Bridgewell

Investment Banking forHealthcare IT & Services
Physician Practices

Sell-Side M&A Buy-Side M&A Growth Strategy

Our Focus

Bridgewell provides tailored M&A advisory services for healthcare owner-operators and physician practices who have created significant value and are seeking the next step in their business’s evolution.

Physician Practices
Ambulatory & Outpatient
Cardiology
Dental & Oral Surgery
Dermatology
Eye Care
Gastroenterology
Orthopedics
Urology
Healthcare IT & Services
AI & Analytics
Care Management
Clinical Documentation
GRC
Home Health
Managed Care / VBC
Population Health
RCM & Risk Adjustment

Our Process

Every engagement begins with active listening and ends with decisive execution. We don’t apply a generic playbook. We build a framework around your business, your goals, and your timeline.

1Stakeholder Alignment
2Business Positioning
3Strategic Options
4Tailored Execution

Understanding What Matters Most to You

Before any process begins, we invest time in understanding your personal, professional, and financial objectives and those of any other key stakeholders involved in the business.

This stage sets the foundation. It’s about gaining clarity regarding where you are and where you want to go, before committing to a specific path forward.
Goals Clarification

Defining personal, financial, and professional objectives for all key stakeholders before any decisions are made.

Timeline & Flexibility Assessment

Understanding your runway, urgency, and openness to different outcomes, critical inputs that shape everything that follows.

Key Relationship Mapping

Identifying internal and external stakeholders whose alignment is essential to a successful outcome.

Building the Strongest Possible Version of Your Story

We analyze the business to identify and enhance value drivers, optimize positioning, mitigate concerns, and clearly define growth opportunities, preparing the business for future success regardless of the path chosen.

This is where the most value is created.
Value Driver Analysis

Identifying the key factors that drive enterprise value and building a plan to enhance them.

Risk Mitigation

Surfacing and addressing concerns that could reduce value or complicate a process before they become issues.

Strategic Narrative Development

Crafting a compelling, credible story that positions the business clearly for buyers, investors, or partners.

Evaluating Every Path, Not Just the Obvious One

We help determine the best course of action that aligns with your business strategy and goals. The range of options is broader than most owners realize, and an honest evaluation of all of them is essential to finding the right path.

An evaluation of the full range of options is important to ensure the ideal path forward, not just the most common one.
Strategic Sale

Pursuing a full sale to a strategic acquirer or platform positioned to maximize value and deliver a clean transition.

Recapitalization

Structuring a partial liquidity event that lets owners take chips off the table while retaining meaningful upside.

Add-On Acquisition

Helping you grow by identifying and acquiring complementary businesses that add scale, capability, or reach.

Stand-Alone Growth

Continuing to build the business independently, with a plan centered on organic growth and long-term value creation.

Executing With Precision, From Launch to Close

We design a customized process and manage every detail, from initial outreach through final negotiations, ensuring no opportunity is missed and no detail is left to chance.

Upfront preparation translates into tangible results.
Process Design

We design each process to meet the unique needs of each business.

Active Process Management

Driving the process forward day to day, keeping momentum, timelines, and stakeholders aligned through close.

Negotiation & Close

Negotiating terms that protect your interests and managing diligence through to a clean, efficient close.

Two decades of shaping outcomes for owners means we’ve seen what works and what doesn’t across deal structures and market cycles. That experience shapes every engagement.

Senior-Level Engagement

You work directly with experienced advisors, not junior analysts, at every stage of the engagement.

Owner-Aligned Perspective

We advise from the owner’s seat, understanding that transactions are deeply personal, not just financial events.

Process Discipline

Rigorous preparation and disciplined execution translate directly into better terms, better partners, and better outcomes.

20+Years of Senior Advisory Experience
$2B+Enterprise Value Created
1Industry Focus

Thought Leadership

Original research, market reviews, and deal commentary.

Introducing Bridgewell Advisory
There's a checklist buyers expect
Partial transaction or full exit? Get clear first
We run the process so you can keep running the company

Market Insights

View our weekly Market Insights hub here for the latest headlines, deal activity, and investment themes.

Healthcare Public Markets
WEEK OF
AUG 7 Physician Practices

DOJ declines to prosecute Campus Eye Management Holdings under its new Corporate Enforcement Policy, indicts founder.

BECKER'S ASC
AUG 6 Physician Practices

Astrana Health reports Q2 2026 revenue of $972.5M (+49% YoY), raises full-year Adjusted EBITDA guidance.

PR NEWSWIRE
AUG 4 Healthcare IT & Services

Hinge Health signs definitive agreement to acquire Cylinder Health for $105M, expanding into virtual-first GI care.

FIERCE HEALTHCARE
AUG 3 Healthcare IT & Services

HealthBar selects Elation Health as its EHR platform to power employer-based primary care at scale.

BUSINESSWIRE
JUL 31 Physician Practices

Clearview Capital exits Advantage Behavioral Health in a $610M muni-bond-financed sale to nonprofit QCF/I, Inc.

LAWRENCE, EVANS & CO.
JUL 29 Healthcare IT & Services

Serelora acquires ACTIN Care Groups' clinical risk-stratification software, extending its agentic EHR into population health.

LAWRENCE, EVANS & CO.
Sourced weekly from trade press, deal data, and bank research. View the Full Intelligence Hub →

Recent Transactions

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* Denotes transaction completed by a Bridgewell Managing Partner at a prior firm.

Let's Talk

Is Your Business the Right Fit?

Whether you're actively exploring a transaction or just beginning to think through your options, we start every relationship with a direct, confidential conversation.

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Healthcare Public Markets
MONTH OF

Physician Practices

Top Headlines This Week 6 items · Jul 28–Aug 7

AUG 7

DOJ declines to prosecute Campus Eye Management Holdings, indicts founder

Under the Department's new Corporate Enforcement Policy, DOJ declined to prosecute the PE-backed optometry MSO for healthcare fraud and kickbacks after it self-disclosed, cooperated, and paid $1M in restitution, marking the first healthcare declination under the policy. Founder E. Bruce DiDonato was separately indicted on a seven-count fraud and kickback scheme tied to the 2021 PE recapitalization.

Becker's ASC / DOJ, Aug 7
AUG 6

Astrana Health reports Q2 2026 results, raises full-year guidance

Revenue of $972.5M (+49% YoY), net income of $19.7M (+109% YoY), and Adjusted EBITDA of $68.9M (+43% YoY) for the quarter; management raised full-year 2026 Adjusted EBITDA guidance to $255–280M, citing accelerating provider and payer demand for its value-based care platform.

PR Newswire, Aug 6
JUL 28

Included Health signs definitive agreement to acquire Firefly Health

The combination pairs Included Health's clinician-in-the-loop virtual care and navigation platform with Firefly's clinically integrated health plan design, serving 20,000+ members through 2,300+ providers; Firefly reported 15%+ total cost of care savings and 90% member satisfaction in 2025. Expected to close Q3 2026.

BusinessWire, Jul 28
JUL 31

Clearview Capital exits Advantage Behavioral Health in a $610M muni-bond-financed sale

Connecticut-based PE firm Clearview agreed to sell the New Jersey mental health and sober-living operator to nonprofit acquirer QCF/I, Inc., funded via a planned $610M unrated municipal bond issuance; Clearview and management expect ~$415M at closing, with up to $100M more tied to performance. ABH is projected to generate ~$170M revenue and ~$78M EBITDA this year.

Lawrence, Evans & Co. · Weekly Healthcare Digest, Aug 3
JUL 29

Transform Health Partners completes acquisition of Sound Surgeons

The buyer adds the Washington-state bariatric and weight-loss surgery practice, along with Sound Weight & Wellness, extending its strategy of building an outpatient surgical facility portfolio.

McGuireWoods, Jul 29
JUL 30

Timshel Health adds MyMD Select to its direct primary care platform

The East Texas DPC practice, founded in 2014, joins Timshel's national holding company and plans to open new clinics across Texas; founder Jeremy Smith, MD becomes MyMD Select's chief medical officer under the deal.

BusinessWire, Jul 30

Key Investment Themes

Market-Wide

PE is pulling back from broad physician rollups, redirecting capital toward differentiated platforms in behavioral health, fertility, dermatology and dental DSOs, alongside MSK/orthopedics and home health.

Dental & Dermatology PPM

Both specialties are seeing modest multiple compression after several consolidation waves, with sponsors emphasizing operational integration and margin optimization over pure roll-up growth.

Behavioral Health Exits

Nonprofit and mission-aligned buyers are emerging as credible exit paths, as seen in Clearview Capital's $610M muni-bond-financed sale of Advantage Behavioral Health to nonprofit acquirer QCF/I.

Regulatory Watch

79+ state bills addressing PE/investor-backed ownership introduced across 26 states in 2026, with holding periods lengthening beyond five years and dividend recapitalization structures under increasing physician and regulator scrutiny.

M&A Deals of the Month Aug 2026

DateTargetAcquirerValueTypeRationale
Jul 31 Advantage Behavioral Health QCF/I, Inc. $610M Clearview Capital exits behavioral health platform via municipal-bond-financed nonprofit acquisition.
Jul 29 Sound Surgeons Transform Health Partners N/D Bariatric/weight-loss surgery practice joins outpatient surgical portfolio in Washington state.
Jul 28 Firefly Health Included Health N/D Strategic Clinically integrated health plan alternative combines with AI-native virtual care/navigation platform; expected to close Q3 2026.

Conference Recap

Becker's Spine, Orthopedic & Pain Management-Driven ASC + The Future of Spine
JUN 11–13, 2026 · CHICAGO, IL

Healthcare Public Market Comps: Physician Practices As of Aug 7, 2026

CompanyTickerPriceMkt Cap ($B)TEV / RevenueTEV / EBITDA
Privia HealthPRVA$21.33$2.71.1x45.9x
Astrana HealthASTH$34.13$1.50.6x12.9x
Evolent HealthEVH$3.82$0.40.6xN/M
CVS HealthCVS$95.49$122.10.4x14.4x
U.S. Physical TherapyUSPH$77.71$1.21.9x14.8x
Surgery PartnersSGRY$14.92$1.91.7x10.2x
RadNetRDNT$71.19$5.63.3x24.2x
Pediatrix Medical GroupMD$25.99$2.11.2x9.6x
Average1.3x18.9x

Healthcare IT & Services

Top Headlines This Week 4 items · Jul 23–Aug 4

AUG 4

Hinge Health signs definitive agreement to acquire Cylinder Health for $105M

The publicly traded digital MSK platform expands into virtual-first gastrointestinal care, combining Cylinder's clinical expertise with Hinge's technology into a single app targeted for a 2027 launch; deal expected to close Q3 2026.

Fierce Healthcare, Aug 4
AUG 3

HealthBar selects Elation Health to power employer-based primary care at scale

Elation's clinical-first EHR platform will support HealthBar's onsite and virtual preventive-care offering, which serves dozens of employers and schools nationally, as the company continues its expansion.

BusinessWire, Aug 3
JUL 23

Nexus acquires Telemetrix RPM

The deal, which closed in Cleveland, unifies inpatient coordination, remote patient monitoring, chronic care management and cardiac AI into a single Epic-native workflow, part of a broader push among health tech providers toward integrated inpatient-to-post-acute platforms.

PR Newswire, Jul 23
JUL 29

Serelora acquires ACTIN Care Groups' clinical risk-stratification software

The acquired WellCheck technology, a 27-instrument preventive risk battery, becomes a native capability of Serelora's agentic EHR, extending it from individual-chart documentation into population-level risk analysis.

Lawrence, Evans & Co. · Weekly Healthcare Digest, Aug 3

Key Investment Themes

Market-Wide

Agentic AI and virtual-care consolidation continue to reshape the sector, with platforms increasingly acquiring adjacent clinical and monitoring capabilities to build unified, hospital-to-home care operating systems, as seen in Nexus/Telemetrix and Hinge Health/Cylinder Health this week.

Population Health & Risk Stratification

Agentic EHR platforms are moving beyond documentation into population-level risk analytics, as seen in Serelora's acquisition of ACTIN Care Groups' WellCheck risk-stratification technology.

Deal Volume Trends

Q1 2026 recorded 95 Health IT M&A/buyout transactions, including 18 high-quality buyouts, on pace to approximate 2025's near-record buyout levels. Market caution is concentrated at the upper end of the market; the lower end remains resilient.

Capital Flows & Sponsor Interest

Sponsor interest remains concentrated in governance, risk and compliance (GRC) tooling, with pharma services and pharma tech outsourcing expected to draw additional capital as pharma companies look to reduce cost and time-to-market.

Regulatory Watch

ONC/HHS confirmed active enforcement of information-blocking rules for the first time since the 21st Century Cures Act, with product decertification now an explicit consequence; TEFCA has scaled to 600M+ documents exchanged across 75,000 connections.

M&A Deals of the Month Aug 2026

DateTargetAcquirerValueTypeRationale
Aug 4 Cylinder Health Hinge Health $105M Strategic Digital MSK platform expands into virtual-first gastrointestinal care; expected to close Q3 2026.
Jul 23 Telemetrix RPM Nexus N/D Strategic Remote patient monitoring and chronic care management platform joins Epic-native inpatient-to-home care system.
Jul 29 ACTIN Care Groups (risk software) Serelora N/D Tech Tuck-in Agentic EHR platform adds population-level clinical risk-stratification capability.

Conference Recap

HIMSS26 Global Health Conference & Exhibition
MAR 9–12, 2026 · LAS VEGAS, NV · ~24,000 ATTENDEES

Healthcare Public Market Comps: Healthcare IT & Services As of Aug 7, 2026

CompanyTickerPriceMkt Cap ($B)TEV / RevenueTEV / EBITDA
DoximityDOCS$28.72$5.26.7x21.1x
PhreesiaPHR$12.61$0.81.6x18.3x
OracleORCL$145.09$417.98.2x18.5x
Waystar HoldingWAY$24.46$4.75.0x13.8x
Claritev (fka MultiPlan)CTEV$32.59$0.65.3x10.5x
HealthStreamHSTM$28.12$0.82.4x10.9x
Health CatalystHCAT$2.23$0.20.8xN/M
Evolent HealthEVH$3.95$0.40.6xN/M
HealthEquityHQY$104.63$8.77.1x19.1x
Hinge HealthHNGE$89.33$7.29.4xN/M
Talkspace*TALK$5.22$0.93.2xN/M
Average4.6x16.0x
Introducing Bridgewell Advisory
There's a checklist buyers expect
Partial transaction or full exit? Get clear first
We run the process so you can keep running the company
The best exits start years before you feel done
We only take deals we're confident will close
Years of hands-on healthcare transactions
At Bridgewell, every deal is run by a Managing Partner
We prepare healthcare founders for the questions buyers ask
Buyers and founders negotiate in different languages

Select Transaction Experience

*
has been acquired by
*
has been acquired by
*
has been acquired by
*
has been acquired by a portfolio company of
*
has been acquired by a portfolio company of
*
have been acquired by
*
has been acquired by a portfolio company of
*
has received growth capital from
*
has been acquired by
*
has been acquired by a portfolio company of
*
has been acquired by
*
has been acquired by
*
has been acquired by a portfolio company of
*
has been acquired by a portfolio company of
*
has been acquired by
*
has been acquired by a portfolio company of
*
has been acquired by a portfolio company of
*
has received growth capital from
* Denotes transaction completed by a Bridgewell Managing Partner at a prior firm.

Recent Conferences & Events