The Business of a Clinic (BOAC)
In this episode of The Business of a Clinic, Jared speaks with Oli, Director of M&A at Kinetico Health, about what makes a private healthcare clinic valuable, scalable, and ready for acquisition. Oli shares his journey from dental M&A into MSK, what he learned from the consolidation of the dental market, and why MSK is now entering a new phase of professionalisation, partnership, and group-building. The conversation explores the full M&A process: origination, heads of terms, due diligence, commercial review, legal challenges, partner onboarding, and integration. Jared and Oli discuss what acquirers actually look for in a clinic, why culture is one of the most important signals, how founder reliance affects valuation, and why recurring patient revenue matters more than new patient volume alone. They also go deep on the economics of MSK clinics: insurance vs self-pay, practitioner capacity, margin, overheads, cancellation rebooking, first-visit integrity, and why patient retention is central to organic growth. The episode closes with a comparison between dentistry and MSK: what MSK clinic owners can learn from dental practice owners about preparing for sale, and what dentists can learn from MSK operators about reducing reliance on the principal practitioner. Chapters 0:00 Introduction 1:00 Oli’s role at Kinetico Health 1:45 Finding and onboarding MSK clinics 2:30 From law to dental M&A 3:40 Why working with clinic owners matters 4:25 What happens after heads of terms 5:00 Financial and commercial due diligence 6:05 The legal process and lease issues 7:20 Why M&A should not feel adversarial 8:10 How clinic owners can prepare for acquisition 9:05 What acquirers look for beneath revenue 10:00 Why the clinic owner matters first 10:45 Culture, team loyalty, and principal retention 11:30 Key person reliance and founder concentration 12:20 Succession planning inside the clinic 13:15 The “who” behind a valuable clinic 14:05 Patient body, recurring revenue, and data quality 15:00 Insurance, NHS contracts, and payer mix 16:20 Stroke-of-the-pen risk in healthcare revenue 17:15 Insurance provider rates and profitability 18:00 MSK economics vs aesthetics and dermatology 19:10 Margin improvement through revenue growth 20:15 Private equity stereotypes and cost-cutting 21:15 Revenue growth in MSK clinics 22:10 Returning patient mix and clinic performance 23:05 When low retention is fixable 24:00 Practitioners, treatment plans, and “sales” discomfort 25:00 Helping patients commit to the right care journey 26:05 The practitioner as guide, not salesperson 27:15 Who owns follow-up after the patient leaves? 28:25 Practitioner responsibility vs front desk responsibility 29:10 Booking the next appointment before exit 30:10 Patient leakage and why patients drift 31:10 First-visit integrity and cancellation management 32:15 Building a pipeline to backfill cancellations 33:10 Same-day cancellations vs seven-day cancellations 34:05 Cancellation fees, friction, and reputation 34:50 Reading culture inside a live clinic 36:10 Why Oli moved from dental to MSK 37:15 Dental consolidation and market maturity 38:20 Emotional investment in clinic partnerships 39:30 Why mature M&A markets feel different 40:20 Building an organic acquisition pipeline 41:15 Why corporates get a bad reputation 42:10 Why MSK is an exciting consolidation market 43:10 Building a group from a less mature market 44:00 Entrepreneur by accident: the clinic owner journey 45:00 Helping practitioners get back to patients 46:00 What dentistry and MSK can learn from each other 47:00 How dental owners prepare for sale 48:00 Getting accounts and operations exit-ready 49:00 Why sellers should speak to other partners 50:05 What dentists can learn from MSK owners 51:00 Reducing reliance on the principal practitioner 52:05 The next phase of Kinetico Health 53:00 Greenfield sites, acquisitions, and group growth 54:05 Integration as the foundation for growth 55:00 Building systems so clinicians can focus on care 55:40 Closing thoughts The Business of a Clinic explores how private healthcare clinics can grow by improving patient relationships, patient engagement, clinic operations, retention, follow-up, commercial systems, and the overall patient experience.
41 episodes
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