7 Top Healthcare Valuation Firms in 2024

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. 

7 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

Below, I’ll explain why I recommend them.

Option 1: Hire Eton for Fast, Affordable & Compliant Healthcare Valuations

💡 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:

Eton - best healthcare valuation firm

So, what does our healthcare valuation process look like and how long does it take? 

Our Healthcare Valuation Process

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.

Who Do We Work With?

We partner with a wide range of healthcare providers, each with unique needs and goals. Our clients typically include:

  • Founders: The original entrepreneurs or medical professionals who initiated the practice or healthcare business.
  • Doctors: Physicians or group practices seeking retirement, mergers, or sales of their practices.
  • Private Equity Firms / Investors: Investors looking to exit their investment in a healthcare company after achieving growth or operational improvements.
  • Hospital Systems: Larger healthcare systems divesting certain units or practices to streamline operations or focus on core services.

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.

Need an accurate and audit-defensible healthcare valuation?

Eton can help! We deliver valuations in 10 days (or less) and we've never lost an audit.

Option 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

Option 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)​.

Option 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.

Option 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

Option 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.

Option 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

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.

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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Schedule a free consultation meeting to discuss your M&A or valuation needs. 

President & CEO

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.

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