Provident's Healthcare Dealcast

In this insightful conversation, Craig Sager and Tommy Spiegel sit down with Sean Hickey, Director at White Oak Healthcare Finance, to break down debt financing and its crucial role in M&A markets and the healthcare ecosystem. They discuss (i) the current state of the debt and credit markets, (ii) what it means for healthcare services M&A, (iii) what types of debt products are becoming more or less popular, (iv) lender tolerance for adjustments and other related deal dynamics, (v) pre- and post-presidential election considerations, and (vi) the future of debt financing and the healthcare industry.

In this episode, Provident's Craig Sager and Dan O'Brien sit down with Chris Bove, CEO of Clean Slate Centers. Together they examine the world of Medication Assisted Treatment (“MAT”), exploring the challenges MAT aims to address, the related operational and payor dynamics, and key components in driving outcomes for those struggling with addiction.

In today's dynamic healthcare M&A landscape, navigating new antitrust challenges and evolving noncompete regulations have become crucial considerations for shareholders, investors, and providers pursuing transactions. In this episode, Provident's Director, AJ Shekar, is joined by Katherine Douglas, Shareholder of Fredrikson, who brings extensive experience in guiding healthcare stakeholders through regulatory complexities. Together, they delve into effective strategies for navigating recent regulatory changes and explore best practices for staying ahead of changing guidelines.

Technology advancement, adoption, and integration into ABA therapy is revolutionizing the autism services space. The value technology provides has become increasingly important, not only for optimizing operations, but also to improve care delivery and track outcomes. In this episode, Provident's Vice President, Tommy Spiegel, is joined by Rick Loewenstein, CEO and Co-Founder of TeamGame Advisors, and Erica Kinnebrew, Founder of ABA Engine. Their discussion focuses on how technology can address the primary gaps that still exist within the ABA space.

Over the last 12-18 months, the healthcare services market has shown remarkable dynamism.  While many headwinds remain, the sector is not experiencing the same resistance as in 2023. The prevailing perception suggests that interest rates will either remain stable or gradually decline. Despite a cooling inflation rate, the industry continues to grapple with escalating costs, impacting margins and labor dynamics across various sectors. In this episode, Provident's Managing Director, Scott Davis, and Vice President, Kevin McDermott, are joined by Reggie Zachariah, Shareholder at law firm Greenberg Traurig, for insightful analysis and strategic perspectives on what we can expect from the healthcare services market in 2024, and a thoughtful reflection on 2023.

Establishing a robust payor relationship platform has become increasingly important within today's business landscape. In this episode, Provident's Vice Presidents,Steven Grassa and Tommy Spiegel, are joined by Rick Loewenstein, CEO and co-founder of TeamGame Advisors. TeamGame advises ABA and behavioral health providers in overcoming the intricacies of the evolving ABA business environment by developing sustainable growth strategies, including reimbursement rate negotiations. Steve, Tommy, and Rick discuss how autism service providers can change the payor dynamic from transactional to relational, and the impact of this relationship on the bottom line from a provider and advisor perspective.

Aesthetic Medicine and MedSpa organizations have been attracting considerable attention and investor interest over the last several quarters. In this episode, Provident's AJ Shekar and Steven Grassaare joined by Craig Woods and Dean Gould of Dykema, a leading national law firm, to discuss investor activity in the space. The conversation will cover topics such as consolidation drivers, transaction structures, and how best to prepare your business for a sale.  

Panelists: Craig Sager (Moderator), Director at Provident Healthcare Partners Dan O'Brien, Associate at Provident Healthcare Partners David Green, Co-Founder and CEO of Sanford Behavioral Health Rae Green, Co-Founder and President of Sanford Behavioral Health Description: Rapidly Consolidating Industry: The SUD and ED sectors have seen accelerated investor interest Significant Private Equity Interest: 50+ private equity investments made and 200 transactions executed from 2018 through YTD 2023 Discussion Points: Unpacking the tailwinds and key elements across SUD and ED In-network vs. out of network approaches differences in addiction treatment The importance of offering a continuum of care

Primary care is arguably the most dynamic vertical across the healthcare industry. In this episode, Provident's Primary Care team led by Craig Sager and Dustin Thompson are joined by Jonah Broulette, a Principal at Milliman, one of the leading Medicare actuarial firms in the country. Their conversation unpacks the history of primary care and its current state of affairs; value based care, taking risk and why it matters; and closely examining valuations across the sector.

Debt has been a key financing source for healthcare M&A transactions. The availability of debt capital markets with the attractive rate environment has been a key reason for the heightened deal volume we have experienced within healthcare.  Macroeconomic changes in the last few months have impacted deal activity across the economy, including specific areas within healthcare services. In this episode, Provident's Scott Davis and AJ Shekar are joined by Pete Coffin of Twin Brook Capital Partners to discuss what is happening in the debt capital markets today.

Several factors separate great ABA/Autism Services practices from the rest. In this episode, Rayni McMahon, BCBA , Managing Principal of  Consulting for Human Services, joins Provident's Craig Sager and Tommy Spiegel to discuss the playbook for practices to stand out both clinically and operationally.  

Paul Gomez and Tim Perrin of Polsinelli join Steven Grassa, Tommy Spiegel, and Dan O'Brien of Provident Healthcare Partners' to discuss the state of the behavioral health industry, including recent legislative and regulatory developments, transaction activity, and overall consolidation trends. Provident Healthcare Partners releases episodes on a quarterly basis. Be sure to subscribe so you do not miss future episodes.

Provident Healthcare Partners' Scott Davis, Eric Major,  and Kevin McDermott discuss the key drivers for activity within healthcare services M&A this past year, the more active sectors in the space, challenges faced in 2021, what we can expect to see in 2022, and the key takeaways from the annual JP Morgan Healthcare conference. New episodes are released on a quarterly basis, make sure you subscribe so you do not miss future episodes.  

Provident Healthcare Partners' AJ Shekar and Eric Major are joined by Hal Katz, Partner at Husch Blackwell to discuss how to best prepare for all phases of a transaction, focusing on planning ahead for an optimal deal structure, regulatory considerations, and expectations for legal due diligence.

Provident Healthcare Partners' AJ Shekar and Kevin McDermott are joined by Kyle Lattner, Principal of Waud Capital Partners, to discuss how the pandemic has impacted healthcare deal volume and investment since COVID-19 started in March 2020, as well as private equity's outlook for the remainder of 2021.

Provident Healthcare Partners’ Kevin Palamara, AJ Shekar, and Jake Vesely  are joined by Les Levinson of Robinson and Cole to discuss the recent investment activity we’ve seen in the home health and hospice space, key transaction and legal considerations for groups considering a process, predictions for M&A activity and valuations going into 2021, and more.  

Tax Implications of a transaction are an important consideration for shareholders as they begin their planning and preparation process around a potential deal. In this episode, Provident Healthcare Partners’ AJ Shekar and Dustin Thompson are joined by Yaury Jattin, Principal at Kaufman Rossin, a full service CPA firm, to provide an overview of the key components of tax implications.

Since the lock downs took effect across the country in March, markets have tightened up and most processes were either put on hold or delayed. Provident Healthcare Partners’ Steven Grassa and Abe M’Bodj discuss the impact this pandemic has had on M&A activity and what we can expect to see moving forward.

Quality of Earnings is a process that is integrally involved in every one of the transactions run by Provident. In this episode, Provident Healthcare Partners’ Scott Davis and Dustin Thompson are joined by Aaron Cohen of Citrin Cooperman, an accounting firm that provides transaction advisory services, to provide an overview of the key components of a Quality of Earnings.  

The use of debt is instrumental to the PE Model.  In this episode, Provident Healthcare Partners’ Scott Davis and Eric Major are joined by Matt Evans, Managing Director at Monroe Capital, a private credit asset management firm specializing in direct lending and opportunistic private credit investing, to answer some of the common questions around third party debt.

For many practice management organizations, there are a number of considerations from the shareholders and employees that can influence whether or not the timing is right for a private equity deal and what life looks like post transaction.  In this episode, Provident Healthcare Partners’ Eric Major and AJ Shekar provide some insight on the transition for practice management organizations to a private equity-backed ownership structure.

Strong deal flow highlighted the lower middle market in healthcare services in 2018, a trend we expect to continue into 2019. In this episode, Provident Healthcare Partners’ Kevin Palamara, Scott Davis, and Eric Major look back at the trends and dynamics that drove the market in 2018, look ahead to 2019, and discuss some of the specific insights learned at the 37th Annual JP Morgan Healthcare Conference.

The due diligence phase of a transaction can be time consuming and difficult at points but a necessary step to a successful close. In this episode, Provident Healthcare Partners’ Scott Davis, Rebecca Leiba, and Ajeya Shekar outline what goes into a typical due diligence process and answer some of the more frequently asked questions we receive from those considering a transaction. Specific topics include how to prepare, what to expect, common pitfalls, and how best to ensure a successful close.

The financial components of a transaction can be complex. In this podcast episode, Provident Healthcare Partners’ Eric Major, Ajeya Shekar, and Dustin Thompson answer the most common questions we receive around the financial aspects of a deal. Topics include how transactions are valued, the role of an investment banker when it comes to financials, and preparing your business’ financial reporting for a transaction process.

Dating back to the 90’s, physician services has seen consolidation across a number of specialties, which is continuing today within new subsectors. In this podcast episode, Provident Healthcare Partners’ Steven Grassa, Eric Major, and Ajeya Shekar answer the most common questions we receive from physician groups.  Topics include the genesis of investment within physician services and the factors driving consolidation, transaction options available to groups, how deals are structured, how to determine the best timing, and the risks of doing a deal.  

Given its increasing involvement in healthcare today, private equity (PE) continues to draw curiosity and intrigue from healthcare providers and managers.  In this podcast episode, Provident Healthcare Partners’ Robert Aprill, Kevin Palamara, and Ajeya Shekar answer the most common questions we receive about PE by providing an overview of the model and its objectives, while also discussing how deals are structured, how value is created, and what life looks like post-PE transaction among other questions. 

In today’s M&A market, there are many options for organizations interested in pursuing a transaction.  In this podcast episode, Provident Healthcare Partners’ Eric Major and AJ Shekar discuss the pros and cons of each type of transaction partner, including strategic acquirers, private equity firms, health systems, and payors.  

There are numerous benefits to hiring an investment bank to explore transaction options.  In this podcast episode, Provident Healthcare Partners’ Eric Major and AJ Shekar discuss the right timing for businesses to engage an investment bank, how to find an investment bank that is the right fit for your company, and the value an investment bank adds to a process.

The healthcare services sector has always been attractive to investors and consolidators.  In this podcast episode,  Provident Healthcare Partners’ Eric Major and AJ Shekar discuss factors influencing consolidation, why the space is so attractive, and where the market is going.