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.
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.
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.
Defining personal, financial, and professional objectives for all key stakeholders before any decisions are made.
Understanding your runway, urgency, and openness to different outcomes, critical inputs that shape everything that follows.
Identifying internal and external stakeholders whose alignment is essential to a successful outcome.
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.
Identifying the key factors that drive enterprise value and building a plan to enhance them.
Surfacing and addressing concerns that could reduce value or complicate a process before they become issues.
Crafting a compelling, credible story that positions the business clearly for buyers, investors, or partners.
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.
Pursuing a full sale to a strategic acquirer or platform positioned to maximize value and deliver a clean transition.
Structuring a partial liquidity event that lets owners take chips off the table while retaining meaningful upside.
Helping you grow by identifying and acquiring complementary businesses that add scale, capability, or reach.
Continuing to build the business independently, with a plan centered on organic growth and long-term value creation.
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.
We design each process to meet the unique needs of each business.
Driving the process forward day to day, keeping momentum, timelines, and stakeholders aligned through 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.
You work directly with experienced advisors, not junior analysts, at every stage of the engagement.
We advise from the owner’s seat, understanding that transactions are deeply personal, not just financial events.
Rigorous preparation and disciplined execution translate directly into better terms, better partners, and better outcomes.
Original research, market reviews, and deal commentary.




View our weekly Market Insights hub here for the latest headlines, deal activity, and investment themes.
DOJ declines to prosecute Campus Eye Management Holdings under its new Corporate Enforcement Policy, indicts founder.
BECKER'S ASCAstrana Health reports Q2 2026 revenue of $972.5M (+49% YoY), raises full-year Adjusted EBITDA guidance.
PR NEWSWIREHinge Health signs definitive agreement to acquire Cylinder Health for $105M, expanding into virtual-first GI care.
FIERCE HEALTHCAREHealthBar selects Elation Health as its EHR platform to power employer-based primary care at scale.
BUSINESSWIREClearview Capital exits Advantage Behavioral Health in a $610M muni-bond-financed sale to nonprofit QCF/I, Inc.
LAWRENCE, EVANS & CO.Serelora acquires ACTIN Care Groups' clinical risk-stratification software, extending its agentic EHR into population health.
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* Denotes transaction completed by a Bridgewell Managing Partner at a prior firm.
Whether you're actively exploring a transaction or just beginning to think through your options, we start every relationship with a direct, confidential conversation.
Monthly headlines, deal activity, and investment themes across the sector.
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 7Revenue 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 6The 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 28Connecticut-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 3The 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 29The 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 30PE 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.
Both specialties are seeing modest multiple compression after several consolidation waves, with sponsors emphasizing operational integration and margin optimization over pure roll-up growth.
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.
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.
| Date | Target | Acquirer | Value | Type | Rationale |
|---|---|---|---|---|---|
| Jul 31 | Advantage Behavioral Health | QCF/I, Inc. | $610M | Nonprofit / Muni-Bond | Clearview Capital exits behavioral health platform via municipal-bond-financed nonprofit acquisition. |
| Jul 29 | Sound Surgeons | Transform Health Partners | N/D | PE Platform | Bariatric/weight-loss surgery practice joins outpatient surgical portfolio in Washington state. |
| Jul 28 | Firefly Health | Included Health | N/D | Strategic | Clinically integrated health plan alternative combines with AI-native virtual care/navigation platform; expected to close Q3 2026. |
| Company | Ticker | Price | Mkt Cap ($B) | TEV / Revenue | TEV / EBITDA |
|---|---|---|---|---|---|
| Privia Health | PRVA | $21.33 | $2.7 | 1.1x | 45.9x |
| Astrana Health | ASTH | $34.13 | $1.5 | 0.6x | 12.9x |
| Evolent Health | EVH | $3.82 | $0.4 | 0.6x | N/M |
| CVS Health | CVS | $95.49 | $122.1 | 0.4x | 14.4x |
| U.S. Physical Therapy | USPH | $77.71 | $1.2 | 1.9x | 14.8x |
| Surgery Partners | SGRY | $14.92 | $1.9 | 1.7x | 10.2x |
| RadNet | RDNT | $71.19 | $5.6 | 3.3x | 24.2x |
| Pediatrix Medical Group | MD | $25.99 | $2.1 | 1.2x | 9.6x |
| Average | — | — | — | 1.3x | 18.9x |
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 4Elation'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 3The 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 23The 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 3Agentic 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.
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.
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.
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.
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.
| Date | Target | Acquirer | Value | Type | Rationale |
|---|---|---|---|---|---|
| Aug 4 | Cylinder Health | Hinge Health | $105M | Strategic | Digital MSK platform expands into virtual-first gastrointestinal care; expected to close Q3 2026. |
| Jul 23 | Telemetrix RPM | Nexus | N/D | Strategic | Remote patient monitoring and chronic care management platform joins Epic-native inpatient-to-home care system. |
| Jul 29 | ACTIN Care Groups (risk software) | Serelora | N/D | Tech Tuck-in | Agentic EHR platform adds population-level clinical risk-stratification capability. |
| Company | Ticker | Price | Mkt Cap ($B) | TEV / Revenue | TEV / EBITDA |
|---|---|---|---|---|---|
| Doximity | DOCS | $28.72 | $5.2 | 6.7x | 21.1x |
| Phreesia | PHR | $12.61 | $0.8 | 1.6x | 18.3x |
| Oracle | ORCL | $145.09 | $417.9 | 8.2x | 18.5x |
| Waystar Holding | WAY | $24.46 | $4.7 | 5.0x | 13.8x |
| Claritev (fka MultiPlan) | CTEV | $32.59 | $0.6 | 5.3x | 10.5x |
| HealthStream | HSTM | $28.12 | $0.8 | 2.4x | 10.9x |
| Health Catalyst | HCAT | $2.23 | $0.2 | 0.8x | N/M |
| Evolent Health | EVH | $3.95 | $0.4 | 0.6x | N/M |
| HealthEquity | HQY | $104.63 | $8.7 | 7.1x | 19.1x |
| Hinge Health | HNGE | $89.33 | $7.2 | 9.4x | N/M |
| Talkspace* | TALK | $5.22 | $0.9 | 3.2x | N/M |
| Average | — | — | — | 4.6x | 16.0x |
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Firm announcements, articles, and conference attendance.





