvable. We audit every lease against current market rates through Clinical Real Estate’s verified transaction database — restructuring above-market leases through the real estate platform. Every dollar saved is 100% EBITDA at your exit multiple.
Operational Benchmarking
Staffing ratios, revenue per clinical hour, and throughput benchmarked against specialty peers — with specific operational improvements that compound year over year through to your exit.
“A practice at $1M EBITDA is worth $8M–$10M. At $1.5M it’s worth $12M–$15M. That $500K improvement created $4M–$5M of additional enterprise value.”
Specialty benchmarks identify every performance gap vs. current peers
CPT-level payer benchmarking by payer, specialty, and market
Lease data from Clinical Real Estate’s verified transaction database
Every improvement documented and normalized for M&A presentation
KPI tracking ensures gains are sustained all the way through to your exit
The EBITDA Multiplier

What Every Dollar of Improvement Creates at Exit.

At an 8x–10x acquisition multiple — the current range for physician practice transactions — every dollar of sustainable, documented EBITDA improvement creates $8–$10 of enterprise value. The math is straightforward. The capture requires expertise, data, and time.

$100K
EBITDA Improvement
$800K – $1M
Additional enterprise value — achievable in 12 months through targeted revenue cycle improvements or a single payer contract renegotiation.
$250K
EBITDA Improvement
$2M – $2.5M
Additional enterprise value — revenue cycle optimization plus payer renegotiation in a focused 12–18 month engagement.
$500K
EBITDA Improvement
$4M – $5M
Additional enterprise value — mid-size group with untapped revenue cycle, above-market leases, and stale payer contracts.
$1M+
EBITDA Improvement
$8M – $10M+
Additional enterprise value — multi-site organizations with portfolio-level inefficiencies positioning for institutional buyers at maximum multiples.
Service 02 · M&A Advisory

Buy the Right Practice. Sell at the Right Time. Exit on Your Terms.

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Whether you are selling a practice you built, acquiring a platform to grow, or navigating a transition that needs to land right for patients and partners alike — our M&A team manages the full lifecycle. We value the practice, find and qualify the right counterparty, and guide every step of the process through to a successful close. Full-service advisory from the first conversation to post-close transition.

Selling Your Practice
The Right Buyer. The Right Price. The Right Outcome.

Most physicians sell once. The buyers they face do this every day. We level the field — valuing your practice accurately, building a competitive process that surfaces the right buyers, and negotiating terms that protect you through close and beyond. Our team manages everything so you can stay focused on your patients through the transition.

Independent Practice Valuation
EBITDA normalization, add-back documentation, and specialty-benchmark valuation — what your practice is actually worth in today’s market, not what a buyer tells you it’s worth.
Buyer Identification & Qualification
We identify and approach the right buyer universe for your specialty, size, and market — private equity, health systems, DSOs, and strategic acquirers — qualifying each against your priorities before any disclosure.
CIM, Data Room & Process Management
We build the full marketing package, manage the data room, run a structured competitive process with clear timelines, and negotiate the LOI — so you begin from strength, not a standing start.
Due Diligence Through Post-Close Transition
Buyer due diligence coordination, legal counsel alignment, final negotiation, and post-close transition support — protecting everything we built together through the finish line and into what comes next.
Acquiring a Practice
The Right Platform. Built to Grow.

Physicians and groups looking to acquire, expand through acquisition, or build a platform benefit from the same expertise and network we bring to sell-side engagements — target identification, independent valuation, and transaction management from initial outreach through integration planning.

Acquisition Target Identification
Our network surfaces acquisition targets — including practices not actively marketed — that match your growth strategy, geographic priorities, and specialty criteria before they reach a broad buyer process.
Independent Valuation & Due Diligence
We value the target independently — EBITDA normalization, quality-of-earnings assessment, payer mix analysis, and real estate liability review — so you know exactly what you’re buying before you commit.
Negotiation & Deal Structure
LOI negotiation, deal structuring — cash at close, earnout design, equity rollover — and legal coordination to protect your interests through signing. We negotiate from a position of knowledge, not optimism.
Integration Planning
Post-close integration planning — operational alignment, physician retention strategy, real estate consolidation through Clinical Real Estate, and performance tracking to ensure the value of the acquisition is actually realized.
Sell-Side Preparation Timeline
24–36
Months Out — EBITDA Improvement
Revenue cycle optimization, payer renegotiation, and lease restructuring. These improvements need time to season before they carry full weight in a buyer’s analysis — the earlier you start, the more value you capture at your multiple.
18–24
Months Out — Real Estate & Operations
Lease restructuring via Clinical Real Estate, physician employment and retention agreements, quality metric improvement, and KPI documentation that will anchor your data room narrative. Clean up every liability before a buyer finds it.
12–18
Months Out — Financial Normalization
Document every legitimate add-back against current specialty benchmarks and build a 3-year EBITDA history with a clean bridge to current run-rate. Remove everything a buyer will discount before they have the chance — and present the financials in the format buyers underwrite.
6–12
Months Out — Data Room & Buyer Process
Build the data room, prepare the CIM, identify and qualify buyers by type and criteria, and launch a structured competitive process. You begin from complete preparation — not a standing start when a buyer first calls.
0–6
Months Out — Close & Transition
LOI negotiation, due diligence management, legal coordination, and final close — with Real Estate simultaneously handling the building. Post-close transition support ensures your patients, staff, and partners land right.
8x–10x
Current EBITDA Multiples in Physician Practice M&A
12–36
Months Ideal Preparation Timeline for Maximum Value
Zero
Real Estate Liability Entering Buyer Due Diligence
Part of the Clinical Group Platform

When your practice transaction is ready, Real Estate simultaneously manages your building — sale-leaseback, disposition, or 1031 exchange — so both close at maximum value with aligned timing and no surprises.

The Clinical Group →
Analytics & Intelligence

Every Recommendation Backed by Current Market Data.

Analytics 01
Specialty Benchmarking
Revenue per physician, collections rates, overhead ratios, and EBITDA margins benchmarked against current specialty-specific peer data — every gap identified against what top-quartile practices achieve today.
Analytics 02
Payer Rate Database
CPT-level rate benchmarking by payer, specialty, and market. Every underperforming contract identified with precision before renegotiation. Data that turns conversations into leverage.
Analytics 03
M&A Transaction Intelligence
Current multiples by specialty, buyer acquisition criteria, and EBITDA normalization standards — so every practice we position is built against what buyers are actually paying today, not outdated comparable guidance.
Analytics 04
Lease Market Data
Verified market rates through Clinical Real Estate’s transaction database — every occupancy cost recommendation grounded in what the market delivers today, not what was signed five years ago.
Connected Platform Services

Advisory Connected to the Full Clinical Group Platform.

Clinical Real Estate
Tenant Rep & Lease Restructuring
Every dollar of lease savings flows directly to EBITDA. We connect advisory recommendations to real estate execution — ensuring your occupancy cost reflects current market rates before your transaction window opens.
clinicalrealestate.com →
Clinical Real Estate
Investment Sales & Disposition
Practice M&A and real estate disposition often happen simultaneously. We coordinate both — ensuring your building and your practice close at maximum value with aligned timing and no surprises.
clinicalrealestate.com →
Physicians Fund
Post-Transaction Investment
After your transaction closes, proceeds need a home. The Physicians Fund provides institutional-quality real estate investment with clinical market intelligence and physician-aligned governance for what comes next.
physiciansfund.com →
A Clinical Group Platform Company
← Back to The Clinical Group
Start the Conversation

Ready to Find Out What Your Practice Is Actually Worth — and Why?

Tell us where you are and when you’re thinking about a transaction — we’ll build the roadmap from here to maximum value, backed by current market data.

855-CLINGRP · [email protected]
Call 855-CLINGRP → Email Advisory