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By Jacob Lynch, Managing Director, Healthcare Capital Advisors A survey landed this summer that quietly makes the case we make to owners every week — except now the argument is coming from someone else's data. Ensora Health surveyed more than 1,100 licensed therapists for its 2026 Practice Success Report. Ninety-five percent of practice leaders agreed that all five domains of practice health matter. Seven percent actually track all five. Only 18% called their practice “thrivi

By Jacob Lynch, Managing Director, Healthcare Capital Advisors If you've been told to expect a private-equity add-on bid for your behavioral health company, your information is a cycle out of date. For two cycles, that was the right expectation. Sponsor-backed platforms were the most active acquirers in the lower middle market; if you ran a clean outpatient group or a mid-size addiction-treatment platform, the natural buyer was a PE-backed consolidator adding to a portfolio.

By Jacob Lynch, Managing Director, Healthcare Capital Advisors For most of the last decade, behavioral health valuations ran on a simple engine: cheap capital, a roll-up thesis, and multiple expansion. A platform could buy a string of practices, bolt them together, and sell the sum for more than the parts — not because the businesses got better, but because the multiple did. That era is over, and it isn't coming back on the same terms. You can see it in the names making news.