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.
During the 15 years of leading Eton, my business valuation firm, I’ve guided founders, doctors, investors, and healthcare companies through complex valuations, and delivered accurate and audit-defensible assessments.
In this article, I’ll introduce you to how my firm approaches healthcare valuations, and recommend six alternative firms for you to consider hiring.
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 7 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 3000+ audit-defensible valuations from ex-Big Four consultants — all at a fraction of the usual cost and time.
I acknowledge that I’m a little biased here, so I’ll try to be as transparent as possible below about our healthcare valuation process, how it works, and how long it takes.
At Eton, we deliver fast, affordable, and always-compliant healthcare valuations for all types of healthcare assets.
We work with various healthcare providers, from entrepreneurs and doctors to investors and large hospital systems.
Here’s why you should choose us:
✅ Experience: Since 2010, we’ve delivered thousands of business valuations for leading startups, enterprises, VC firms, legal teams, accountants and high-net worth individuals.
Our consultants are as pedigreed as those at Deloitte, Ernst & Young (EY), KPMG, and PwC—and they ensure each valuation is robust and holds up to scrutiny.
✅ Value: At Eton, we make it our mission to offer the same quality (and a higher level of customer service) at the fraction of the cost and in a fraction of the time, compared to larger Big-4 firms.
✅ Relationships: Client service is our creed at Eton. I make sure I’m available to all of our clients via calls and emails. The clock doesn’t run and no question is off limits.
In fact, I’m really proud of the fast and accurate work we do at Eton and the level of service we provide our clients.
Bliss Brazil, Chief Financial Officer at Healthcare Highways, Inc., shares her experience with us below:
So, what does our healthcare valuation process look like and how long does it take?
Throughout our 15 years since inception, we’ve perfected our business valuation process.
We never take longer than 10 days (on receipt of documents) to deliver a valuation report. And if needed, we can fast-track it to as short as one day for an extra day.
But I find a 10-day turnaround suits most clients. The process is the same regardless of the timeline.
Here’s what a 10-day timeline and process looks like:
Step 1. Information Collection
First, we’ll have a conversation to understand your needs. We’ll tell you exactly what we need from you to get started (such as financial statements) and once you’ve delivered those documents we’ll review them within 1 day.
At this stage, every valuation gets a dedicated manager and analyst to keep things on track and accurate.
Step 2. Valuation Modelling and Analysis
We get to work using our extensive databases, keen analysis skills, and knowledge of appropriate methodologies to put your valuation draft together.
Step 3. Draft Reports Delivered
On day 6 or 7 we’ll send you a valuation report that shows the calculation data we’ll use. This will include the methods we’ll follow, assumptions we’re making, data used, and a conclusion.
Step 4. Client Review and Approval
We’ll then invite you for a call to review the document. 85% of the time our clients finalize the first draft. The rest of the time, we’ll agree with you on what needs to be changed and make those changes in one day.
We’ll send the revised draft back to you and get it finalized in 2 days.
And that’s it, your healthcare valuation is complete.
Step 5. Board/Audit/SEC/IRS Support by Eton Senior Staff
If you are audited, we step up and support you through the entire process, working with the auditors (who our team usually knows from past work experiences) to make it as seamless and stress-free as possible.
And rest assured, our healthcare valuations have never lost an audit.
We partner with a wide range of healthcare providers, each with unique needs and goals. Our clients typically include:
Here are some healthcare companies we’ve worked with:
Whether you’re preparing for a sale, merger, or another significant transition, our expertise in healthcare valuation ensures you achieve your strategic goals.
Many of our clients come to us through recommendations from satisfied partners and professionals who trust our proven track record.
Here are some of the experiences our clients have had:
You can find more testimonials on this page.
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:
HMS Valuation Partners is a leading national firm specializing in comprehensive valuation and transaction advisory services exclusively for the healthcare industry.
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:
HealthCare Appraisers is a full-service valuation and advisory firm, focused exclusively on the healthcare industry.
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:
Carnahan Group combines consulting services with advanced technology to offer healthcare valuations to:
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:
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 co-founded Eton Venture Services in 2010 to provide mission-critical valuations to venture-based companies. He works closely with each client’s leadership team, board of directors, internal / external counsel, and independent auditor to develop detailed financial models and create accurate, audit-proof valuations.
