This series provides timely and relevant discussions with specialists and professionals of the healthcare private equity and finance industry. We’ll share latest developments, provide insight, identify issues and offer takeaways.
Episode 23: November 30, 2023
In this special crossover edition of Across the Table, McGuireWoods is excited to republish an insightful episode from sister podcast Deal-by-Deal. Host Greg Hawver talks to fellow McGuireWoods partner Holden Brooks about antitrust considerations for private equity investors in the middle market (and, interestingly, the lower middle market).
They begin by discussing the Hart-Scott-Rodino Act, which requires pre-close filings for deals valued above $111.4 million that also meet certain other criteria. They note that some add-on strategies and other deals below this threshold may be subject to investigation by the Federal Trade Commission or Department of Justice if there are antitrust concerns.
Hawver and Brooks also discuss FTC v. U.S. Anesthesia Partners and Welsh Carson, a lawsuit that highlights the importance of assessing one’s acquisition conduct, being precise and accurate in communications and documents, and involving antitrust counsel in the pipeline stage of deals.
Episode 22: May 15, 2023
On this episode of Across the Table, host Kayla McCann Marty is joined by Alexis Rathborne, Managing Director of Investments at Trident, for a discussion on the healthcare market and the investment thesis driving Trident’s team. Alexis explains how she applies Trident’s investment thesis — that identifying the right investment and operating partners is key to successful acquisitions — to the specialized physician investments she reviews.
Episode 21: April 27, 2023
On this episode of Across the Table, host Alyssa Campbell speaks with Matthew Pettit, founding partner of Seven Hills Capital, about successful strategies he and his team have used to address staffing challenges, how acquisition growth strategies have shifted in a post-pandemic world, and his emphasis on positivity in the workplace.
Episode 20: April 13, 2023
On this episode of Across the Table, McGuireWoods partner Alyssa Campbell is joined by Colin McDermott and Savanna Ganyard of VMG Health for a discussion of the publicly traded healthcare operator’s Q1 earnings reports and expectations for the rest of 2023. They also touch on whether today’s investment climate reflects a return to typical healthcare acquisition trends or if we’re entering a new post-pandemic era.
Episode 19: January 9, 2023
Honesty and trust are two of the most important elements of any strong relationship. The same is true for the business relationship between private practice physicians and investors, according to Andrea Balogh, chief growth officer and chief legal officer of Integrated Oncology Network.
Join Andrea and Across The Table host Kayla McCann Marty for a discussion on developing strong partnerships and how investors can optimize their business relations and track trends in healthcare.
Episode 18: December 5, 2022
Tune in to learn about trends in the current market, why genuine partnership is a must, SCA Health’s views on management services organizations and a potential turn toward a more care-centric model in specialty health.
Episode 17: September 14, 2021
Join host Geoff Cockrell and Argosy Healthcare Partners managing partner Paul Barrett for insight on how to navigate the deal sourcing market. Hear about business strategy that doesn’t shy away from less sophisticated founders, the important of knowing subsectors and trends, the “boomer” effect and what the future of funding may hold for healthcare entrepreneurship.
Episode 16: August 25, 2021
The importance of a good relationship between a borrower and lender, especially in the healthcare investment space, cannot be overstated. Clear communication and transparency are essential for successful deals. McGuireWoods partners Penny Zacharias, Yuan-Ying Hsu and Clayton Stallbaumer, who work on sponsor-backed lending transactions in the healthcare space, join partner Amber Walsh to discuss how professionals in the industry can form and strengthen borrower-lender relationships.
Join Penny, Ying and Clayton as they discuss the value of flexibility and how to keep legal fees to a minimum. Hear about the “swinging pendulum” between borrower and lender and cultivating a mutually beneficial long-term relationship. Finally, learn how to determine when it’s time to refinance.
Episode 15: July 30, 2021
Investment in the healthcare sector is as strong as ever. Doctors want reassurance and investors want lucrative deals. Join host Geoff Cockrell and Cascade Partners founder and managing director Rajesh Kothari as they discuss what consolidation and other major industry trends mean for the healthcare investor.
Gain insight on the consolidation process, specific sector growth and the challenges associated with potential partnerships. Learn about what investors can do to ensure a quality deal in a seller’s market and about the impending upheaval in a year of tax law change.
Episode 14: May 28, 2021
Healthcare investing is experiencing a gold rush. On this episode, Becker’s Healthcare founder and McGuireWoods partner Scott Becker joins hosts Amber Walsh and Holly Buckley to discuss healthcare private equity investment trends, including healthcare tech, subscription-based services, and asset-light businesses versus asset-heavy businesses. Scott also talks about the increase of provider-driven transactions as well as the competitive pressures health systems face in light of the recent surge of urgent care centers.
Episode 13: April 22, 2021
In this episode of Across the Table, McGuireWoods hosts Amber Walsh and Holly Buckley are joined by Zelis executive adviser and board member Eric Schaefer and president of payments Yusuf Qasim. They discuss the healthcare industry’s increasing dependence on technology and Zelis’ digital strategy, which focuses on simplifying processes and increasing efficiency for payers, providers and health plan members.
Eric and Yusuf expound on the healthcare industry’s move away from manual processes, Zelis’ payments division and its progress toward helping payers and providers receive 100 percent electronic payments, an ultimately less costly and exponentially more efficient model for the industry. They conclude by discussing the creation of Zelis Assembly, an exciting platform that delivers bite-sized information and thought leadership to clients and partners.
Episode 12: February 24, 2021
The past year fast-tracked an already expanding telehealth industry providing convenience for healthcare consumers. In Episode 12, hosts Holly Buckley and Amber Walsh are joined by McGuireWoods partner Andrea Linna to discuss the complexities of digital healthcare. They explore the areas of increased private equity investment in digital health, emerging trends in healthcare technology and artificial intelligence, the importance of data security, and regulatory reform that investors must consider.
Episode 11: January 28, 2021
For this episode of Across the Table, host Geoff Cockrell is joined by Lincoln International’s Barry Freeman and McGuireWoods associate Trey Andrews. Their discussion focuses on the growing shift toward home health catalyzed by the pandemic, including the increase of joint venture relationships between hospitals and home healthcare operators. They provide insight into value-based care and the appeal of diversified models, and conclude with a look at the future of the industry and the promise of home health.
Episode 10: December 21, 2020
In this episode of Across the Table, host Geoff Cockrell is joined by McGuireWoods partner Kate Hardey for a discussion on pharmacy services and pharmacy benefit management. During this informative discussion, Kate talks about the role of PBMs, the difference between 503A and 503B pharmacies, investment activity and diligence.
Episode 9: December 7, 2020
In this episode of Across the Table, McGuireWoods’ hosts Amber Walsh and Holly Buckley, and Physician Growth Partners’ Michael Kroin, provide an insightful discussion for buyers and physicians groups looking at a transaction. Michael talks about the uptick in transactions during the second half of 2020, pricing strategies to spread risk created by the COVID-19 pandemic, and the different types of sellers and buyers transacting. Finally, Michael gives his predictions for 2021.
Episode 8: November 6, 2020
In this episode of Across the Table, hosts Amber Walsh and Holly Buckley are joined by Dr. Jay Robinson III, clinical psychologist and hospital administrator at Kaiser Permanente. They address the evolution of care providers in the U.S. healthcare system generally evaluate and dig into the system’s specific game-changers aimed at enhancing quality at lower cost, positive patient experience, increased access and telemedicine. PE investors can better appreciate opportunities and trends by understanding the evolving role of systems in these advancements.
Episode 7: October 7, 2020
This podcast provides timely and relevant discussions with specialists and professionals of the healthcare private equity and finance industry. We share the latest developments, provide insight, identify issues and offer takeaways.
On this episode, McGuireWoods partner Scott Becker joins hosts Amber Walsh and Holly Buckley to discuss interesting trends in health systems investing in healthcare innovations in an effort to provide superior solutions and services.
Episode 6: June 30, 2020
On this episode, host Geoff Cockrell is joined by Grant Thornton’s Glenn Barenbaum and Lance Beder as well as John Kerins of Cain Brothers to discuss M&A in the current healthcare environment. The group examines different aspects of M&A activity including the impact to buy-side and sell-side transactions, valuation concerns, conducting due diligence and debt financing. In addition, they explore ongoing developments of deal structuring, including the trend of private equity firms supporting portfolio companies.
Episode 5: June 14, 2020
In this episode of Across the Table, hosts Geoff Cockrell, Amber Walsh, are joined by Huron Consulting’s Laura Marcero and returning guest, McGuireWoods partner Mark Freedlander. During this interactive group discussion, they talk in-depth about distressed transactions in the healthcare space. The discussion focuses on the types of companies that may benefit from distressed transactions, including providers severely affected by the pandemic and those who are desperate to find liquidity sources. They also address deal dynamics and the factors likely to affect the success of this type of deal, including valuations and protection policies for both buyers and sellers.
Episode 4: June 8, 2020
As states are relaxing stay at home protocols and other coronavirus-related policies, many healthcare businesses are resuming operations. Healthcare providers that shuttered their practices during the pandemic are beginning to receive patients again. In Episode 4, McGuireWoods partners Holly Buckley, Amber Walsh and Scott Becker provide insight into the critical considerations healthcare providers face as they prepare to reopen. They also explore how to build patient and staff confidence by implementing systems to serve patients safely and efficiently. They conclude by discussing the rise of telemedicine and the future of healthcare businesses and patient experience.
Episode 3: May 21, 2020
In episode 3, hosts Geoff Cockrell and Amber Walsh are joined by Ryan Loehr, director at AMB, for a discussion about the factors that create healthcare subsector headwinds and tailwinds and the areas and businesses being impacted by the coronavirus. Hear about the trends investors are closely monitoring and the healthcare service providers likely to endure. Learn about telehealth and elective medical procedures and how the current crisis will effect these offerings in the long term.
Episode 2: April 20, 2020
It’s expected that distressed transactions in the healthcare sector will continue months after the economic decline resulting from the COVID-19 pandemic. In Episode 2, Charlotte partner Bart Walker discusses executing tuck-in transactions, including the effect on smaller practices, how to scale down the process, what sellers should look for in a potential partner and how platforms can rework their existing processes and systems to accommodate this type of acquisition.
Episode 1: March 23, 2020
On Ep.1, Mark Freedlander, Pittsburgh partner, discusses distressed investing in the healthcare sector, including an overview of the out-of-court and formal-bankruptcy process, common issues in distressed M&A and the importance of diligence.
*All lawyers featured in this series worked at McGuireWoods LLP at the time of recording.
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