The Corner Series

The physician practice management (PPM) arena is a mixture of tailwinds, including the ability to expand ancillary services, and headwinds, including more expensive labor costs and antitrust pressures. In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell speaks with Andrew Colbert, Senior Managing Director at Ziegler, a privately held investment bank, capital markets, and proprietary investments firm. Andy joined Ziegler in 2006 as a founding member of Ziegler’s Healthcare Investment Banking practice. He specializes in advising healthcare services and healthcare information technology companies on a spectrum of strategic and financing alternatives.Tune in to hear Geoff and Andy talk about the physician practice management (PPM) environment and areas of opportunity, including the future of value-based contracting, the impact of a rising senior population, avoiding patient-acquisition expenses, potential around women’s healthcare, and what 2024 is going to look like in the PPM space.Connect and Learn More☑️ Andy Colbert | LinkedIn☑️ Zeigler | LinkedIn | Facebook | Twitter/X | YouTube ☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Government investigations by the DOJ, FTC, and others, into private equity funds–both in the civil and the criminal space–are a recent trend that doesn’t show any signs of slowing down. In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell speaks with fellow McGuireWoods partners, Jason Cowley and Ben O'Neil, both of whom are former federal prosecutors and current members of the firm’s Government Investigations and White Collar Litigation practice. Tune in to hear Jason and Ben talk about the government’s attempts to reach beyond the portfolio company to get at the investor and the private equity company itself, as well as the list of factors that the government will look at when deciding whether to extend liability up the chain. They also discuss what changes private equity funds should make, if any, in how they manage their investments.Connect and Learn More☑️ Jason Cowley | LinkedIn☑️ Ben O'Neil | LinkedIn☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

The consolidation wave of private equity-backed platforms has moved through different sectors at different times. One of the most recent sectors to see increased interest from private equity is cardiology. This episode of The Corner Series introduces the “Executive Corner”, where McGuireWoods’ Geoff Cockrell is joined by Tim Attebery, CEO of Cardiovascular Associates of America, to discuss private equity interest in cardiology. Tune in to hear Geoff and Tim explore the current drivers of private equity interest in cardiology, antitrust scrutiny of private equity-backed provider services platforms, the opportunities present in entering into value-based contracting in cardiology, and what is coming down the pike to transform the sector. Connect and Learn More☑️ Timothy Attebery | LinkedIn☑️ Cardiovascular Associates of America | LinkedIn | Facebook | Twitter | Instagram ☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

The healthcare sector is witnessing a trend towards consolidation, but it's not just big hospital mergers making headlines. Private equity is playing a pivotal role in driving smaller consolidations within healthcare provider services.In this episode of The Corner Series, McGuireWoods’ partner, Geoff Cockrell is joined by his colleague Holden Brooks, a partner in the antitrust department at McGuireWoods, to discuss the the role of private equity in the evolving landscape of antitrust enforcement.Tune in as Geoff and Holden discuss the intensifying scrutiny of PE-backed healthcare transactions by antitrust regulators, the challenges for investors in this evolving landscape, and the expected changes in antitrust enforcement in 2024, including new regulations and guidelines.Connect and Learn More☑️ Holden Brooks | LinkedIn☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

All sectors of the healthcare market are experiencing investments and growth. Dental and specialty dental practices are part of this growing trend. In this episode of The Corner Series, McGuireWoods’ partner, Geoff Cockrell speaks with Karan Garg, who is a Partner and serves as Head of Healthcare Services at Solomon Partners, a leading financial advisory firm and one of the oldest independent investment banks. Geoff and Karan discuss the provider services industry, with a specific focus on the dental market and related specialty niches. Tune in to hear Karan share his experience and insights in the dental arena, including growth strategies, risks and headwinds for dental platforms, market trends, and his 2024 prognosis for provider services and dental services in particular.Connect and Learn More☑️ Karan Garg | LinkedIn ☑️ Solomon Partners | LinkedIn | Twitter ☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Although investment in the orthopedic sector is not new, private equity investment interest in this specialty area continues to grow. In fact, orthopedics has become one of the leading sectors for private equity investing, just behind cardiology.  In this episode of The Corner Series, McGuireWoods’ partner, Geoff Cockrell speaks with Scott Davis, Managing Director at Provident Healthcare Partners, one of the leading investment banks providing M&A advisory services, strategic planning, and capital formation to owners and operators of healthcare services businesses. Geoff and Scott focus their discussion on the highly active and evolving orthopedics sector. Tune in to hear Scott share his insights into the state of the orthopedic industry and the leading drivers that make it so appealing to investors.Connect and Learn More☑️  Scott Davis | LinkedIn☑️  Provident Healthcare Partners | LinkedIn | YouTube | Apple Podcasts | Spotify | Amazon Music☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram |  Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Some private equity groups buy assets just to pull them apart and sell them for the pieces. However, that is the exception rather than the norm. In fact, private equity has done a lot to build businesses and make them better, especially in the small and medium-sized business segment.In this episode of The Corner Series, McGuireWoods’ partner, Geoff Cockrell speaks with Edward Crawford, the Co-founder and Co-CEO of Coltala, a Dallas-Fort Worth-based venture capital and private equity firm that employs a “mission” investment style. Geoff and Edward discuss Coltala’s unique investment style, the ethos that drives the firm’s investment strategy, and the misconception about private equity. Tune in to learn more about Coltala’s partnership culture, the mission and margin investment strategy that serves as a filter to screen out certain companies, the test used to evaluate potential deals, and hear why Edward has walked away from opportunities that otherwise looked great financially.Connect and Learn More☑️ Edward Crawford | LinkedIn ☑️ Coltala | LinkedIn | Twitter/X ☑️ Geoff Cockrell | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram |  Twitter/X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Andrew Clark, managing partner at Leavitt Equity Partners and a leader in healthcare private equity, dives into the shifting landscape of U.S. healthcare. He discusses the diminishing appeal of fee-for-service models and the rise of value-based care, which promises better outcomes and significant investment opportunities. The conversation touches on the role of AI in enhancing patient care, the impact of non-healthcare behemoths like Amazon, and the convergence of payers and providers—highlighting the urgent need for innovation in healthcare.

After an active 2022, this year has seen a shift in the PPM space. There are now challenges around the cost of capital, pricing, and labor. Some who raised a lot of capital in 2022 will still be looking for deals, while others are more cautious, putting more emphasis on valuation and financial performance.   On this episode of The Banker's Corner, McGuireWoods' Geoff Cockrell sits down with Robert Aprill, Managing Director at Physician Growth Partners, to share insights on how the market might evolve in 2023 and beyond. Robert’s focus on helping physicians and physician-led businesses navigate private equity within their medical specialty gives him a front row seat to the headwinds this sector is facing currently. The aftermath of COVID has led many business owners to reevaluate the importance of size and scale in their operations; they are now more open to considering partnering with larger entities to navigate uncertain futures. The role of advisors in private equity is to educate clients about various compensation and alignment options when considering partnerships with healthcare platforms. The focus is on an equity perspective and a comp perspective to ensure that physicians are partners and are compensated based on their performance and the practice's performance, promoting alignment through incentives rather than punitive measures like production thresholds. “We spend a lot of time with our clients. I think oftentimes with us, we're presenting something versus having buyers present something to us,” explains Robert. The two also discuss areas of consolidation, interest in niche specialties, and aligning equity with compensation.  Featured GuestName: Robert AprillWhat he does: Robert is a Managing Director at Physician Growth Partners. With prior experience as a healthcare investment banker, he now advises founder- and provider-owned businesses in the healthcare services industry as they prepare for and ultimately pursue a transaction. Organization: Physician Growth PartnersConnect: LinkedInContactConnect with us on Facebook, Twitter, Instagram, YouTube.Subscribe to The Corner Series in your preferred podcast app so that you never miss an episode. This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

When introducing the idea of private equity entering a business, it’s important to make the potential value-add clear from the initial conversation. Doctors are often skeptical about private equity ownership, but providing references and having a clear focus on growing revenue over cutting costs can help facilitate these early conversations.On this episode of The Capital Corner, McGuireWoods' Geoff Cockrell invites Alessio Baraldi, Managing Director at Albaron Partners, to discuss value creation in healthcare provider services. This topic is timely as the market has shifted from an environment where all investors were finding wins in the sector, to today’s environment, which has more challenges to overcome. Alessio provides insight into the equity structures that have worked the best for his portfolios and how he prefers to approach compensation to keep everyone aligned. “What we found is that in an environment where there is quite a bit of wage inflation, having a unified system where the management team is able to manage expenses at the center level without relying on the doctors making those calls, has been quite helpful,” he says.Value creation from a growth strategy can be quite effective, and different firms use various approaches like de novo or acquisitions. Alessio and Albaron Partners prefer a mixture of both to add the most value to their partners. Integrations and centralization are two other ways to provide value to a portfolio company. Being well-integrated and centralizing support functions like billing and call centers can help a company adapt to unique challenges such as wage inflation while increasing operational efficiency.  Featured GuestName: Alessio Baraldi What he does: Alessio founded Albaron Partners in 2017. He plays a key role in directing the firm’s strategy and investment decisions. Alessio is responsible for sourcing and executing new investments, monitoring portfolio companies as an active board member, and overseeing exit processes.Organization: Albaron PartnersConnect: LinkedInContactConnect with us on Facebook, Twitter, Instagram, YouTube.Subscribe to The Corner Series in your preferred podcast app so that you never miss an episode. This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.