Corpus Intelligence Payer Intelligence 2026-04-26 00:40 UTC
Payer Intelligence
608 deals · avg commercial 38.9% · comm↔MOIC ρ=+0.01 · 4 regimes
🛡️ Public data only — no PHI permitted on this instance.
About this page

Summary payer-mix view: corpus-average commercial / Medicare / Medicaid / self-pay composition, a commercial% vs MOIC scatter, and a P25/P50/P75 MOIC table across commercial-share regime buckets. The comprehensive view lives at /payer-intelligence.

Source: data_public/payer_intelligence.py::compute_payer_intelligence.
SUMMARY VIEW
This is the summary. For the comprehensive payer-mix breakdown (4 regimes, per-band MOIC distributions, correlation coefficients) see /payer-intelligence.
Deals w/ Payer Mix
608
of 655 corpus
Avg Commercial %
38.9%
corpus-weighted
Avg Medicare %
37.5%
corpus-weighted
Avg Medicaid %
16.7%
corpus-weighted
Comm↔MOIC Corr
+0.01
Spearman rank
corpus-average composition and return correlation
Corpus-Average Payer Mix
Commercial: 38.9%Medicare: 37.5%Medicaid: 16.7%Self-Pay: 6.9%
Commercial
38.9%
Medicare
37.5%
Medicaid
16.7%
Self-Pay
6.9%
Hover slices for exact %. Based on 608 deals with payer mix data.
Commercial % vs Realized MOIC — 608 deals
20%40%60%80%1x2x3x4xHCA Healthcare – KKR / Bain Capital LBO · 40% comm · 2.40xVanguard Health Systems – Blackstone Buy · 38% comm · 3.10xIASIS Healthcare – TPG Capital Buyout · 30% comm · 2.10xSelect Medical – Warburg Pincus LBO · 27% comm · 2.30xEnvision Healthcare – KKR Buyout · 36% comm · 0.05xSurgery Partners – H.I.G. Capital Platfo · 58% comm · 1.70xKindred Healthcare – TPG / Welsh Carson · 19% comm · 1.40xSteward Health Care – Cerberus Capital A · 26% comm · 0.00xQuorum Health Corporation – CHS Spinoff · 29% comm · 0.00xAcadia Healthcare – Waud Capital IPO Pla · 33% comm · 4.20xProspect Medical Holdings – Leonard Gree · 28% comm · 0.30xEmCare Holdings – Leonard Green & Partne · 40% comm · 3.50xRegionalCare Hospital Partners – Foundat · 29% comm · 2.60xCapella Healthcare – Martin Ventures Buy · 30% comm · 2.10xBrightSpring Health Services – KKR Platf · 18% comm · 1.90xNational Surgical Healthcare – H.I.G. Ca · 62% comm · 2.90xMultiPlan – Churchill Capital SPAC Merge · 100% comm · 3.20xWelsh Carson Healthcare Platform – USPI · 60% comm · 2.00xAvMed / CareMore Health – Anthem Acquisi · 13% comm · 2.50xAcadia Healthcare – Behavioral Portfolio · 24% comm · 2.10xOption Care Health – Walgreens Infusion · 50% comm · 2.80xPrivia Health Group – IPO / Goldman Sach · 46% comm · 1.80xAgilon Health – IPO / Clayton Dubilier & · 3% comm · 0.70xCano Health – SPAC / Jaws Acquisition Co · 8% comm · 0.05xLifeStance Health – IPO / TPG Capital Ex · 80% comm · 0.45xProspect Medical Holdings – CA Hospitals · 15% comm · 0.10xConcentra Group Holdings – Humana Exit / · 80% comm · 2.40xAlignment Healthcare – TPG Secondary Blo · 5% comm · 0.60xAbsolute Care – UnitedHealth Group / Opt · 13% comm · 3.80xShields Health Solutions – Walgreens Boo · 40% comm · 3.20xTivity Health – Foley & Lardner / Spire · 13% comm · 2.30xATI Physical Therapy – Advent Internatio · 72% comm · 0.30xPaladina Health – DaVita Primary Care Sp · 60% comm · 1.80xLandmark Health – UnitedHealth Group Acq · 4% comm · 3.50xBright Health Group – IPO / New Enterpri · 20% comm · 0.02xVillageMD – Walgreens Boots Alliance Maj · 57% comm · 0.30xSignify Health – CVS Health / Aetna Acqu · 7% comm · 4.50xTenet Healthcare – USPI Control Stake Ac · 72% comm · 2.20xOne Medical (1Life Healthcare) – Amazon · 85% comm · 1.50xResCare / BrightSpring Health Services – · 15% comm · 1.40xLandmark Health / UnitedHealth Group · 8% comm · 7.00xAdvanced Dermatology / L Catterton · 58% comm · 3.20xSurgCenter Development / Warburg Pincus · 56% comm · 3.80xQuorum Health / Bankruptcy Acquisition · 20% comm · 0.70xInnovaCare Health / TPG · 2% comm · 2.80xElara Caring / BPEA · 8% comm · 2.10xSurgery Partners / H.I.G. Capital Exit · 50% comm · 3.50xIora Health / One Medical Acquisition · 18% comm · 9.00xCenturion Health / Wexford Health Merger · 0% comm · 2.40xBioScrip / Option Care (Merger) · 55% comm · 3.10xConsulate Health Care / Restructuring · 10% comm · 0.60xRural Metro / KKR Exit to AMR · 28% comm · 2.20xBehavioral Health Group / Shore Capital · 45% comm · 4.20xTeamHealth / Blackstone Secondary · 43% comm · 2.50xVeracyte / PE Growth Investment · 48% comm · 5.50xAdaptHealth / Goldman Sachs BDC · 22% comm · 2.00xDoctor on Demand / Grand Rounds Merger · 82% comm · 2.80xAMSURG / Envision Healthcare Merger · 45% comm · 0.50xHealogics / Arsenal Capital · 21% comm · 2.90xNVA (National Veterinary Associates) / J · 20% comm · 3.00xTalkspace / PE Pre-IPO Investment · 75% comm · 0.60xCCRM / Weinberg Capital · 45% comm · 3.50xInVivo Therapeutics / PACE Acquisition · 0% comm · 2.80xClover Health / SPAC (Social Capital Hed · 0% comm · 0.15xHanger Clinic / Welsh Carson Buyout · 30% comm · 2.10xGenesis HealthCare / Formation Capital · 6% comm · 0.40xOutset Medical / PE Growth Round · 16% comm · 4.50xInvitae / GeneDx Merger · 58% comm · 0.10xCalibrate Health / AXA Venture Partners · 60% comm · 0.40xUS Oncology / McKesson Acquisition · 42% comm · 3.20xPharMerica / KKR Acquisition · 10% comm · 2.70xRotech Healthcare / PE Recapitalization · 22% comm · 2.50xParsley Health / Deutsche Telekom (T-Hea · 55% comm · 1.80xConcentra / Humana Acquisition · 65% comm · 3.10xPrivia Health / General Atlantic · 45% comm · 5.50xNextCare Urgent Care / Wellspring Capita · 64% comm · 3.00xPyramid Healthcare / Warburg Pincus · 42% comm · 3.10xLivongo Health / Teladoc Merger · 80% comm · 0.30xSelect Medical / Welsh Carson · 35% comm · 4.20xGoHealth / Centerbridge Partners · 0% comm · 1.30xRegionalCare Hospital Partners / LifePoi · 28% comm · 2.50xiRhythm Technologies / Pre-IPO Round · 50% comm · 5.00xIPC Healthcare / TeamHealth Acquisition · 40% comm · 2.20xKindred at Home Hospice & Home Health Ca · 14% comm · 3.40xBehavioral Health Group (BHG) LBO · 30% comm · 4.60xSmile Brands Dental Group Recapitalizati · 55% comm · 1.20xUS Renal Care Dialysis LBO · 18% comm · 3.10xRadNet Radiology Take-Private · 50% comm · 0.70xAcadia Healthcare Behavioral Health IPO · 42% comm · 8.20xEnvision Healthcare Physician Staffing M · 50% comm · 0.10xSurgery Partners ASC Rollup LBO · 56% comm · 4.10xGenoptix Oncology Diagnostics Carve-Out · 44% comm · 2.00xCornerstone OnDemand / Healtheon Telehea · 60% comm · 1.80xBrightSpring Health Services Home & Comm · 18% comm · 2.60xIntegrated Oncology Network Add-On · 36% comm · 3.30xComfort Systems / Rotech Healthcare DME · 20% comm · 0.80xTeamHealth Physician Staffing Take-Priva · 52% comm · 1.10xCarepathRx Specialty Pharmacy Joint Vent · 48% comm · 3.00xLifepoint Health LTACH / Rehabilitation · 24% comm · 2.20xWomen's Care Enterprises OB/GYN Rollup · 60% comm · 5.10xKindred Healthcare / TPG + Humana LBO · 12% comm · 2.60xBehavioral Health Group / Frontenac add- · 30% comm · 3.40xOne Medical / Agilon Primary Care Platfo · 65% comm · 3.20xEnvision Healthcare / KKR bankruptcy exi · 38% comm · 0.10xNational Mentor / Centerbridge LBO · 12% comm · 2.80xUS Renal Care / Summit Partners LBO · 10% comm · 3.00xTridentCare / Gridiron Capital LBO · 17% comm · 3.50xAlignment Healthcare / General Atlantic · 0% comm · 3.80xLifeStance Health / TPG growth equity + · 70% comm · 1.50xCano Health / InTandem Capital SPAC + Hu · 8% comm · 0.10xUS Acute Care Solutions / Welsh Carson L · 40% comm · 2.30xApria Healthcare / Blackstone take-priva · 30% comm · 3.30xDental Care Alliance / Harvest Partners · 60% comm · 3.10xMatrix Medical Network / Frazier Healthc · 20% comm · 4.00xSignify Health / New Mountain Capital LB · 8% comm · 5.50xAmerican Vision Partners / Arizona Eye C · 32% comm · 4.20xAccordantHealth / Humana spinout (Evolen · 30% comm · 6.00xSteward Health Care / Cerberus Capital L · 20% comm · 0.40xPhyAmerica Physician Group / Merit Healt · 35% comm · 2.80xSurgical Care Affiliates / United Surgic · 62% comm · 3.80xInfuSystem / ABRY Partners LBO · 50% comm · 2.60xInterim HealthCare / Caring Brands Inter · 25% comm · 2.40xEnvision Physician Services / AmSurg / A · 40% comm · 0.50xNational Imaging Associates / Magellan H · 65% comm · 2.20xSmile Direct Club / Clayton Dubilier & R · 10% comm · 0.05xGentiva Health Services / Kindred at Hom · 12% comm · 2.50xAmerican Renal Associates / Centerbridge · 12% comm · 2.20xUS Physical Therapy / Kelso & Company ad · 55% comm · 1.60xAcadia Healthcare / Waud Capital LBO · 42% comm · 8.20xModivCare (Providence Service) / Coliseu · 10% comm · 2.80xLifespace Communities / Ryan Companies s · 5% comm · 2.10xLabCorp / Covance CRO integration · 50% comm · 2.80xDaVita Medical Group / Optum carve-out ( · 8% comm · 3.50xBright Health / New Enterprise Associate · 30% comm · 0.10xCONMED Corporation / Gyrus Medical acqui · 65% comm · 2.60xAdvanced ICU Care / WindRose Health Inve · 28% comm · 4.10xUnited Behavioral Health / Optum BH carv · 45% comm · 3.10xArdent Health Services / Equity Group In · 30% comm · 2.20xSound Physicians / Summit Partners LBO · 33% comm · 3.00xQuartet Health / Oak HC/FT growth equity · 55% comm · 1.20xPivot Health / Deerfield acquisition + p · 75% comm · 2.00xNational Health Investors / Senior Care · 12% comm · 1.80xGlobal Indemnity Group / specialty healt · 85% comm · 2.20xMednax / NP Pediatrics physician group r · 52% comm · 1.50xVitas Healthcare / Chemed Corporation ac · 5% comm · 5.80xProspect Medical Holdings / Leonard Gree · 22% comm · 0.80xCareMore Health / Anthem acquisition · 0% comm · 4.00xCrossroads Hospice / LHC Group acquisiti · 3% comm · 3.20xSurgical Directions / Waud Capital LBO · 65% comm · 3.80xStaywell Health / Carient / Population h · 28% comm · 2.80xHeritage Healthcare / ABRY Partners add- · 11% comm · 2.50xPhysicians Endoscopy / Blue Wolf Capital · 58% comm · 3.50xNational Western Life / Aon Hewitt benef · 82% comm · 2.10xTeamHealth / IPC Healthcare merger (pre- · 40% comm · 1.10xOmada Health / Andreessen Horowitz growt · 60% comm · 2.50xAltus Healthcare + Rehab / Revelstoke Ca · 58% comm · 2.80xInCompass Health / Elevation Oncology me · 32% comm · 3.60xLHC Group / Almost Family merger · 11% comm · 3.00xHanger Prosthetics / Rehabilitation Cent · 33% comm · 2.10xAcuity Brands Healthcare / Industrial li · 13% comm · 2.30xWellCare / Centene merger (second deal) · 6% comm · 3.20xHAH / Home at Home pediatric nursing (Pe · 12% comm · 4.00xBioSig Technologies / cardiac electrophy · 42% comm · 0.40xTivity Health / Donaldson Lufkin Jenrett · 14% comm · 2.50xSurgical Care Affiliates (SCA) / Frist & · 64% comm · 3.80xMossrehab / Moss Rehab IRF Network expan · 17% comm · 2.10xIASIS Healthcare / TPG Capital LBO · 28% comm · 2.50xCASI Pharmaceuticals / Chinese market sp · 75% comm · 0.70xBioTelemetry / Philips Healthcare acquis · 28% comm · 5.50xAcadia Healthcare Florida/Tennessee BH h · 38% comm · 3.00xNavicent Health / Atrium Health merger · 25% comm · 2.00xCapio AB / Ramsay Health Care acquisitio · 55% comm · 2.80xIPC Systems / CareMore merger (telehealt · 45% comm · 2.00xCuro Health Services / FC/Patriot Capita · 4% comm · 3.40xCHC Healthcare / CareFlight Air Medical · 30% comm · 1.80xNovaBay Pharmaceuticals / Wound care spi · 45% comm · 0.40xFresenius Kabi / NxStage Medical acquisi · 10% comm · 3.80xNexus Health Systems / RehabCare Group a · 13% comm · 2.40xAmSurg / AMSURG + Envision Premerger phy · 50% comm · 2.80xModivCare / Providence Service add-on (p · 10% comm · 1.90xEncompass Health / HealthSouth IRF spin · 16% comm · 2.50xLifePoint Health / RCCH merge + Province · 30% comm · 2.50xMolina Healthcare / Joseph Molina family · 6% comm · 4.50xDermatology Associates / Harvest Partner · 65% comm · 3.80xVeritas Medical / Amsurg cardiology add- · 33% comm · 3.20xMEDNAX / Sheridan Anesthesiology merger · 49% comm · 1.40xCommunity Health Systems / Quorum Health · 26% comm · 0.30xMedBridge / TA Associates physical thera · 55% comm · 4.20xPharMerica / BrightSpring merger (KKR + · 12% comm · 2.80xPediatric Home Service / Stellus Capital · 9% comm · 3.30xAmedisys / LHC Group strategic position · 12% comm · 3.50xUS Dermatology Partners / BBH (Brockton) · 62% comm · 4.00xEnvision Healthcare — KKR Take-Private ( · 46% comm · 0.10xKindred at Home — Humana Majority Buyout · 16% comm · 2.40xCareMore Health — Anthem Strategic Acqui · 8% comm · 3.50xAspen Dental — Leonard Green & Partners · 55% comm · 4.20xEmergency Medical Services (EMSC) — Onex · 48% comm · 3.10xHealogics — Waud Capital Buyout · 22% comm · 3.80xBrightSpring Health Services — KKR Take- · 12% comm · 2.80xSmile Brands — OMERS / Gryphon Investors · 50% comm · 2.20xZotec Partners — Court Square Capital Bu · 30% comm · 3.50xApria Healthcare — Blackstone Take-Priva · 28% comm · 2.10xArdent Health Services — Equity Group In · 32% comm · 3.50xSurgery Partners — H.I.G. Capital Buyout · 44% comm · 2.20xPharMerica — KKR Acquisition (from Brigh · 18% comm · 3.00xWebMD Health — Internet Brands / KKR Tak · 10% comm · 3.50xAmerican Renal Associates — Centerbridge · 24% comm · 2.00xGreenway Health — Vista Equity Buyout · 70% comm · 2.50xNational Mentor — Centerbridge / Vistria · 15% comm · 3.20xAcute Care / TeamHealth — Blackstone Rec · 47% comm · 1.40xViad Medical Centers — Warburg Pincus In · 34% comm · 3.60xUS Oncology — McKesson Strategic Acquisi · 35% comm · 3.20xLandmark Health — Optum Acquisition · 5% comm · 4.50xExamWorks — Leonard Green & Partners LBO · 65% comm · 2.80xConcentra — Select Medical / Humana JV · 45% comm · 2.50xGastro Health — Audax Private Equity Buy · 38% comm · 4.50xAlignment Healthcare — General Atlantic · 2% comm · 3.00xTeamHealth — Blackstone Exit via Sponsor · 47% comm · 1.20xOption Care Health — HC Group Holdings / · 46% comm · 3.00xCovenant Physician Partners — Ares Manag · 43% comm · 3.50xOrtho Clinical Diagnostics — Carlyle LBO · 65% comm · 2.00xEyeCare Partners — FFL Partners Buyout · 42% comm · 3.80xSummit Pacific Medical Center — Rural Ho · 16% comm · 0.60xModivCare (Providence Service) — HCBS Pl · 22% comm · 2.50xAFC Urgent Care — Warburg Pincus Investm · 62% comm · 3.50xAmerican Family Care — Deerfield Managem · 60% comm · 3.00xATI Physical Therapy — Advent Internatio · 45% comm · 0.40xSelect Physical Therapy — Welsh Carson L · 41% comm · 2.50xRadNet — Significant Acquisition / Growt · 38% comm · 2.80xShields Health Solutions — Oak HC/FT Buy · 55% comm · 5.00xMedExpress Urgent Care — Optum Acquisiti · 65% comm · 4.00xComprehensive Pain Management — Acadia / · 35% comm · 3.20xPacific Dental Services — NMS Capital Ta · 60% comm · 4.50xCastle Biosciences — Dermatology Diagnos · 33% comm · 5.00xSurgical Notes — Providence Equity Buyou · 48% comm · 4.00xPremise Health — Warburg Pincus Growth E · 85% comm · 5.50xViant Medical / Integer Holdings — Medic · 55% comm · 2.20xCuration Health (formerly Medicomp) — TA · 25% comm · 4.50xInVentiv Health — Thomas H. Lee Buyout · 75% comm · 2.00xSound Physicians — Fresenius Medical Car · 30% comm · 3.50xRadiation Therapy Inc (21st Oncology) — · 29% comm · 2.80xVeracyte — TPG Investment / IPO · 28% comm · 4.50xInfuCare Rx — Frazier Healthcare Buyout · 46% comm · 4.80xCotiviti — Veritas Capital LBO · 55% comm · 3.50xBeacon Health Options — FCP Euro / Anthe · 30% comm · 2.50xAkumin — Imaging Tech LBO · 39% comm · 0.60xCHA Health Systems — Korean PE Acquisiti · 30% comm · 2.50xMultiplan — Hellman & Friedman LBO · 80% comm · 1.70xNetsmart Technologies — GI Partners LBO · 25% comm · 3.20xAccolade Health — Cigna Investment / IPO · 88% comm · 3.00xHealthMarket / eHealth — Insurance Distr · 52% comm · 2.20xAzul Senior Care — WCAS SNF Platform · 12% comm · 2.50xEnclara Pharmacia — Bankers Life LBO · 25% comm · 3.80xCentral Logic / Appriss Health — Roper T · 45% comm · 3.00xTivity Health (Healthways) — Kelso & Com · 16% comm · 1.50xTeladoc Health — Blackstone / HHBF Acqui · 75% comm · 0.20xAmerican Addiction Centers — BlackRock / · 48% comm · 0.40xRecovery Centers of America — Healthcare · 55% comm · 2.80xOak Street Health — General Atlantic / A · 3% comm · 2.80xIora Health — Humana Acquisition · 4% comm · 3.00xCompassus — Warburg Pincus Majority Inve · 6% comm · 3.20xNovaBay / Wellvibe — Wound Care Rx · 25% comm · 3.50xSCA Health (Surgical Care Affiliates) — · 48% comm · 3.80xUS Dermatology Partners — BBAI / KKR Pla · 52% comm · 2.80xDocuSystems / Nuvolo — HCIT CMMS Platfor · 70% comm · 4.00xIntelliSource Health — Frazier Healthcar · 55% comm · 5.00xAveanna Healthcare — Bain Capital LBO · 12% comm · 1.50xNational Emergency Medical Services Auth · 40% comm · 2.00xForward — SoftBank / Founders Fund · 85% comm · 0.00xPrivia Health — Goldman Sachs / Vestar C · 45% comm · 3.50xWalmart Health — Walmart (Strategic) Shu · 50% comm · 0.00xHims & Hers Health — Oaktree / Clients · 25% comm · 1.50xAcuitas Health — Symphony Health / IQVia · 65% comm · 3.00xTrean Corporation — Insurance Specialty · 82% comm · 2.50xnaviHealth — Optum Acquisition · 18% comm · 3.20xCovenant Physician Partners / Quad-C · 60% comm · 4.20xComprehensive Pharmacy Services / OMERS · 35% comm · 3.10xVillageMD / Walgreens Health · 50% comm · 0.30xBrightSpring Health Services / KKR · 15% comm · 1.80xArcadian Management Services / Nautic Pa · 25% comm · 3.80xModivCare / WCG (exit via public markets · 10% comm · 3.50xNational Spine & Pain Centers / Waud Cap · 55% comm · 3.40xAlerisLife / ABP Acquisition · 5% comm · 0.80xCano Health / SPAC / Chapter 11 · 10% comm · 0.05xQuartet Health / Oak HC/FT · 65% comm · 2.00xLifeScan / Platinum Equity · 50% comm · 0.90xnThrive RCM / Clearlake Capital · 60% comm · 2.80xWaystar / EQT Partners · 65% comm · 3.80xShields Health Solutions / Summit Partne · 55% comm · 5.00xThe Oncology Institute / Advent Internat · 40% comm · 0.30xInnovAge Holding / Welsh Carson (PACE pl · 10% comm · 3.80xOrthoAmerica Spine / Clearfield Capital · 62% comm · 3.20xApria Healthcare / Blackstone → Owens & · 30% comm · 2.50xAlignment Healthcare / Warburg Pincus → · 8% comm · 1.20xAgiliti / Thomas H. Lee Partners · 55% comm · 2.90xKindred Healthcare / TPG + Welsh Carson · 12% comm · 2.20xAcadia Healthcare – Warburg Pincus Platf · 38% comm · 3.10xGreenbrook TMS – Mental Health Roll-Up ( · 55% comm · 0.40xSurgery Partners – New Mountain Capital · 58% comm · 3.80xNovaBay Pharmaceuticals – THL Partners R · 72% comm · 2.20xHealthChannels / ScribeAmerica – Warburg · 80% comm · 3.30xUS Anesthesia Partners – Berkshire Partn · 52% comm · 2.80xPediatric Associates – KKR Platform · 55% comm · 2.60xCaremax – Deerfield / SPAC Distressed · 10% comm · 0.10xNavvis & Company – Health System Consult · 65% comm · 2.90xCovenant Physician Partners – Warburg Pi · 48% comm · 3.20xAmerican Physician Partners – Distressed · 42% comm · 0.60xPhreesia – PSG / SaaS Healthcare · 85% comm · 4.80xCommunity Health Systems Carve-Out – Oak · 42% comm · 1.80xPremise Health / National Wellness – Inv · 88% comm · 2.40xHims & Hers – Oaktree / Pre-SPAC · 35% comm · 3.60xAspen Dental – Ontario Teachers / Leonar · 72% comm · 3.10xSmile Brands – Berkshire Partners recapi · 68% comm · 2.50xSchweiger Dermatology – InTandem Capital · 82% comm · 3.40xU.S. Dermatology Partners – ABRY Partner · 79% comm · 2.90xAcuity Eye Group – Varsity Healthcare Pa · 55% comm · 3.80xEye Health America – Quad-C Management L · 48% comm · 3.00xForefront Dermatology – Wind Point Partn · 80% comm · 3.50xPediatrix Medical Group – CCMP Capital · 50% comm · 2.20xWomen's Health USA – Frazier Healthcare · 70% comm · 3.20xUnified Women's Healthcare – Welsh Carso · 65% comm · 3.00xOrthoConnecticut – Revelstoke Capital · 72% comm · 3.50xOrthoSouth – Alaris Capital Partners · 68% comm · 2.80xSelect Medical – Welsh Carson recapitali · 20% comm · 2.80xIntegraMed Fertility – Lee Equity Partne · 85% comm · 3.60xUS Fertility – Amulet Capital Partners p · 80% comm · 3.20xCRH Medical – Ares Management take-priva · 60% comm · 2.60xGastro Health – KKR add-on platform · 58% comm · 2.90xSmile Direct Club – Camelot Venture Grou · 20% comm · 8.50xRadiology Partners – New Enterprise Asso · 55% comm · 5.20xNational Spine & Pain Centers – Blue Wol · 55% comm · 2.70xCommercial %Realized MOIC
No clear commercial → higher MOIC (ρ=+0.01) · Green ≥3.0× · Blue ≥2.0× · Amber ≥1.5× · Red <1.5×
P25/P50/P75 MOIC by commercial % bucket
Performance by Payer Regime
Regime Range Deals MOIC Range P25 P50 P75 P50 IRR Loss % Avg Comm% Avg Med% Avg Maid%
Gov-heavy 0–30% 124 1.88x 2.55x 3.42x 22.0% 17.7% 14.6% 54.9% 23.1%
Balanced 30–50% 88 2.00x 3.00x 3.50x 25.0% 14.8% 39.1% 37.8% 17.3%
Commercial-mix 50–70% 84 2.15x 2.80x 3.58x 25.0% 10.7% 57.7% 23.1% 11.1%
Commercial 70–100% 35 1.60x 2.40x 3.20x 20.0% 20.0% 79.1% 9.7% 5.7%
Medicaid↔MOIC ρ=-0.13 · Range bar: box=P25–P75, line=P50 · Loss = MOIC <1.0