The First Real Consolidation Wave Is Forming. What It Means for Your Practice.

Concierge medicine has never experienced a true private equity consolidation cycle — until now.

For the first time, institutional capital is engaging this space in a meaningful way. Strategic platforms are expanding. Investors are studying subscription models. Larger healthcare groups are exploring partnership structures.

This is not a minor shift.

It is the beginning of the first real consolidation phase in concierge medicine.

And when first-wave consolidation begins in any healthcare vertical, valuations often tend to be strongest for well-prepared practices.

But this moment is not just about multiples.

It is about control.

Consolidation Is Beginning — But Partnership Matters

Buyers are drawn to concierge practices for clear reasons:

• Predictable membership revenue
• Strong renewal rates
• Affluent, loyal patient bases
• Low insurance dependency
• High patient satisfaction
• Scalable geographic clustering opportunities

But concierge medicine is different from urgent care, primary care roll-ups, or high-volume specialty platforms.

This model is built on:

Trust
Time
Access
Relationship

Many concierge physicians are not worried about valuation.

They are worried about:

• A partner interfering with the physician–patient relationship
• Visit time being reduced for profitability
• Staff cuts that weaken quality of care
• Corporate mandates that change culture
• Patients feeling like they were “sold”

These concerns are valid.

The right partnership preserves autonomy, enhances infrastructure, and strengthens long-term growth.
The wrong one can dilute what took years to build.

Not all capital behaves the same — experience in concierge medicine matters.

The difference is preparation — and choosing the right partner.

Valuations in 2026: What Drives Premium Outcomes

Well-structured concierge practices in 2026 are seeing EBITDA multiples generally ranging from:

5.5x to 10x, depending on size, scale, and infrastructure.

Higher multiples typically go to practices that demonstrate:

• Stable membership retention
• Clean, accrual-based financials
• Clear EBITDA normalization
• Operational systems beyond the founder
• Modern EHR and patient engagement technology
• Low revenue concentration risk
• A leadership layer beyond the owner

Larger practices with meaningful EBITDA scale often command higher multiples due to platform relevance and transferability.

Founder-dependent practices without operational infrastructure often receive discounted valuations.

Preparation directly impacts outcome.

Small EBITDA improvements can materially increase enterprise value.

Example:

$200,000 EBITDA improvement
× 7 multiple
= $1.4 million increase in enterprise value

Strategic positioning matters.

The Questions Concierge Physicians Should Be Asking

Before engaging with any buyer, you should be asking:

• If I partner, how is my compensation structured post-close?
• Will clinical autonomy be contractually protected?
• What happens to my visit structure and patient access model?
• How will my staff be treated?
• Is this buyer experienced in concierge medicine — or learning on my practice?
• Am I ready operationally — or will risk reduce valuation?

These are not questions most investment bankers focus on.

They are the questions founders ask privately.

Why 2026 Is a Defining Year

Concierge medicine has matured.
Patients value access.
Physicians value independence.
Investors value recurring revenue.

When institutional capital enters a healthcare model for the first time at scale, early consolidation phases often create strong valuation environments.

But only for practices that are prepared.

The most sophisticated concierge owners are not rushing to sell.

They are quietly preparing.
They are strengthening EBITDA.
Reducing risk.
Building operational leverage.
Understanding buyer psychology.

They are positioning themselves — whether they transact in 12 months or 36 months.

What Concierge Owners Should Consider Now

Even if you are not ready to partner or explore a transaction today, this is the moment to understand:

• How buyers evaluate concierge practices
• What your practice may be worth
• Where operational risk exists
• What increases or decreases multiples
• What partnership structures look like
• How to protect autonomy and culture

Preparation does not commit you to a transaction.

It gives you options.

And options create leverage.

Join the Conversation

We are hosting a private webinar for concierge practice owners covering:

• What is driving the first consolidation wave
• How valuation models are evolving
• What buyers are prioritizing
• How to protect the physician–patient relationship in a partnership
• How to prepare 12–36 months before going to market

You can reserve your seat here

If you prefer a confidential discussion about your practice specifically, you can schedule a private strategy call.

This moment in concierge medicine is significant.

The practices that prepare early will define their outcome — instead of reacting to it.