The Corner Series

Oncology commands roughly 40% of the national drug spend. Retina is close behind. “If you follow the drug spend, you’ll find that the distributors are really building an ecosystem around it,” says Jeanne Proia, managing director at Cross Keys Capital and president of its healthcare services group.

In this conversation with McGuireWoods partner and host Geoff Cockrell, Jeanne unpacks the market. Unlike traditional PE deals, she says, these transactions leave physicians holding their own equity inside a long-term MSO relationship, trading the second bite at the apple for cash upfront and taking the risk off.

As she explains: “They’re able to bring a lot more synergies just because they’re getting to be bigger and bigger, and they can use that money to support all the synergies, whether it’s clinical trials, recruiting or RCM.”

☑️ Jeanne Proia | LinkedIn

☑️ Cross Keys Capital | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

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This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

This special episode is a crossover between The Corner Series and Provident’s Healthcare DealCast released across both McGuireWoods’ and Provident Healthcare Partners’ channels.

McGuireWoods partner Geoff Cockrell is joined by Steve Grassa, director of Provident Healthcare Partners, for a wide-ranging discussion on the healthcare services landscape including the provider services market, opportunities for emerging buyers and what defines an “A-caliber” asset.

This conversation also serves as a preview of McGuireWoods’ Healthcare Private Equity Conference later this month, where Geoff will lead a banker-focused panel discussion.

☑️ Steve Grassa

☑️ Provident Healthcare Partners on LinkedIn | YouTube

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

How did Allied Digestive Health build a gastroenterology program that’s “second to none” with roughly 200 gastroenterologists across New York and New Jersey? CEO Matt Devine unpacks the strategies, such as investing in technology and having one EMR across the platform that’s world class.

“If we’re just going out and getting larger, that’s nice and that’s admirable. But what we really need to do at the end of the day is improve outcomes. And that’s what our doctors take pride in every day,” he tells McGuireWoods partner and host Geoff Cockrell.

Tune in for Matt’s insights about what Geoff calls the “triple aims” in healthcare: improving outcomes, improving access and controlling system cost.

☑️ Matt Devine | LinkedIn

☑️ Allied Digestive Health | LinkedIn | Facebook | Instagram | X | YouTube

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

“Our big mantra is: ‘Medicine is local,’ ” says Kevin Baker, who partners with emergency medicine groups across the United States in his role as director of development at Emergency Care Partners.

In this conversation with McGuireWoods partner and host Geoff Cockrell, Kevin lays out the landscape of the U.S. emergency department sector, where about a third of hospitals now in-source their physicians. He unpacks the major headwinds facing emergency department operators: patient boarding, NSA fallout, declining reimbursement and EMTALA’s built-in bad debt burden.

Tune in to hear what he describes as the biggest competition Emergency Care Partners faced — it may surprise you.

☑️ Kevin Baker | LinkedIn

☑️ Emergency Care Partners | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

One of the most misunderstood provisions in the entire tax code, the Qualified Small Business Stock (QSBS) has been around for more than 30 years. Yet it remained largely dormant — until now.

The QSBS is “unlike anything in the code,” says Shahrooz Shahnavaz, a tax partner at McGuireWoods.

In this conversation with colleague and host Geoff Cockrell, Shahrooz reviews the history of this unique benefit and puts it into context for today’s M&A deal-makers. Tune in for his insights on the potential 100% exclusion of gain, the structural limits that bar some professions — including healthcare — from qualifying, and the One Big Beautiful Bill Act’s “generous” $15 million per-shareholder, per-company cap.

☑️ Shahrooz Shahnavaz | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Home and alternate-site infusion therapy is a highly fragmented market. Just two large players command 35% to 40% market share while more than 800 smaller providers making up the remainder. And that fragmentation is exactly what's drawing private equity interest.

Don Hooker, director of research at Bourne Partners, a leading life science investment firm, joins McGuireWoods partner and host Geoff Cockrell to unpack the investment landscape. Don explains that delivering drugs at home or in alternate sites can cost roughly half as much as treatment in an inpatient setting. He also outlines the two main pressures shaping the home infusion space.

Tune in for his insights about reimbursement dynamics, labor intensity, drug pricing and “back-end" strategic buyers such as Option Care Health.

☑️ Don Hooker | LinkedIn

☑️ Bourne Partners | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Fifty years ago, the United States had 75 car companies. Today, there are fewer than five. The same consolidation dynamics are reshaping physician practice management, says Ezra Simons, a co-founder and partner at Physician Growth Partners, which has been on the leading edge of consolidation in provider practices nationwide. “I think what we’ll see over the next 10 years of physician practice management is mergers of equals.” Those that separate themselves and grow are those that have unique skills to offer their affiliated practices, he says.

In this conversation with McGuireWoods partner and host Geoff Cockrell, Ezra explores how the provider services M&A landscape has evolved since Physician Growth Partners launched: While dermatology was the huge piece of the market then, the activity today is in urology, orthopedics and cardiology. He looks ahead to the next evolution: philosophical alignment among sponsors and private equity groups. “I think what we’re starting to see are people trying to figure out engagement and provider alignment first and then where to translate that to.”

☑️ Ezra Simons | LinkedIn

☑️ Physicians Growth Partners | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

From his perspective as CEO and managing partner at Physician Growth Partners, Michael Kroin sees an “interesting time” where different types of buyers are getting into the provider services sector at the same time that payers are aggressively pursuing independent practices.

“You see payers start to have interest in these private equity-backed groups as well or continue to have interest. So, that provides a number of exit opportunities for these private equity-backed groups that they historically haven't evaluated,” he explained to host Geoff Cockrell.

Tune in to hear Michael discuss how strategic and financial buyers now coexist in a specialty-specific landscape, how M&A activity is reopening downstream after years of balance sheet constraints and why geography matters due to state-level restrictions on the corporate practice of medicine.

☑️ Michael Kroin | LinkedIn

☑️ Physician Growth Partners | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

“Fund one is tough,” says Henry Yan, principal at Whistler Capital Partners, reflecting on the firm’s successful first fundraise. In this conversation with McGuireWoods partner and host Geoff Cockrell, Henry unpacks the challenges and opportunities of raising capital as an emerging manager in today’s competitive fundraising environment.

Tune in for his thoughts about the use of placement agents for emerging managers, the importance of co-investment opportunities in building LP relationships and the increasing focus by European investors on U.S. lower middle-market buyout opportunities.

☑️ Henry Yan | LinkedIn

☑️ Whistler Capital | LinkedIn

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

“We’re predicting that 2026 will be a bit stronger than 2025 in terms of overall deal activity,” says Rebecca Springer, director of market development at Bailey & Company, a healthcare-dedicated investment banking group.

In a three-part installment of the “Corner Series Shorts” format, where McGuireWoods partner and host Geoff Cockrell dives into a narrower topic with experts, Rebecca shares her outlook on 2026.

What’s the next big wave in healthcare private equity investing? Healthcare consumerization. “That’s anything cash pay,” Rebecca explains. “Let’s avoid the reimbursement risk altogether and avoid most of the stroke-of-the-pen risk that we see across different healthcare sectors. Think plastics and concierge.” Rebecca offers a forward-looking perspective on other evolving theses, such as medical equipment services.

☑️ Rebecca Springer | LinkedIn

☑️ Bailey & Company | LinkedIn | X

☑️ Geoff Cockrell | LinkedIn

☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X

☑️ Subscribe Apple Podcasts | Spotify | Amazon Music

This podcast was recorded and is for informational purposes only. By accessing this podcast, you acknowledge that Bailey & Co. makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Bailey & Co. This podcast should not be used as a substitute for competent investment advice from a licensed professional or attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice