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Medical Practices (Primary Care + Specialty)

The 3 anchors. Don't leave the meeting without them.

1THE PRICE
2.6x–4.5x SDE (solo or small primary care / general practice); NOTE: most physician practice M&A at meaningful scale uses EBITDA, not SDE
Typical deal: $2M
2THE LEVER
Payor mix quality
Push this up, multiple goes up
3THE LANDMINE
Physician owner produces all or majority of revenue
Surface this in the first 15 min
SDE multiple
2.6x–4.5x SDE (solo or small primary care / general practice); NOTE: most physician practice M&A at meaningful scale uses EBITDA, not SDE
EBITDA multiple
Primary Care: 5x–7x (add-on) / 8x–12x (scaled value-based platforms); Specialty (Cardiology, GI, Ortho): 7x–14x; Ophthalmology / Oncology / Urology: 8x–20x (retina and oncology platforms at upper end). NOTE: Median public healthcare services EV/EBITDA was ~11.5x in 2025 (down from 14.5x in 2024 per ClearlyAcquired / FOCUS data). Private practice M&A shows strong PE activity driving consolidation across all specialties. Practices with ancillary revenue (ASC, imaging, lab) command 1–3x premium over pure clinical practices.
Deal size range
$300K – $20M+ (specialty platform or large group)
OPEN

Open the meeting

Three things to nail in the first 10 minutes.

  1. 1

    Primary care practices trade at 5x–7x EBITDA for add-ons; scaled value-based platforms reach 8x–12x.

  2. 2

    Specialty multiples: cardiology, GI, ortho at 7x–14x EBITDA; ophthalmology, oncology, urology at 8x–20x.

  3. 3

    Ancillary service ownership (ASC, imaging, lab) adds 1–3x EBITDA premium to any medical practice valuation.

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