8 Top Healthcare Valuation Firms in 2025

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.

A short bio of Chris Walton, CEO of Eton

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.

Quick Analysis: What to Look For In a Healthcare Valuation Firm

When choosing a healthcare valuation firm, I recommend you look carefully for these seven factors:

  1. Industry Expertise: Ensure your valuation firm has extensive prior experience and knowledge in the healthcare sector.
  2. Reputation and References: Check the firm’s track record and ask for references from previous healthcare clients.
  3. Methodologies Used: Understand the valuation approaches and methods the firm employs and ensure they align with industry standards.
  4. Regulatory Knowledge: The firm should be well-versed in healthcare regulations, compliance issues, etc.
  5. Customized Service: Ensure the firm offers tailored valuation services that address the specific needs of your healthcare business.
  6. Communication and Support: Assess the firm’s ability to communicate clearly and provide ongoing support throughout the valuation process. Post-valuation support is important—make sure to ask whether the firm will appear as an expert witness if your valuation is contended.
  7. Turnaround time: The ability to move fast is important, especially if you need a valuation in the coming days. But I’ve had clients come to me for help after waiting 3 months for their previous valuation firm to deliver a report. You don’t want that.

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. 

8 Top Healthcare Valuation Firms in 2024

Here are the top 7 healthcare valuation firms I recommend from my decades of experience in the industry:

  1. Eton Venture Services 
  2. VMG Health 
  3. HMS Valuation Partners 
  4. FTI Consulting 
  5. HealthCare Appraisers, Inc 
  6. Carnahan Group
  7. HealthValue Group
  8. BuckheadFMV

Below, I’ll explain why I recommend them.

1. Eton Venture Services – Best Healthcare Valuation Firm for Strategic, Audit-Defensible FMV Opinions

💡 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:

1. Eton delivers fast, defensible valuations without the compliance risks 

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.

  • Valuations delivered in days, not months
  • Built for regulatory defensibility under Stark, Anti-Kickback, and IRS scrutiny
  • Trusted by auditors, boards, and outside counsel

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.

2. Eton brings a deep understanding of healthcare-specific performance drivers

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: 

  • Payer mix and reimbursement risk
  • Physician productivity and clinical staffing models
  • Referral patterns, case mix, and regulatory context
  • Licensing, certifications, and local compliance considerations

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.

3. Eton brings legal and regulatory fluency to complex healthcare transactions

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: 

  • Structure valuations that withstand board and regulatory review
  • Identify legal flags early in the valuation process
  • Reduce back-and-forth with internal and external counsel

Bliss Brazil, Chief Financial Officer at Healthcare Highways, Inc., shares her experience with us below:

Eton - best healthcare valuation firm

Click here to get a free valuation consultation with Eton Venture Services.

2. VMG Health

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:

  • Hospitals
  • Physician practices
  • Outpatient and long-term care facilities
  • Healthcare attorneys
  • Private equity firms
  • Investment bankers

3. HMS Valuation Partners

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:

  • Business Valuation: Comprehensive FMV analyses for mergers and acquisitions, physician compensation arrangements, and other healthcare transactions.
  • Real Estate Valuation: Accurate and compliant valuation of medical properties, including ground lease appraisals and feasibility studies.
  • Consulting Services: Strategic advisory, compensation design, value-based arrangements, and more.
  • Specialty Valuations: Expertise in areas such as telehealth, timeshare leases, medical directorships, and call coverage agreements​ (HMS Valuation Partners)​​ (HMS Valuation Partners)​.

4. FTI Consulting

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:

  • Quality of earnings analysis
  • Due diligence
  • Synergy evaluation
  • Post-deal integration. 

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:

  • Stark Law
  • Anti-Kickback Statute
  • Office of Inspector General Advisory Opinions
  • Physician Payments Sunshine Act

FTI Consulting offers a broad range of services, including:

  • Valuation Services: Business valuation, intangible asset valuation, and compliance with Stark Law and Anti-Kickback Statute requirements.
  • Transaction Advisory: Due diligence, merger integration, carve-outs, and strategic transaction planning.
  • Physician Compensation: Analysis of clinical services, medical directorships, telemedicine services, and shared savings agreements.
  • Management & Service Agreements: Comprehensive management services agreements, billing, and collection, as well as medical office timeshares.
  • Healthcare Technology: Valuation and integration of EHR, practice management, and technology-enabled marketing solutions.

5. HealthCare Appraisers, Inc.

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:

  • Compensation Valuation
  • Business Valuation
  • Capital Assets Valuation
  • Real Estate Valuation

6. Carnahan Group

Carnahan Group combines consulting services with advanced technology to offer healthcare valuations to:

  • Urban and rural hospitals
  • Surgical facilities
  • Physicians’ offices

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:

  • Business Valuations: In-depth valuations for hospitals, surgical facilities, and physician practices.
  • Compensation Valuations: Analysis of clinical, administrative, academic, and on-call compensation structures to ensure regulatory compliance and fair market value.
  • Medical Equipment Appraisals: Valuations of tangible assets like medical equipment.
  • Strategic Consulting: Customized solutions for organizational efficiency and competitive positioning.

7. HealthValue Group

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:

  • Health law practices
  • Hospitals / Medical Centers / Health Systems
  • Healthcare Providers and Private Healthcare Groups
  • Life Sciences Companies
  • Litigation and Divorce Attorneys

HealthValue Group offers a broad spectrum of services, including:

  • Business Valuation: Comprehensive valuations for various healthcare entities, including hospitals, medical centers, and private healthcare groups.
  • Capital Equipment Valuation: Appraisals of medical machinery, equipment, and devices.
  • Litigation Support Services: Expert witness services and support for dispute and litigation matters.
  • Fair Market Value (FMV) Opinions: Determinations of FMV for professional clinical services, management services, and other healthcare-related agreements.
  • Quality of Earnings (QofE) Reports: Detailed evaluations of a company’s financial performance

8. BuckheadFMV

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:

  • Business and Asset Valuations: For mergers, buy-ins and buy-outs, joint ventures, shareholder transactions, and financial reporting.
  • Fair Market Value & Commercial Reasonableness Opinions: For physician compensation, hospital management agreements, and other arrangements requiring regulatory compliance.

They’ve worked with:

  • Hospitals and health systems
  • Physician groups
  • Other healthcare entities

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.

Healthcare Valuation Firms – FAQs

Have more questions about healthcare valuations? I answered them below:

What are the methods of valuation in healthcare?

In healthcare, valuation methods typically include:

  • Market Approach: Compares the healthcare entity to similar organizations recently sold, using metrics like revenue multiples.
  • Income Approach: Estimates the value based on future cash flows the entity is expected to generate, often using discounted cash flow (DCF) analysis.
  • Cost Approach: Calculates the value based on the cost to replace or reproduce the entity’s assets, considering depreciation and obsolescence.

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

  • Regulatory Environment: Healthcare businesses face strict regulations, which affect their valuation due to associated compliance costs and potential liabilities.
  • Reimbursement Rates: Valuations need to consider varying reimbursement rates from Medicare, Medicaid, and private insurers.
  • Patient Volume and Mix: Revenue projections are heavily influenced by patient demographics, volume, and payer mix.
  • Quality of Earnings: It’s important to analyze the stability and sources of earnings, considering the impact of insurance contracts, capitation agreements, and fee-for-service models.
  • Medical Equipment and Technology: The value and depreciation of specialized medical equipment and technology investments can play a significant role.
  • Physician Contracts: Employment agreements, non-compete clauses, and physician productivity are critical factors in valuation.
  • Reputation and Referrals: The company’s reputation and its referral networks within the healthcare community significantly impact its value.
  • Regulatory Risks: Potential legal and compliance risks, such as HIPAA violations or fraud investigations, are unique to healthcare.
  • Licensing and Accreditation: Accreditations, certifications, and licenses are critical for operation and add value.
  • Operational Metrics: Metrics such as patient outcomes, readmission rates, and quality scores influence the overall value.
  • Market Dynamics: Local healthcare market dynamics, including competition and patient demographics, affect the valuation.
  • Revenue Cycle Management: The efficiency of billing and collections processes impacts financial stability and valuation.
  • Practice Specialties: Different medical specialties have varying financial profiles and risk factors that affect valuation.
  • Staffing and Labor Costs: The availability, cost, and productivity of healthcare professionals, including nurses, technicians, and administrative staff, are crucial.
  • Patient Satisfaction and Experience: Patient satisfaction scores and experience metrics can influence reputation and future revenue potential.
  • Capital Expenditures and Maintenance: The ongoing costs for maintaining and upgrading facilities and equipment, often higher in healthcare, are important considerations.

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.

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President & CEO

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.

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