Hi, I’m Chris Walton, author of this guide and CEO of Eton Venture Services.
I’ve spent much of my career working as a corporate transactional lawyer at Gunderson Dettmer, becoming an expert in tax law & venture financing. Since starting Eton, I’ve completed thousands of business valuations for companies of all sizes.
Read my full bio here.
Valuing a healthcare business isn’t just about financials. Regulatory complexity, payer mix, referral sources, and reimbursement models all shape how value is understood.
Whether you’re preparing for a sale, issuing equity, or responding to a financial reporting trigger, you need a valuation partner who understands the industry inside and out.
At Eton Venture Services, we’ve supported valuations across the healthcare spectrum, from physician practices and behavioral health providers to device companies and biotech. We understand the nuances, and we know how much the right valuation partner matters.
In this article, I’ll walk you through what sets strong healthcare valuation firms apart and introduce eight firms, ours included, that consistently deliver audit-ready, defensible results.
When choosing a healthcare valuation firm, I recommend you look carefully for these seven factors:
At Eton, my team can complete your valuation in as short as 10 days, or even shorter as needed. Book a call with me here to get started.
Here are the top 8 healthcare valuation firms I recommend from my decades of experience in the industry:
Below, I’ll explain why I recommend them.
💡 TL;DR: Why Choose Eton?
Choose Eton for fully compliant healthcare valuations, leveraging over 15 years of expertise and a track record of 10,000+ audit-defensible valuations from ex-Big Four consultants — all at a fraction of the usual cost and time.
Eton Venture Services delivers high-quality, defensible healthcare valuations built to meet regulatory standards, support strategic decisions, and close deals faster.
With over 10,000 valuations completed and a perfect audit record, Eton is trusted by healthcare providers, PE firms, and legal teams alike.
Our team includes Stanford Law alumni and former Big 4 consultants, bringing both the legal depth and financial rigor needed to support high-stakes healthcare decisions.
From quick-turn FMV opinions to complex business valuations, Eton combines precision, speed, and sector expertise to help clients navigate healthcare’s legal and financial complexity with confidence.
Here are three reasons people choose Eton Venture Services:
Many valuation firms in the healthcare space are either too slow, too expensive, or too reliant on rigid, one-size-fits-all models. Eton is different.
Every report is prepared by experienced professionals who go beyond the numbers to capture the unique structure, risks, and intangible value drivers of each healthcare business.
Whether you’re preparing for a sale, structuring a joint venture, or issuing physician comp packages, Eton delivers the clarity you need — quickly and cost-effectively.
Valuing a healthcare business goes beyond looking at just the numbers. Eton’s experts understand how operational and clinical factors shape business value.
They dig into:
They take the time to evaluate these details in context, using healthcare-specific benchmarks and real transaction data to deliver valuations that reflect how the business really performs.
This gives sellers, buyers, and advisors a more accurate view of the business’s value and stronger footing in any negotiation.
Healthcare valuations come with legal and regulatory challenges that most other sectors don’t face.
Stark Law, joint-venture structures, and ownership agreements need to be properly understood to ensure the valuation reflects any legal limitations or obligations tied to them.
On the regulatory side, HIPAA compliance, licensing restrictions, and reimbursement risks can influence both the valuation and the deal structure.
Eton was founded by attorneys and includes professionals trained at top law firms and Big 4 firms, which means they know how to:
Bliss Brazil, Chief Financial Officer at Healthcare Highways, Inc., shares her experience with us below:
Click here to get a free valuation consultation with Eton Venture Services.
If you feel Eton may not be the best fit or you want to keep looking around before you settle on your healthcare valuation firm, the first I’d recommend is VMG Health.
With over 300 professionals and 45,000 completed engagements, VMG Health is a well-trusted healthcare advisory firm, providing comprehensive valuation, strategy, and transaction advisory services.
The company excels in delivering detailed fair market value (FMV) opinions and financial due diligence, ensuring compliance with healthcare regulations such as the Stark Law and Anti-Kickback Statute.
They are known for their high-quality and responsive services, leveraging proprietary market intelligence from thousands of transactions
VMG Health serves a diverse clientele, including:
With over 27 years of experience, they have completed more than 15,000 valuations across 45 states and Europe, serving clients from single hospitals to large multinational health systems and physician groups
HMS is best known for its precise and defendable fair market value (FMV) opinions and commercial reasonableness analyses, ensuring compliance with healthcare regulations such as the Stark Law and Anti-Kickback Statute.
The company offers a wide range of services, including:
FTI Consulting is a global business advisory firm that provides a comprehensive suite of transaction advisory and valuation services.
The company is best known for its 360-degree approach to transaction advisory services, which includes:
They excel in providing comprehensive support throughout the entire deal lifecycle, ensuring that all facets of a business impacted by a transaction are thoroughly evaluated and optimized.
Their consultants are knowledgeable in key legal and regulatory issues impacting healthcare valuations, such as:
FTI Consulting offers a broad range of services, including:
They engage in at least 10,000 valuations annually.
Their extensive experience in the healthcare industry and its regulations ensure thorough, compliant, and defensible valuations.
HealthCare Appraisers, 100% employee-owned, inspires its team to consistently provide outstanding service and excellent work.
Their unique offering is automated calculators that provide defensible FMV opinion in seconds.
The calculators, called Automated FMV Solutions™, use the same valuation methods as HealthCare Appraisers’ detailed manual assessments, offering clients a cost-effective alternative to conventional valuation engagements.
The team at HealthCare Appraisers offer the following services:
They use a proprietary market research process, perfected over two decades, combining both qualitative and quantitative analyses to thoroughly examine market conditions and pinpoint growth opportunities.
Carnahan Group is renowned for its algorithm-driven software, FMV-MD®, which offers automated, accurate, and compliant FMV opinions for physician compensation arrangements.
This platform is a significant asset for hospitals and healthcare organizations needing rapid and reliable valuation services
On top of this software, Carnahan Group’s key services are:
HealthValue Group (HVG) is a boutique healthcare valuation and transaction advisory firm based in Denver, Colorado, providing services across 28 states since its founding in 2010.
The company conducts detailed research and analysis to produce valuations that withstand rigorous scrutiny.
The team at HealthValue Group is well-versed in compliance and legal frameworks such as the Stark Law and the Anti-Kickback Statute, enabling them to offer specialized valuation services unmatched by other firms.
They work with:
HealthValue Group offers a broad spectrum of services, including:
BuckheadFMV is a national healthcare valuation firm known for delivering defensible reports tailored to complex transactions and compensation arrangements.
Their team brings deep experience in business valuation as well as fair market value (FMV) and commercial reasonableness opinions, with credentials from organizations like NACVA and ASA.
They specialize in valuations that meet strict regulatory requirements under Stark Law, the Anti-Kickback Statute, and IRS guidelines, while also supporting strategic planning and negotiations.
BuckheadFMV’s core services are:
They’ve worked with:
If you need valuations that stand up to scrutiny and reflect a clear understanding of healthcare’s legal and financial landscape, BuckheadFMV is a strong contender.
Have more questions about healthcare valuations? I answered them below:
In healthcare, valuation methods typically include:
These methods provide a comprehensive evaluation by considering market trends, financial performance, and asset replacement costs.
At Eton, we can deliver a healthcare valuation in as short as 10 days. If you need it urgently, we can even deliver it within a day for an extra fee.
There are a lot of factors that can affect the valuation. Here is a comprehensive list:
Key Factors in Valuing Healthcare Companies
This is why it’s so important to work with a valuation expert, who will get to know your company well and take into account all these factors to deliver the most accurate valuation report.
A healthcare business should be valued annually or whenever there are significant changes, such as mergers, acquisitions, major investments, or regulatory shifts.
Regular valuations help maintain an accurate understanding of the business’s worth and support informed decision-making.
Please check out our list of the best annual valuation service providers.
Yes, healthcare valuations can significantly affect mergers and acquisitions.
Accurate valuations ensure that both parties have a clear understanding of the healthcare entity’s worth, which influences the negotiation of the purchase price, deal structure, and terms.
They also help identify potential financial, regulatory, and operational risks, ensuring a smoother transaction and better post-merger integration.
Schedule a free consultation meeting to discuss your M&A or valuation needs.
Chris Walton, JD, is is President and CEO and co-founded Eton Venture Services in 2010 to provide mission-critical valuations to private companies. He leads a team that collaborates closely with each client’s leadership, board of directors, internal / external counsel, and independent auditors to develop detailed financial models and create accurate, audit-ready valuations.
