“The Corner Series” is a multiperspective podcast series by McGuireWoods featuring commentaries from lawyers, bankers and a number of specialists about the developments and issues dominating today’s middle-market private equity. Tune in with McGuireWoods partner, Geoff Cockrell as he and specialists share real-world insight to help enhance your knowledge.
Videos are posted on YouTube and social media channels. Podcasts also are available on Apple and Spotify.
Episode 142: Where Value-Based Care Actually Works, With Dawn Owens
Value-based care is one of healthcare’s biggest bets on changing how care is delivered and paid for, but how well has it worked? Dawn Owens, CEO and partner at healthcare investor Truehelm, gives the model a “C” overall.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Dawn explains why this model — in which providers are rewarded for better outcomes and lower costs rather than more services — works better for stable, concentrated populations such as seniors than for commercially insured patients who move between employers and payers. She also discusses why specialist investors are positioned to navigate the sector, how Medicare Advantage disruption is reshaping the market and where AI can ease administrative burdens on primary care physicians.
Episode 141: Defusing Post-Closing Deal Disputes, With Jeff Golimowski
When private equity clients ask Jeff Golimowski how to avoid getting sued after a deal, his answer is simple: You can’t prevent every possible lawsuit. The real question is how to mitigate the risk. A litigator and McGuireWoods partner, Jeff represents buyers and sellers in post-closing disputes, which are rising as longer hold periods coincide with earnout and working capital conflicts.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Jeff explains how two statements in a reliance clause can prevent disputes, and why GAAP-based definitions beat hyper-technical ones when a case reaches a judge or arbitrator. Tune in for practical advice on limiting post-closing fights and knowing when one is worth litigating.
Episode 140: The Future of SaaS in Healthcare, With Noah Lewis
SaaS is dead in the age of AI, say many in healthcare software.
Not so fast, says Noah Lewis, managing partner at Ardan Equity, a sector specialist at the intersection of healthcare, life sciences and technology. Arguing that the “SaaSpocalypse” is overblown, he joins McGuireWoods partner and host Geoff Cockrell to discuss AI’s impact on health tech. Noah explains how he screens for “melting ice cube risk” and sees commercialization, not technology cost, as the real competitive moat.
He also unpacks why healthcare’s aging $400 billion tech stack makes the present a golden age for health tech, and contends the market is shifting from inflationary to deflationary business models. It leads to one question: Who wins and loses as AI transforms healthcare?
Episode 139: Investing in Precision Health, With Chris Dorn
Demand for concierge and functional medicine is surging, fueled by the GLP-1 boom and by healthcare costs increasingly shifting onto consumers. Fifth Third Securities managing director Chris Dorn describes this space, also known as “precision health,” as a consultative healthcare model where patients get more time with their physician and access to treatments standard primary care won’t provide.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Chris digs into the details investors weigh: how much GLP-1 exposure sinks a deal’s appeal, and who actually buys these businesses once they reach real scale. Tune in for where the opportunity — and the traps — lie in one of healthcare’s fastest-emerging markets.
Episode 138: Prescribed Pediatric Care at Scale, With Jeff Soffen
Three million children in the U.S. could benefit from Prescribed Pediatric Extended Care (PPEC), but most families don’t know it exists. Jeffrey Soffen, CEO of Spark Pediatrics, the largest PPEC provider in the country, joins McGuireWoods partner Tim Fry on The Corner Series.
Jeff explains how today’s standard of care leaves 40 to 60 percent of skilled nursing hours unfulfilled, forcing medically complex children to remain hospitalized for upward of 500 days. Spark’s model places children in community-based centers for skilled nursing, therapies and peer socialization. Tune in for Jeff’s perspective on state-by-state legislative expansion, health system partnership and why you can do well by doing good in Medicaid.
Episode 137: The Compliance Playbook Behind Today’s Booming Wellness Clinics, With John Bradburn and Chris Seitz
As private equity investment in healthcare compliance and wellness accelerates, oversight infrastructure helps nonphysician providers to scale. Dr. Christopher Seitz, CEO and CMO of GuardianMD, joins John Bradburn, a partner at Elements Health Investors, to discuss mid-level providers reshaping access to care.
Chris details Guardian’s role in helping clinicians navigate licensing rules. Guardian launched five years ago to build compliance infrastructure for telemedicine and outpatient providers. John explains Elements’ thesis of backing companies that improve outcomes at lower cost.
McGuireWoods partner and host Geoff Cockrell steers the conversation toward AI’s growing role in medical oversight, calling it a massive opportunity. John closes by addressing misconceptions about private equity in healthcare and outlining Guardian’s growth strategy.
Episode 136: Med Spa Growth and Capital Strategy, With Amanda Blank
Amanda Blank, CEO of Founders Beauty Group, joins McGuireWoods partner and host Geoff Cockrell to discuss the growth of her strategic med spa platform, built on a hub-and-spoke model across four geographies through the acquisition of established, doctor-owned, cash-pay practices.
Amanda shares how she evaluated different capital sources during the company’s growth, including her decision to partner with high-net-worth family offices rather than private equity investors at that stage of the business, and discusses the factors that informed that approach.
She also explores why specialized industry knowledge matters for investors in the med spa sector, why GLP-1s are unlikely to serve as an anchor service, where durable competitive advantages exist in a relatively low-barrier market and how her experience leading a woman-owned platform has shaped the company’s growth.
Episode 135: The Thaw Has Arrived in Provider Services M&A, With J. Kyle Brown
The provider services M&A market is probably approaching 50% of peak deal volume — well below historical norms — yet J. Kyle Brown sees real momentum building. Kyle is managing director and lead of the provider services group at Brown Gibbons Lang & Company.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Kyle unpacks how, after holding over a hundred private equity provider services assets for six years, demand finally feels different — the first real shift since early 2023.
They examine the evolution from TopCo MSO equity to near-term incentive structures and discuss which subsectors — ASCs, infusion, ENT and interventional pain — are drawing the most investor attention.
Episode 134: Healthcare Compliance as a Deal Asset, With Wiks Moffat
Compliance is no longer a fire drill to be ignored. Wiks Moffat, founder and CEO of Calyx Compliance with 30 years of healthcare compliance experience, says the enforcement environment has accelerated, with AI now helping regulators spot outliers.
In conversation with McGuireWoods partner and host Geoff Cockrell, Wiks explains how most companies still aren’t doing enough self-assessment, how billing and coding is almost always where scrutiny begins, and how compliance can generate a clear ROI by surfacing missed revenue opportunities post-acquisition.
Tune in for guidance on compliance staffing thresholds and why sellers should start due diligence 18 months ahead.
Episode 133: One Portal for Every Perinatal Journey, With Ian Gardner
Ian Gardner and his wife struggled to assemble a holistic care team during her pregnancy. At the end of their journey, they had a son — and a solution they called MilkWise, a one-stop portal where mothers can access experts and specialists so they can focus on their infants, not on searching through their various healthcare packages.
“We saw platforms and companies that provided specific components, say, for postpartum depression, pelvic floor rehab or lactation, but no single destination where a mom could go,” Ian explains to McGuireWoods partner and host Geoff Cockrell.
Tune in as Ian describes how MilkWise uses lactation consulting as its market wedge, why payers — not providers — are the biggest operational challenge, and the three pillars MikeWise is built on: products, providers and payers.
Episode 132: Navigating Nuances of Life Sciences Post-Closing, With Amy Cassalia
McGuireWoods partner and host Geoff Cockrell invites colleague Amy Cassalia — whose practice is heavily weighted on life sciences transactions — to share insights about the post-closing period of these complex deals. The wide-ranging conversation covers the dynamics of “contingent consideration,” investor risk and buyers’ leverage.
Amy explains why she sees high-level use of contingent payments in life sciences deals and why the term “commercially reasonable” often becomes critical when a deal spirals into litigation. Stay tuned as she unpacks leading trends. Top among them? The increasing use of earn-outs.
Episode 131: GP-Led Secondaries in Lower Middle Market, With Chris Lawrence
The secondary market has grown to roughly $220 billion as GPs and LPs scramble for liquidity in a private markets cycle stuck in a “worse distribution profile” for three and a half years. Chris Lawrence, managing partner at Labyrinth Capital Partners, joins McGuireWoods partner and host Geoff Cockrell to demystify GP-led secondaries.
Chris breaks down continuation vehicles, strip sales and fund restructurings. He explains why secondary pricing ranges from par to as low as 72 cents on the dollar and makes the case that GP-leds are now a mature, institutionally accepted portfolio management tool.
Episode 130: Oncology and Retina: Follow the Drug Spend, With Jeanne Proia
Oncology commands roughly 40% of the national drug spend. Retina is close behind. “If you follow the drug spend, you’ll find that the distributors are really building an ecosystem around it,” says Jeanne Proia, managing director at Cross Keys Capital and president of its healthcare services group.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Jeanne unpacks the market. Unlike traditional PE deals, she says, these transactions leave physicians holding their own equity inside a long-term MSO relationship, trading the second bite at the apple for cash upfront and taking the risk off.
As she explains: “They’re able to bring a lot more synergies just because they’re getting to be bigger and bigger, and they can use that money to support all the synergies, whether it’s clinical trials, recruiting or RCM.”
Episode 129 Special Crossover Edition: McGuireWoods Healthcare PE Conference Preview
This special episode is a crossover between The Corner Series and Provident’s Healthcare DealCast released across both McGuireWoods’ and Provident Healthcare Partners’ channels.
McGuireWoods partner Geoff Cockrell is joined by Steve Grassa, director of Provident Healthcare Partners, for a wide-ranging discussion on the healthcare services landscape including the provider services market, opportunities for emerging buyers and what defines an “A-caliber” asset.
This conversation also serves as a preview of McGuireWoods’ Healthcare Private Equity Conference later this month, where Geoff will lead a banker-focused panel discussion.
Episode 128: Building a Gastroenterology Program That’s ‘Second to None,’ With Matt Devine
How did Allied Digestive Health build a gastroenterology program that’s “second to none” with roughly 200 gastroenterologists across New York and New Jersey? CEO Matt Devine unpacks the strategies, such as investing in technology and having one EMR across the platform that’s world class.
“If we’re just going out and getting larger, that’s nice and that’s admirable. But what we really need to do at the end of the day is improve outcomes. And that’s what our doctors take pride in every day,” he tells McGuireWoods partner and host Geoff Cockrell.
Tune in for Matt’s insights about what Geoff calls the “triple aims” in healthcare: improving outcomes, improving access and controlling system cost.
Episode 127: ‘Medicine is Local’: Partnering With Emergency Departments, With Kevin Baker
“Our big mantra is: ‘Medicine is local,’ ” says Kevin Baker, who partners with emergency medicine groups across the United States in his role as director of development at Emergency Care Partners.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Kevin lays out the landscape of the U.S. emergency department sector, where about a third of hospitals now in-source their physicians. He unpacks the major headwinds facing emergency department operators: patient boarding, NSA fallout, declining reimbursement and EMTALA’s built-in bad debt burden.
Tune in to hear what he describes as the biggest competition Emergency Care Partners faced — it may surprise you.
Episode 126: QSBS, Tax Benefit Unlike Any Other, With Shahrooz Shahnavaz
One of the most misunderstood provisions in the entire tax code, the Qualified Small Business Stock (QSBS) has been around for more than 30 years. Yet it remained largely dormant — until now.
The QSBS is “unlike anything in the code,” says Shahrooz Shahnavaz, a tax partner at McGuireWoods.
In this conversation with colleague and host Geoff Cockrell, Shahrooz reviews the history of this unique benefit and puts it into context for today’s M&A deal-makers. Tune in for his insights on the potential 100% exclusion of gain, the structural limits that bar some professions — including healthcare — from qualifying, and the One Big Beautiful Bill Act’s “generous” $15 million per-shareholder, per-company cap.
Episode 125: Opportunities in Home and Alternate Site Infusion, With Don Hooker
Home and alternate-site infusion therapy is a highly fragmented market. Just two large players command 35% to 40% market share while more than 800 smaller providers making up the remainder. And that fragmentation is exactly what’s drawing private equity interest.
Don Hooker, director of research at Bourne Partners, a leading life science investment firm, joins McGuireWoods partner and host Geoff Cockrell to unpack the investment landscape. Don explains that delivering drugs at home or in alternate sites can cost roughly half as much as treatment in an inpatient setting. He also outlines the two main pressures shaping the home infusion space.
Tune in for his insights about reimbursement dynamics, labor intensity, drug pricing and “back-end” strategic buyers such as Option Care Health.
Episode 124: The Era of Physician Practice Consolidation, With Ezra Simons
Fifty years ago, the United States had 75 car companies. Today, there are fewer than five. The same consolidation dynamics are reshaping physician practice management, says Ezra Simons, a co-founder and partner at Physician Growth Partners, which has been on the leading edge of consolidation in provider practices nationwide. “I think what we’ll see over the next 10 years of physician practice management is mergers of equals.” Those that separate themselves and grow are those that have unique skills to offer their affiliated practices, he says.
In this conversation with McGuireWoods partner and host Geoff Cockrell, Ezra explores how the provider services M&A landscape has evolved since Physician Growth Partners launched: While dermatology was the huge piece of the market then, the activity today is in urology, orthopedics and cardiology. He looks ahead to the next evolution: philosophical alignment among sponsors and private equity groups. “I think what we’re starting to see are people trying to figure out engagement and provider alignment first and then where to translate that to.”
Episode 123: New Exit Opportunities in Provider Services M&A, With Michael Kroin
From his perspective as CEO and managing partner at Physician Growth Partners, Michael Kroin sees an “interesting time” where different types of buyers are getting into the provider services sector at the same time that payers are aggressively pursuing independent practices.
“You see payers start to have interest in these private equity-backed groups as well or continue to have interest. So, that provides a number of exit opportunities for these private equity-backed groups that they historically haven’t evaluated,” he explained to host Geoff Cockrell.
Tune in to hear Michael discuss how strategic and financial buyers now coexist in a specialty-specific landscape, how M&A activity is reopening downstream after years of balance sheet constraints and why geography matters due to state-level restrictions on the corporate practice of medicine.
Episode 122: When the First Fundraise Is in the Bank, With Henry Yan
“Fund one is tough,” says Henry Yan, principal at Whistler Capital Partners, reflecting on the firm’s successful first fundraise. In this conversation with McGuireWoods partner and host Geoff Cockrell, Henry unpacks the challenges and opportunities of raising capital as an emerging manager in today’s competitive fundraising environment.
Tune in for his thoughts about the use of placement agents for emerging managers, the importance of co-investment opportunities in building LP relationships and the increasing focus by European investors on U.S. lower middle-market buyout opportunities.
Episode 121: New and Evolving Investor Theses, With Rebecca Springer
“We’re predicting that 2026 will be a bit stronger than 2025 in terms of overall deal activity,” says Rebecca Springer, director of market development at Bailey & Company, a healthcare-dedicated investment banking group.
In a three-part installment of the “Corner Series Shorts” format, where McGuireWoods partner and host Geoff Cockrell dives into a narrower topic with experts, Rebecca shares her outlook on 2026.
What’s the next big wave in healthcare private equity investing? Healthcare consumerization. “That’s anything cash pay,” Rebecca explains. “Let’s avoid the reimbursement risk altogether and avoid most of the stroke-of-the-pen risk that we see across different healthcare sectors. Think plastics and concierge.” Rebecca offers a forward-looking perspective on other evolving theses, such as medical equipment services.
Episode 120: PPM Deals in 2026, With Rebecca Springer
“We’re predicting that 2026 will be a bit stronger than 2025 in terms of overall deal activity,” says Rebecca Springer, director of market development at Bailey & Company, a healthcare-dedicated investment banking group.
In a three-part installment of the “Corner Series Shorts” format, where McGuireWoods partner and host Geoff Cockrell dives into a narrower topic with experts, Rebecca shares her outlook on 2026.
In this episode, Rebecca reviews the outlook for physician practice management (PPM) deals in 2026. She explains why she expects to see a “modest increase” in PPM activity relative to 2025 and shares other insights about the market, including the future of large PPM platforms and the “mixed picture” of dental.
Media and presentation materials © 2026 McGuireWoods LLP. All rights reserved.