RCM Diligence — Seeking Alpha Market Intel
Public comps × PE deal flow × curated news
🛡️ Public data only — no PHI permitted on this instance.
Seeking Alpha · Market Intelligence
Healthcare public-market + PE snapshot
14 public comps · 12 PE transactions · 23 curated headlines · refreshed quarterly from public filings + aggregated analyst consensus
Most recent covered transaction: Harvest Partners → Advanced Dermatology & Cosmetic Surgery on 2026-04-12 at 12.8x (+0.0× vs sector median 12.8×).
Market read: Healthcare PE deal flow is currently most active in Audax Group, Harvest Partners, Welsh Carson Anderson & Stowe. Public hospital comp multiples are stabilizing at 9.0× EV/EBITDA — partners underwriting rural/mid-sized acquisitions should target entry multiples at a discount to that public band given the small-target size penalty.
Hospital peer median
9.00×
inside 7.50×–10.00× 5-yr norm
Public healthcare comps · EV/EBITDA TTM + analyst consensus
HCA
BUY
HCA Healthcare
8.9×
EV / EBITDA TTM
THC
BUY
Tenet Healthcare
8.8×
EV / EBITDA TTM
CYH
HOLD
Community Health Systems
9.5×
EV / EBITDA TTM
UHS
BUY
Universal Health Services
7.4×
EV / EBITDA TTM
EHC
BUY
Encompass Health
11.0×
EV / EBITDA TTM
ARDT
HOLD
Ardent Health Partners
10.2×
EV / EBITDA TTM
PRVA
BUY
Privia Health
21.7×
EV / EBITDA TTM
DVA
HOLD
DaVita Inc.
9.4×
EV / EBITDA TTM
FMS
HOLD
Fresenius Medical Care
7.8×
EV / EBITDA TTM
SGRY
BUY
Surgery Partners
12.9×
EV / EBITDA TTM
UNH
BUY
UnitedHealth Group
13.2×
EV / EBITDA TTM
ELV
BUY
Elevance Health
10.8×
EV / EBITDA TTM
MPW
HOLD
Medical Properties Trust
24.4×
EV / EBITDA TTM
WELL
BUY
Welltower
52.1×
EV / EBITDA TTM
Source: 10-K/10-Q filings, FactSet / CapIQ / Seeking Alpha aggregated analyst consensus. Values refresh quarterly; click any ticker to see the underlying comp in the public-comp library. Multiple color-coding: ≥12× premium · 8-12× in-line · <8× discount.
Sector sentiment heatmap · news sentiment × PE deal multiple
ACUTE HOSPITAL
NEGATIVE
AMBULATORY SURGERY
POSITIVE
PE median 14.2× (n=1)
ANESTHESIOLOGY
NEUTRAL
PE median 9.4× (n=1)
BEHAVIORAL
MIXED
BEHAVIORAL HEALTH
NEUTRAL
PE median 11.4× (n=2)
DENTAL DSO
MIXED
DERMATOLOGY
MIXED
PE median 12.8× (n=1)
DIALYSIS
MIXED
PE median 8.7× (n=1)
EMERGENCY MEDICINE
NEUTRAL
GASTROENTEROLOGY
NEUTRAL
PE median 10.5× (n=1)
HOME HEALTH
MIXED
PE median 9.0× (n=1)
HOSPICE
MIXED
MA RISK PRIMARY CARE
NEGATIVE
OPHTHALMOLOGY
MIXED
PE median 11.8× (n=1)
ORTHOPEDICS
NEUTRAL
PE median 13.1× (n=1)
RURAL ACUTE HOSPITAL
NEUTRAL
PE median 6.2× (n=1)
URGENT CARE
NEUTRAL
PE median 11.2× (n=1)
Tone = dominant sentiment across curated headlines; median multiple is the observed PE transaction EV/EBITDA for the sector in the last 6 months. The pairing surfaces the gap partners need to see — a sector with positive sentiment but compressed multiples often signals a buying opportunity.
Recent healthcare PE transactions · last 6 months
2026-04-12
Advanced Dermatology & Cosmetic Surgery
Harvest Partners · DERMATOLOGY
12.8×
EV/EBITDA
EV/EBITDA
$620M
deal size
deal size
Largest dermatology MSO deal of Q2 2026. Multiple compressed
~150bps from 2024 peak; HSR expanded reporting has lengthened
tuck-in cadence in the sector.
2026-04-08
Ridgeline Surgical Partners
Welsh Carson Anderson & Stowe · AMBULATORY SURGERY
14.2×
EV/EBITDA
EV/EBITDA
$1,100M
deal size
deal size
Premium multiple reflecting ASC migration thesis and
favorable commercial payer mix. WCAS continues to lead
the ASC-rollup space; this is their 3rd ASC platform.
2026-03-22
Meridian Anesthesia Group
New Mountain Capital · ANESTHESIOLOGY
9.4×
EV/EBITDA
EV/EBITDA
$840M
deal size
deal size
Anesthesia multiples remain depressed vs 2022-2023 peaks;
NSA IDR QPA recalculation proposed-rule publication
creating overhang on the hospital-based physician sector.
2026-03-10
Prestige Behavioral Health
Audax Group · BEHAVIORAL HEALTH
10.8×
EV/EBITDA
EV/EBITDA
$480M
deal size
deal size
Behavioral-health multiples holding firm on back of
strong Medicaid reimbursement environment and continued
demand tailwind. Medicaid state-exposure concentration
remains the top diligence risk.
2026-02-28
Riverview Community Hospitals (3-facility carve-out)
Rural Healthcare Partners (Arsenal Capital vehicle) · RURAL ACUTE HOSPITAL
6.2×
EV/EBITDA
EV/EBITDA
$185M
deal size
deal size
Rural hospital carve-out at discount multiple; reflects
Medicare-heavy payer mix and thin CBSA economics. Buyer
is a rural-platform specialist underwriting on site-
neutral-proof service-line portfolio.
2026-02-10
Glendale GI Partners
Silversmith Capital Partners · GASTROENTEROLOGY
10.5×
EV/EBITDA
EV/EBITDA
$320M
deal size
deal size
Classic GI platform deal with embedded ASC optionality;
multiple anchored around the public-comp median for
physician-group MSOs. Tuck-in strategy assumes pre-HSR-
expanded-reporting cadence; partners should haircut.
2026-01-24
OakBridge Urgent Care Network
Nautic Partners · URGENT CARE
11.2×
EV/EBITDA
EV/EBITDA
$410M
deal size
deal size
2026-01-15
Northstar Dialysis Holdings
Linden Capital Partners · DIALYSIS
8.7×
EV/EBITDA
EV/EBITDA
$540M
deal size
deal size
Dialysis multiples recovered 50bps post-ESRD PPS CY2027
proposed +1.8% rate; sector still trades at discount to
pre-2022 peak given MA reimbursement overhang.
2025-12-18
Westridge Eye Care Partners
FFL Partners · OPHTHALMOLOGY
11.8×
EV/EBITDA
EV/EBITDA
$380M
deal size
deal size
2025-12-05
Centennial Home Health
Gryphon Investors · HOME HEALTH
9.0×
EV/EBITDA
EV/EBITDA
$240M
deal size
deal size
Home-health multiples compressed vs 2022 post-PDGM
implementation; buyers focusing on commercial-mix
and MA-plan-network platforms.
2025-11-20
Aspen Orthopedics Partners
Audax Group · ORTHOPEDICS
13.1×
EV/EBITDA
EV/EBITDA
$720M
deal size
deal size
Premium orthopedics multiple on ASC-attached platform;
TEAM bundled payment rule overhang priced in via
conditional earn-out on LEJR bundle margin.
2025-11-02
Meadowbrook Behavioral (predecessor)
Carlyle Group · BEHAVIORAL HEALTH
11.4×
EV/EBITDA
EV/EBITDA
$1,250M
deal size
deal size
Top-of-range multiple for behavioral; priced on Medicaid
demand tailwind and network effects of multi-state
platform. Regulatory exposure concentrated in IMD
exclusion rule status.
How to read: Each row is one closed or announced deal with sponsor, specialty, deal size and the published EV/EBITDA multiple. Use this as a negotiation anchor — partners bid into a market that just priced this deal at X× six weeks ago. Hover narratives for sponsor thesis and risk callouts.
Active sponsors · 12-month deal count
Audax Group2
Harvest Partners1
Welsh Carson Anderson & Stowe1
New Mountain Capital1
Rural Healthcare Partners (Arsenal Capital vehicle)1
Silversmith Capital Partners1
Nautic Partners1
Linden Capital Partners1
Sponsors actively deploying capital in healthcare. Useful for competitive-bid forecasting — if Welsh Carson or Audax is circling the same sector, expect the auction floor multiple to widen 50-100bps.
Healthcare PE + regulatory headlines · curated feed
2026-04-22
Tenet posted $3.22 EPS vs $2.98 consensus, driven by the
USPI ambulatory surgery segment. Management raised FY26
EBITDA guidance 3-5%. Sell-side consensus price target
lifted to $182 average.
THCearningsascthcsite_neutral
2026-04-18
CMS finalised the CY2026 OPPS rule locking drug-administration
reimbursement in grandfathered off-campus HOPDs at 40% of the
on-campus rate. Affected hospital operators face ~$200-400M
annual revenue erosion industry-wide.
HCATHCCYHUHSsite_neutraloppsregulatory
2026-04-14
CVS settled with DOJ over add-only retrospective chart reviews
that inflated MA risk scores. Case was anchor for FCA
exposure modeling in MA-risk-bearing platforms.
CVSfcamacoding_intensitydoj
2026-04-11
CMS published the final V28 HCC mapping for CY2027. Aggregate
risk-score reduction projected at 3.12% — aligns with CY2025
pilot data. Providers with >60% MA mix should model $8-15M
revenue compression per $500M NPR.
HCAUHSDVAv28cmsregulatorycoding_intensity
2026-04-08
CMS TEAM bundled-payment mandatory enrollment effective Jan 1,
2026 covering 741 hospitals in 188 CBSAs. Two-thirds of
participants projected to lose ~$1,350/case at baseline.
HCATHCUHSARDTCYHteambundled_paymentregulatory
2026-04-05
UnitedHealth's $8.3B LHC acquisition cleared HSR review with
no second request. Closing expected Q2 2026. Signal: home-
health remains HSR-clean for vertical integration; contrast
with USPI and NovaHealth precedents.
UNHm_and_ahsruhghome_health
2026-03-29
Dental DSO private-transaction multiples held 11-13x EV/EBITDA
in Q1 despite broader PE slowdown — driven by private-pay
payer mix and absence of federal reimbursement overhang.
Seven deals >$200M EV cleared in trailing 90 days.
rollupdsodentaltransaction_multiples
2026-03-27
Envision emerged from restructuring as a physician-owned
vehicle rather than re-PE-sponsored. Market signal: NSA
environment structurally incompatible with aggressive
LBO structures on hospital-based physician groups.
nsabankruptcy_emergenceemergency_medicine
2026-03-22
Three sell-side shops upgraded DaVita following CMS CY2027
ESRD PPS preliminary rate release — 1.8% rate increase with
no Medicare Advantage carveouts. Consensus price target moved
from $145 to $165.
DVAanalyst_upgradedialysiscmsesrd
2026-03-15
HCA missed Q1 consensus EBITDA by 2.1% on site-neutral + TEAM
headwinds; multiple compressed from 10.2x trailing 12mo to
8.9x. Analyst consensus cut FY26 EBITDA 4-6%.
HCAearningsmultiple_compression
2026-03-10
Connecticut HB 5316 passes Senate. REIT operational control
banned effective Oct 1 2026; sale-leaseback bans effective
Oct 1 2027. Adds to MA H.5159 enacted 2025 Q1.
MPWsale_leasebackregulatoryreitconnecticut
2026-03-06
Three mid-cap emergency medicine groups secured BCBS-TX par
status 14 months after the broad OON termination cycle. ED
groups' collections recovery averaging 58% of pre-termination
run-rate — suggesting NSA pressure is bounded, not terminal.
nsabcbspar_restorationemergency_medicine
Public-comp category bands — EV/EBITDA by sub-sector
| Category | Median EV/EBITDA | P25 | P75 | # Comps | Latest Review |
|---|---|---|---|---|---|
| AMBULATORY SURGERY | 13.00× | 11.50× | 14.50× | — | — |
| DIALYSIS | 8.60× | 7.90× | 9.30× | — | — |
| HEALTHCARE REIT | 38.00× | 24.00× | 52.00× | — | — |
| MANAGED CARE PAYER | 12.00× | 10.80× | 13.20× | — | — |
| MULTI SITE ACUTE AND BEHAVIORAL | 7.40× | 7.00× | 8.20× | — | — |
| MULTI SITE ACUTE HOSPITAL | 9.00× | 8.50× | 10.20× | — | — |
| PHYSICIAN GROUP ROLL UP | 20.00× | 17.50× | 24.00× | — | — |
| POST ACUTE REHAB | 11.00× | 10.50× | 12.00× | — | — |
| RURAL ACUTE HOSPITAL | 9.50× | 8.20× | 10.50× | — | — |
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