Sell a Primary Care Practices business

Owner-operator primary care practices businesses trade at 1.8x–3.2x SDE for typical $500K–$3M SDE ranges. At $3M+ EBITDA scale the same operators sell at 6x–10x EBITDA. Multiples in this category are ebitda-based and data-sourced from PitchBook Healthcare Services 2025 + Bass Berry LMM Healthcare Report. Where you land in the range is driven by growth trajectory, revenue mix, customer concentration, and management-team depth beyond the owner.

Optum (UnitedHealth), Amazon One Medical, VillageMD, Oak Street Health (CVS), and CenterWell (Humana) are the strategic acquirers focused on Medicare Advantage primary care. Active buyer archetypes in healthcare include Physician-services PE platform, Health system / MSO, Physician successor. Which of these bids for your business depends on scale — sub-$1M SDE is typically individual or search-fund territory, $1-3M SDE opens up PE platforms and strategics, and $3M+ EBITDA gets full LMM buyer attention.

Primary-care practices with value-based-care contracts (Medicare Advantage risk contracts, MSSP ACO participation) trade at premium — the risk-adjusted PMPM revenue is highly durable and specialist buyers pay for it. Beyond the industry-specific factor, the universal drivers in healthcare are payer mix (commercial vs government) — commercial-weighted practices command premium; provider retention post-close (employment agreements + earn-outs standard); multiple providers/practitioners (not solo-owner-dependent).

Primary-care physician recruiting is extremely competitive; buyers scrutinize your provider-hiring pipeline and any prospective physician-departure risk. Buyers in this category also standardly scrutinize payer reimbursement rate compression and physician recruiting difficulty. Addressing these in advance in a well-prepared CIM materially reduces retrade risk during diligence.

Typical transaction range for primary care practices is $800K–$20M in annual revenue. Below that, buyer pool narrows to individual and small-search-fund. Above that, PE platforms and strategics dominate. NAICS code 621111 — buyers screen by NAICS in most deal sources.

From the day you engage a broker to close, expect 6–12 months for a well-prepared business in healthcare. The prep work — financial cleanup, addbacks documentation, key-employee retention agreements, real estate lease sorting — is where 3-6 months of the timeline hides. Starting that early is what separates a full-multiple exit from a discounted one.