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Behind the Term Sheet with Anthony DeSena: Real Talk on Transactions, Trust & Timing
In this milestone episode, Almost Clinical hosts Vincent, John, & Paul welcome the show’s first-ever guest: Anthony DeSena, CEO of Pax Health, a fast-scaling behavioral health platform. A former physical therapist turned operator, Anthony brings rare perspective as both a seller and buyer in private equity-backed healthcare transactions.
Together, they explore the rapidly evolving landscape of healthcare investment – from founding and scaling a physical therapy group to over 100 clinics, through M&A integration, private equity exits, and the launch of Pax Health.
With transparency, humor, and insight, Anthony shares what makes a transaction successful, the pitfalls providers overlook, and why alignment – not just capital – is critical for long-term growth in the sector.
Highlights include:
- Behind the scenes of Anthony’s first private equity-backed growth story, including lessons learned during complex integrations and managing scale
- Helping operators understand transaction readiness, value creation, and when not to sell
- Why trust, storytelling, and goal alignment were critical to closing three simultaneous deals and an investment in under 90 days
- The elements of an investable practice
- The hidden risks buyers watch for – and why full transparency always wins
- What buyers really want from sellers post-closing – and why the “what’s next” conversation matters
- How investors navigate structural limitations – and why clinical ownership still plays a vital role.
- What practice leaders should do now to be attractive to acquirers, including real advice on data rooms and diligence.
BONUS: Stay until the end to learn the ‘ruthless’ guiding principle that Anthony abides by – even when the stakes are high.
Join Almost Clinical hosts Vincent Buttaci, John Leardi, and Paul Werner as they challenge each other’s views on how to operate, invest, and succeed in healthcare’s rapidly shifting landscape, translate legalese into business sense for healthcare providers, executives, private equity professionals, and strategic stakeholders, and explore the issues shaping the business of medicine today and tomorrow.
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By Buttaci Leardi & WernerIn this milestone episode, Almost Clinical hosts Vincent, John, & Paul welcome the show’s first-ever guest: Anthony DeSena, CEO of Pax Health, a fast-scaling behavioral health platform. A former physical therapist turned operator, Anthony brings rare perspective as both a seller and buyer in private equity-backed healthcare transactions.
Together, they explore the rapidly evolving landscape of healthcare investment – from founding and scaling a physical therapy group to over 100 clinics, through M&A integration, private equity exits, and the launch of Pax Health.
With transparency, humor, and insight, Anthony shares what makes a transaction successful, the pitfalls providers overlook, and why alignment – not just capital – is critical for long-term growth in the sector.
Highlights include:
- Behind the scenes of Anthony’s first private equity-backed growth story, including lessons learned during complex integrations and managing scale
- Helping operators understand transaction readiness, value creation, and when not to sell
- Why trust, storytelling, and goal alignment were critical to closing three simultaneous deals and an investment in under 90 days
- The elements of an investable practice
- The hidden risks buyers watch for – and why full transparency always wins
- What buyers really want from sellers post-closing – and why the “what’s next” conversation matters
- How investors navigate structural limitations – and why clinical ownership still plays a vital role.
- What practice leaders should do now to be attractive to acquirers, including real advice on data rooms and diligence.
BONUS: Stay until the end to learn the ‘ruthless’ guiding principle that Anthony abides by – even when the stakes are high.
Join Almost Clinical hosts Vincent Buttaci, John Leardi, and Paul Werner as they challenge each other’s views on how to operate, invest, and succeed in healthcare’s rapidly shifting landscape, translate legalese into business sense for healthcare providers, executives, private equity professionals, and strategic stakeholders, and explore the issues shaping the business of medicine today and tomorrow.