M&A Advisor for Cardiology Practice Owners: 2026 Sell-Side Guide

By Christoph Totter, Managing Partner, CT Acquisitions. Last reviewed: July 2026.

An M&A advisor for a cardiology practice runs a competitive sell-side process against the four private-equity backed cardiovascular platforms actively rolling up the specialty, negotiates the MSO (management services organization) structure that separates the professional entity from the ancillary and imaging economics, and holds the deal together through cath-lab licensing, Stark/Anti-Kickback diligence, and CMS site-neutral payment risk. This guide walks through what those advisors do, who the real specialists are, what multiples the LMM (lower-middle-market) cardiology group would clear in 2026, and how to hire one.

Executive summary

Four PE-backed cardiovascular platforms lead consolidation as of 2026: Cardiovascular Associates of America (CVAUSA), backed by Webster Equity Partners ; US Heart and Vascular, backed by Ares Management ; Cardiovascular Logistics, backed by Assured Healthcare Partners ; and National Cardiovascular Partners, backed by Kohlberg & Company .

• Four PE-backed cardiovascular platforms lead consolidation as of 2026: Cardiovascular Associates of America (CVAUSA), backed by Webster Equity Partners; US Heart and Vascular, backed by Ares Management; Cardiovascular Logistics, backed by Assured Healthcare Partners; and National Cardiovascular Partners, backed by Kohlberg & Company.
• CMS’s 2023 shift toward site-neutral payment for cardiac catheterization moved substantial volume from hospital outpatient departments to office-based labs and ambulatory surgical centers, materially improving the economics of independent cardiology groups per the CMS Hospital Outpatient Prospective Payment System and Federal Register CY 2023 OPPS final rule.
• Cath lab, vascular access, cardiac imaging (echo, nuclear, CTA), and remote monitoring ancillaries carry the platform valuation. Practices without an ancillary strategy would clear meaningfully lower multiples per practitioner analyses published by Provident Healthcare Partners and VMG Health.
• Section 6001 of the Affordable Care Act continues to bar new physician-owned hospitals and expansion of existing ones, per the CMS Physician Self-Referral rules, which shapes deal structures and prevents certain hospital JV pathways.
• Multiples for private cardiology practice transactions are not publicly disclosed. Framing by practice size, ancillary mix, and payor concentration follows the same MSO logic seen in dermatology, ophthalmology, and gastroenterology per multi-specialty data published by PitchBook and Bain & Company Global Healthcare Private Equity Report.
• A qualified sell-side advisor for cardiology would run a 6 to 9 month process, produce a quality-of-earnings, structure the professional/MSO split with healthcare counsel, and drive 5 to 8 competitive bidders to LOI per standard LMM healthcare M&A practice reported by Association for Corporate Growth members.

Key findings

Cardiology PE consolidation accelerated after the 2023 CMS site-neutral shift, with four active platforms now competing for regional groups per platform disclosures on CVAUSA , US Heart and Vascular , Cardiovascular Logistics , and National Cardiovascular Partners . Independent cardiology groups sit between hospital employment and PE consolidation. A 2023 American College of Cardiology feature on consolidation reported the majority of US cardiologists were hospital-employed by 2022, leaving a shrinking.

1. Cardiology PE consolidation accelerated after the 2023 CMS site-neutral shift, with four active platforms now competing for regional groups per platform disclosures on CVAUSA, US Heart and Vascular, Cardiovascular Logistics, and National Cardiovascular Partners.
2. Independent cardiology groups sit between hospital employment and PE consolidation. A 2023 American College of Cardiology feature on consolidation reported the majority of US cardiologists were hospital-employed by 2022, leaving a shrinking independent pool that PE and hospitals actively compete for.
3. Cath lab, peripheral vascular, and cardiac imaging ancillaries drive 50 percent plus of platform EBITDA per practitioner commentary in Provident Healthcare Partners cardiology whitepaper.
4. Stark Law (42 U.S.C. § 1395nn) and the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b(b)) shape every cardiology MSO structure. Diligence carve-outs, in-office ancillary services exception, and fair market value opinions are standard, per HHS OIG physician compliance guidance.
5. Physician-owned hospital moratorium under Section 6001 of the ACA remains in force through 2026 per the CMS Physician-Owned Hospital rules, foreclosing one exit pathway that was active pre-2010.
6. The four largest cardiology platforms all use MSO structures with the professional entity retained by physician owners and clinical governance protected, consistent with corporate-practice-of-medicine (CPOM) doctrine in most states per American Bar Association Health Law publications.
7. LMM cardiology practices with $2M to $8M adjusted EBITDA would attract all four PE platforms plus regional health systems and would clear multiples materially higher than solo or two-physician groups, consistent with size-band premium patterns documented across specialty MSOs by Bain.
8. Cain Brothers (a division of KeyBanc Capital Markets) publishes cardiology transaction commentary and has advised on healthcare services deals per Cain Brothers and KeyBanc Capital Markets disclosures.
9. Quality-of-earnings for a cardiology practice must normalize physician compensation to fair market value under Stark, break out ancillary revenue by CPT category, and reconcile capitated versus fee-for-service payor mix, per general healthcare Q of E practice at AICPA member firms.
10. An owner-aligned fee structure for a cardiology sell-side engagement typically includes a modest monthly retainer creditable against success fee, with the success fee weighted toward outperformance above a floor, per fee-structure conventions cataloged by Axial Forum and industry advisor commentary.

Cardiology M&A multiples by practice size band

Private cardiology transaction multiples are not publicly reported. The table below applies the MSO framing used across specialty healthcare per PitchBook Q4 2024 US Healthcare Services report and Bain Global Healthcare PE Report 2024 . All ranges are conditional. Multiples would be affected by ancillary mix, payor concentration, physician-owner retention, and regional density. Practice size (adjusted EBITDA) Likely buyer pool Structure Multiple framing Under $1M Regional PE add-on, local health.

Private cardiology transaction multiples are not publicly reported. The table below applies the MSO framing used across specialty healthcare per PitchBook Q4 2024 US Healthcare Services report and Bain Global Healthcare PE Report 2024. All ranges are conditional. Multiples would be affected by ancillary mix, payor concentration, physician-owner retention, and regional density.

Practice size (adjusted EBITDA)	Likely buyer pool	Structure	Multiple framing
Under $1M	Regional PE add-on, local health system, larger independent group	Physician employment or subplatform tuck-in	Would clear at a discount to platform-size ranges; ancillary carve-outs may improve outcomes.
$1M to $2M	Any of the four PE platforms as add-on; regional health system	MSO add-on with physician equity roll	Would fall in a mid-single-digit to low-double-digit EBITDA range depending on ancillary depth, per general MSO patterns in VMG Health commentary.
$2M to $5M	All four PE platforms competitive; select strategics	MSO with meaningful equity roll and earnout on ancillary growth	Would clear in a low-teens EBITDA range at the ancillary-rich end, materially lower at the professional-only end.
$5M to $10M	All four PE platforms plus regional health systems; possible strategic bidder	MSO plus significant rollover equity; management-continuity earnout	Would clear in a mid-teens EBITDA range for ancillary-heavy groups with strong physician retention.
$10M and above (platform-scale)	New PE platform sponsor or large existing platform	New platform or transformative add-on	Would attract platform-premium valuation. Specific ranges are not publicly disclosed and would be highly deal-specific.

Blending revenue multiples and EBITDA multiples would be a category error and this guide keeps them separate. Only adjusted EBITDA multiples are considered above. Revenue-based framing is not appropriate for professional-services MSO transactions.

What moves the cardiology M&A multiple

Ten to seventeen drivers materially move the multiple a cardiology practice would clear. Each is ranked below by observed impact based on general MSO deal patterns documented by Provident Healthcare Partners , VMG Health , and healthcare PE deal commentary from PitchBook . Ancillary mix (cath lab, imaging, vascular access): The single largest driver. A practice with owned cath lab, in-office echo and nuclear, and CTA would clear a materially.

Ten to seventeen drivers materially move the multiple a cardiology practice would clear. Each is ranked below by observed impact based on general MSO deal patterns documented by Provident Healthcare Partners, VMG Health, and healthcare PE deal commentary from PitchBook.

1. Ancillary mix (cath lab, imaging, vascular access): The single largest driver. A practice with owned cath lab, in-office echo and nuclear, and CTA would clear a materially higher multiple than a professional-services-only group.
2. Payor mix and Medicare exposure: Groups with balanced commercial and Medicare mix would be preferred over those heavily concentrated in Medicare Advantage or fee-for-service Medicare, per general payor risk framing in Milliman healthcare research.
3. Physician-owner retention: Buyers require typically 3 to 5 year physician commitments post-close, with equity roll and clinical governance. Groups that would present retention risk would clear lower multiples.
4. Referral network stability: Cardiology referral patterns depend heavily on primary care and hospital relationships. Loss of a major hospital contract post-close would be a material risk, disclosed in every diligence process.
5. Site-neutral payment exposure: Groups with volume already in office-based labs and ASCs would be favored over hospital-outpatient-department-dependent groups, per the trajectory described in the CMS CY 2023 OPPS final rule.
6. Payor contract portability: Change-of-control language in commercial payor contracts. Some contracts require plan approval, delaying or repricing deals.
7. Real estate: Owned real estate would typically be structured separately as a lease to the MSO. A long-term triple-net lease at fair market value would support both practice value and real estate value.
8. Compliance history: Any Stark, AKS, or coding audit history materially impacts diligence. Clean OIG, CMS, and state medical board records are baseline requirements.
9. Cardiology sub-specialty coverage: Interventional, electrophysiology, structural, and general cardiology mix. Broad sub-specialty coverage supports higher multiples.
10. Growth trajectory: Three-year revenue and EBITDA trajectory with clear physician-added, procedure-added, and ancillary-added drivers. Flat or declining trajectory would compress multiple.
11. Geographic density: Whether the practice fits the buyer’s regional roll-up strategy. Density supports both revenue synergy and back-office scale.
12. MSO readiness: A group with clean corporate books, professional/administrative separation, and existing management structure would be more attractive than one requiring extensive pre-close cleanup.
13. Real-time reporting infrastructure: Modern EHR, revenue-cycle management, and financial reporting. Groups on outdated systems would face integration diligence pressure.
14. Quality metrics: Star ratings, ACC registry participation (NCDR, PVI), risk-adjusted outcomes per the American College of Cardiology NCDR Registry.
15. Value-based care participation: ACO REACH, Bundled Payments for Care Improvement Advanced (BPCI-A), and CMS Primary Care First alignment can support premium valuation with certain buyers per CMS Innovation Center program pages.

Active buyers in cardiology M&A

Four private-equity-backed platforms lead cardiology consolidation as of 2026. Each has published disclosure of its investment thesis. Strategic buyers include large regional health systems and select multi-specialty MSOs. This is not a ranking. It is a factual listing of active buyers a sell-side advisor would run into an auction.

Four private-equity-backed platforms lead cardiology consolidation as of 2026. Each has published disclosure of its investment thesis. Strategic buyers include large regional health systems and select multi-specialty MSOs. This is not a ranking. It is a factual listing of active buyers a sell-side advisor would run into an auction.

Cardiovascular Associates of America (CVAUSA)

Backed by Webster Equity Partners, a Boston-based healthcare-focused PE firm. CVAUSA has grown by regional add-ons and is one of the largest cardiology platforms by physician count per CVAUSA disclosures.

US Heart and Vascular

Backed by Ares Management Corporation (NYSE: ARES) per US Heart and Vascular platform disclosures at US Heart and Vascular. Ares deployed the platform capital through its private-equity strategy.

Cardiovascular Logistics

Backed by Assured Healthcare Partners. Focus on integrated cardiology delivery including cath lab and vascular access per Cardiovascular Logistics.

National Cardiovascular Partners

Backed by Kohlberg & Company, a Mount Kisco, NY-based middle-market PE firm. NCP has grown by regional add-ons focused on office-based lab and ambulatory strategy per NCP.

Regional health systems and academic medical centers

Hospital-employment models compete for cardiologists at the individual physician level and occasionally for groups. Employment offers stability and often research affiliation but typically at lower headline valuation than a PE MSO with equity roll, per general employment-versus-independence framing published by the American College of Cardiology.

Multi-specialty MSOs and physician groups

Larger multi-specialty groups and MSO platforms occasionally add cardiology. These are opportunistic buyers rather than core platform acquirers.

The M&A advisors and healthcare investment banks who work in cardiology

Cardiology sits within healthcare services M&A, and the advisors who cover it are typically healthcare-services or physician-practice specialists rather than cardiology-exclusive boutiques. The following firms have published on cardiology or covered comparable specialty MSO deals. Each is described neutrally with a citation to the firm’s own site.

Cardiology sits within healthcare services M&A, and the advisors who cover it are typically healthcare-services or physician-practice specialists rather than cardiology-exclusive boutiques. The following firms have published on cardiology or covered comparable specialty MSO deals. Each is described neutrally with a citation to the firm’s own site.

Provident Healthcare Partners

Provident Healthcare Partners is a Boston-based healthcare-focused investment bank that publishes practitioner commentary on physician-practice M&A across specialties including cardiology per its Insights library. Provident covers sell-side and buy-side mandates across LMM healthcare services.

VMG Health

VMG Health is a Dallas-based healthcare valuation and transaction advisory firm. VMG provides valuation, quality-of-earnings, and transaction-advisory services across physician-practice M&A per VMG Health services.

Cain Brothers (a division of KeyBanc Capital Markets)

Cain Brothers, a division of KeyBanc Capital Markets, is a healthcare-dedicated investment bank covering middle-market and upper-middle-market healthcare services transactions.

Other healthcare-services investment banks

Additional healthcare-services banks including Houlihan Lokey Healthcare, Piper Sandler, and Raymond James Healthcare cover upper-middle-market and larger cardiology platform transactions. These firms typically engage on transactions above $50M enterprise value.

CT Acquisitions

CT Acquisitions is another lower-middle-market option for cardiology practice sell-side engagement, focused on independent groups in the $1M to $10M adjusted EBITDA band. CT Acquisitions is owner-aligned on fees, runs 100 plus vetted institutional buyers into competitive auctions, and holds sell-side mandates through healthcare-services diligence. CT does not claim to be the largest healthcare bank. CT does claim to be a good fit for LMM cardiology groups where a lean, senior-led process is preferred over a large-bank mandate.

How the sell-side process would work for a cardiology practice

A qualified sell-side process for a cardiology practice would run 6 to 9 months from engagement to close, with the following month-by-month structure. This is a conditional roadmap based on general LMM healthcare-services practice, not a guarantee for any specific transaction.

A qualified sell-side process for a cardiology practice would run 6 to 9 months from engagement to close, with the following month-by-month structure. This is a conditional roadmap based on general LMM healthcare-services practice, not a guarantee for any specific transaction.

Month 1: engagement and preparation

The advisor signs the engagement letter, kicks off financial preparation including three-year normalized EBITDA build, and coordinates with healthcare counsel on entity structure. Reference: CT sell-side advisory overview.

Month 2: quality of earnings and materials

The advisor engages a Q of E provider or coordinates with a Big 4 or independent healthcare-transaction Q of E firm. The advisor drafts the confidential information memorandum (CIM), management presentation, and financial model. See our seller-side Q of E deep dive.

Month 3: buyer outreach

Teasers and non-disclosure agreements go to a targeted buyer list of 40 to 100 parties. The list includes the four PE platforms, regional health systems, multi-specialty MSOs, and select strategics. CIMs go to signed NDA parties.

Month 4: indications of interest

Buyers submit indications of interest (IOIs) with preliminary valuation ranges. The advisor reviews IOIs, selects 5 to 8 for management meetings, and coordinates management presentations.

Month 5: management meetings and LOI

Management meetings run over 2 to 4 weeks. Final buyers submit letters of intent (LOIs). The advisor negotiates key deal terms including price, structure, equity roll, retention, and exclusivity. See seller-side LOI template.

Month 6 to 8: exclusivity and diligence

The selected buyer conducts financial, operational, legal, regulatory, quality, and compliance diligence. Stark and AKS analysis, physician-owner arrangements review, payor contract review, and coding audit are standard. See our seller diligence checklist.

Month 8 to 9: definitive documentation and close

Definitive purchase agreement, MSO agreement, employment agreements, real estate leases, and equity roll documentation. Regulatory and payor consents. Signing and close.

Regulatory and structural mechanics for 2026

Cardiology M&A is materially shaped by federal and state healthcare regulation. Every deal structure would address the following.

Cardiology M&A is materially shaped by federal and state healthcare regulation. Every deal structure would address the following.

Stark Law and Anti-Kickback Statute

The federal physician self-referral law (Stark, 42 U.S.C. § 1395nn) and the Anti-Kickback Statute (42 U.S.C. § 1320a-7b(b)) shape the professional/MSO split. Every transaction would rely on the in-office ancillary services exception under Stark, along with fair market value opinions on physician compensation, per HHS OIG compliance guidance and CMS physician self-referral rules.

Corporate practice of medicine (CPOM)

Most states restrict non-physician ownership of medical practices. The standard cardiology PE structure uses an MSO that provides administrative services to a physician-owned professional entity, per general CPOM doctrine described by ABA Health Law publications.

Site-neutral payment

CMS finalized site-neutral payment changes affecting cardiac catheterization and related procedures in the CY 2023 OPPS final rule, moving reimbursement toward parity between hospital outpatient departments and office-based labs per the Federal Register CY 2023 OPPS final rule. The trajectory has continued in subsequent rulemaking per CMS OPPS updates.

Physician-owned hospital moratorium

Section 6001 of the ACA bars new physician-owned hospitals and expansion of existing ones, per CMS Physician-Owned Hospital rules. This forecloses one exit pathway that was active pre-2010.

State licensing and CON

Cath lab, ASC, and ambulatory imaging licensing varies by state. Certificate of need (CON) laws in roughly 35 states can require regulatory approval for new labs or ownership changes per the National Conference of State Legislatures CON overview.

HSR filing

Deals exceeding Hart-Scott-Rodino thresholds trigger antitrust filing with the FTC and DOJ. The 2026 HSR size-of-transaction threshold is published annually per the FTC Premerger Notification Program. Most LMM cardiology deals would fall below HSR thresholds, but larger platform deals may cross them.

State AG scrutiny of PE in healthcare

Several states, including California, Oregon, and Washington, have enacted or considered legislation increasing state attorney general oversight of PE transactions in healthcare. Deal timelines would incorporate state review where applicable, per state legislative disclosures such as Washington State Legislature and equivalent AG offices.

How to choose an M&A advisor for a cardiology practice

The following is a 10-point checklist a cardiology practice owner should apply when hiring an M&A advisor. Each item reflects real questions that surface in diligence, negotiation, or close. Healthcare-services track record. The advisor should have closed physician-practice transactions in cardiology or comparable specialties (dermatology, ophthalmology, orthopedics, GI). Reference: dermatology multiples as a comparable MSO pattern. Buyer coverage. The advisor should have direct coverage of all four PE platforms and.

The following is a 10-point checklist a cardiology practice owner should apply when hiring an M&A advisor. Each item reflects real questions that surface in diligence, negotiation, or close.

1. Healthcare-services track record. The advisor should have closed physician-practice transactions in cardiology or comparable specialties (dermatology, ophthalmology, orthopedics, GI). Reference: dermatology multiples as a comparable MSO pattern.
2. Buyer coverage. The advisor should have direct coverage of all four PE platforms and the strategic buyer universe. Coverage means senior banker relationships, not database access.
3. Stark and AKS literacy. The advisor should coordinate seamlessly with healthcare counsel on Stark, AKS, in-office ancillary services exception, and fair market value opinions.
4. MSO structure fluency. The advisor should be able to draft and negotiate MSO administrative-services agreements, professional-services entity governance, and physician equity roll structures.
5. Ancillary economics understanding. The advisor should know the difference in valuation between cath lab, echo, nuclear, CTA, vascular access, and remote monitoring revenue streams.
6. Fee alignment. Owner-aligned fee structures typically include a modest monthly retainer creditable against a success fee, with the success fee weighted toward outperformance. Review our 2026 M&A advisor fees guide, M&A advisor cost analysis, fee structure breakdown, and retainer guide.
7. Advisor versus broker distinction. An M&A advisor runs a competitive auction against institutional buyers with structured process, materials, and negotiation. A business broker typically posts listings. See our advisor versus broker comparison.
8. Senior banker involvement. The advisor should confirm which senior banker will run the process, not delegate to junior associates.
9. Reference calls. Ask for direct reference calls with two to three cardiology or specialty-practice owners the advisor recently closed with.
10. Buyer-type framing. The advisor should understand the trade-offs among PE MSO, hospital employment, and independent-plus-management-agreement structures. See our comparisons for search fund versus PE, family office versus PE, and strategic versus financial buyer.

Sister vertical M&A advisor pages

For advisor-hiring context in adjacent healthcare and specialty verticals, see our M&A advisor for dental practice and M&A advisor for veterinary practice guides, which apply the same MSO framing and buyer-type distinctions to healthcare-adjacent verticals. For a cardiology-specific buyer-tracking view, see the cardiology PE roll-up tracker 2026 . For an operational preparation view, see how to sell a cardiology practice and the cardiology exit preparation checklist .

For advisor-hiring context in adjacent healthcare and specialty verticals, see our M&A advisor for dental practice and M&A advisor for veterinary practice guides, which apply the same MSO framing and buyer-type distinctions to healthcare-adjacent verticals. For a cardiology-specific buyer-tracking view, see the cardiology PE roll-up tracker 2026. For an operational preparation view, see how to sell a cardiology practice and the cardiology exit preparation checklist.

Frequently asked questions

What multiple would a cardiology practice sell for in 2026?

Private cardiology transaction multiples are not publicly disclosed. Ancillary-rich groups with cath lab, imaging, and vascular access would clear meaningfully higher multiples than professional-services-only groups. Practice size, payor mix, and physician retention would all move the range, per general MSO framing published by Provident Healthcare Partners.

Who are the PE buyers of cardiology practices?

The four largest PE-backed platforms as of 2026 are Cardiovascular Associates of America (Webster Equity), US Heart and Vascular (Ares Management), Cardiovascular Logistics (Assured Healthcare Partners), and National Cardiovascular Partners (Kohlberg & Company), per their respective platform disclosures.

What is the difference between an M&A advisor and a business broker for a cardiology practice?

An M&A advisor runs a structured competitive auction with materials, financial modeling, and negotiation. A business broker typically posts listings without the same rigor. Institutional PE buyers work with M&A advisors. See our advisor versus broker guide.

How long does a cardiology practice M&A process take?

Six to nine months from engagement to close is typical for a well-run LMM process, per general healthcare-services M&A practice. Diligence, payor consents, and Stark and AKS review can extend timelines. Larger platform deals with HSR filings would run longer.

What is the MSO structure and why does it matter?

The MSO (management services organization) structure separates the physician-owned professional entity from the PE-invested administrative-services entity. This is required by corporate practice of medicine laws in most states and shapes tax, governance, and clinical-decision authority, per American Bar Association Health Law publications.

What does an M&A advisor for a cardiology practice cost?

Owner-aligned fee structures typically include a modest monthly retainer creditable against a success fee that scales with outcome. Review our 2026 fees guide and retainer guide for detail.

How does CMS site-neutral payment affect a cardiology practice sale?

CMS’s shift toward site-neutral payment for cardiac catheterization has moved procedure volume from hospital outpatient departments to office-based labs and ambulatory surgical centers, materially improving the economics for independent groups per the CMS CY 2023 OPPS final rule. Buyers view this as tailwind for office-based ancillary strategy.

Would a physician-owned hospital JV be a valid exit path in 2026?

Section 6001 of the Affordable Care Act bars new physician-owned hospitals and prevents expansion of existing ones, per CMS Physician-Owned Hospital rules. This exit path is foreclosed at the federal level for new formations.

Methodology and data sources

This guide draws on published disclosures from Cardiovascular Associates of America, US Heart and Vascular, Cardiovascular Logistics, National Cardiovascular Partners, and their respective PE sponsors Webster Equity Partners, Ares Management, Assured Healthcare Partners, and Kohlberg & Company. It draws on practitioner commentary published by Provident Healthcare Partners, VMG Health, and Cain Brothers. It draws on federal regulatory sources including the Centers for Medicare and Medicaid Services , the HHS Office.

This guide draws on published disclosures from Cardiovascular Associates of America, US Heart and Vascular, Cardiovascular Logistics, National Cardiovascular Partners, and their respective PE sponsors Webster Equity Partners, Ares Management, Assured Healthcare Partners, and Kohlberg & Company. It draws on practitioner commentary published by Provident Healthcare Partners, VMG Health, and Cain Brothers. It draws on federal regulatory sources including the Centers for Medicare and Medicaid Services, the HHS Office of Inspector General, the Federal Register, and the Federal Trade Commission. It draws on general healthcare PE deal reporting from PitchBook and Bain & Company. It draws on clinical registry and consolidation commentary from the American College of Cardiology.

All private-transaction multiples and revenue ranges are described conditionally because no comprehensive public dataset of cardiology practice M&A multiples exists. Ranges reflect general MSO framing applied to cardiology by analogy, not published cardiology transaction data. Every named PE firm, healthcare investment bank, and cardiology platform in this guide is verifiable via the cited URL. No firm has been invented.

Disclaimer. This guide is not an appraisal, not investment advice, not legal advice, not tax advice, not financial advice, and not a prediction. It is educational commentary on cardiology practice M&A structure and market participants as of July 2026. A cardiology practice owner considering a transaction should engage qualified counsel, a qualified quality-of-earnings provider, and an experienced sell-side M&A advisor before making any decision. Multiples, buyer preferences, and regulatory posture change continuously and this guide should not be relied on as current at any date after the “Last reviewed” date at the top.