2025 Outlook
PHYSICIAN PRACTICE MANAGEMENT (PPM) WHITE PAPER
The Physician Practice Management (PPM) sector continues to be one of the strongest sectors for investment across healthcare services M&A. Check out Ziegler’s 2025 Outlook for the PPM sector with our thoughts on key areas for investment, the impact of private equity’s role in PPM, and the future of value-based care models. Ziegler has represented on over $6 billion of PPM transactions and looks forward to another active year advising both sponsor-backed and privately-owned physician groups on M&A opportunities.
ZIEGLER’S LEADING PHYSICIAN ADVISORY PRACTICE
Ziegler is one of the leading advisors to physician groups on mergers, acquisitions, joint ventures, partnerships and private equity transactions
- Decades of experience advising physician groups across the country on over $5 billion of transactions
- 100+ year-old employee-owned firm with roots in providing investment banking services to hospitals, physician groups and healthcare facilities
- High-touch service model with senior banker involvement and personalized attention dedicated to each transaction
- Demonstrated track record of helping our clients achieve highly successful outcomes
- Frequent lines of dialogue into all the relevant strategic acquirers and private equity groups
- Deep understanding of the importance of preserving the cultural elements of the practice
- Advisor to the physician group, not the buyer or investor
- Our reputation is built on providing honest, unbiased advice
- We forge lasting partnerships with our clients and are deeply invested in their long-term success
ZIEGLER’S VAST DOMAIN EXPERTISE AND EXPERIENCE IS DEMONSTRATED BY A STRONG TRACK RECORD OF SUCCESS
Meet Andy Colbert, a senior managing director, in Ziegler’s Healthcare Investment Banking practice focused on advising physician practices.
LEADING ADVISOR TO PHYSICIAN GROUPS ON M&A, JOINT VENTURES, AND STRATEGIC INITIATIVES ACROSS THE U.S.
~45
HEALTHCARE M&A BANKERS
155
TRANSACTIONS OVER LAST 10 YEARS
$13.2B
TOTAL TRANSACTION VALUE
~120
YEARS OF SERVICE IN HEALTHCARE
62
PHYSICAN DEALS ON ZIEGLER PLATFORM
~$6.2B
PHYSICIAN TRANSACTION VALUE
SECTOR EXPERTISE
ADVISORY SERVICES
WHAT OUR CLIENTS SAY
Andy Colbert and the Ziegler team gave us the confidence and capabilities to explore the best long-term opportunities for our practice. We are very pleased with the outcome and Ziegler was key to our success.”*
Ian Perlman - President, Perlman Clinic
Andy Colbert and the Ziegler team gave us the confidence and capabilities to explore the best long-term opportunities for our practice. We could not be more pleased with the outcome, and Ziegler was key to our success.”*
Josh Snow - Chief Executive Officer, Rancho Family Medical Group
Andy Colbert and his team at Ziegler was the ideal advisor for Windsong Radiology because of their deep knowledge of the radiology industry and proven track record of successful transactions. The strategic value that they provided was immeasurable throughout the process and ensured a very successful outcome.”*
Thomas Summers, M.D. - President, Windsong Radiology
Andy Colbert and the Ziegler team made this deal possible. Their knowledge and expertise in the healthcare sector proved instrumental in leading successful negotiations while addressing the most important issues for our practice. Thanks to their involvement, we are off to an exciting and collaborative relationship with our new partner, Trivest. We believe that the Ziegler team is a true value-add to any group considering a strategic investment opportunity.”*
Dr. Greg D’Angelo, M.D. - Senior Partner and President, Bluegrass Orthopaedics
Ziegler was the ideal partner to advise Radiology Ltd. because of their deep knowledge of the radiology industry and proven track record of advising other radiology practices on successful transactions. Andy Colbert and his team’s invaluable guidance and thoughtful approach helped ensure a successful outcome for Radiology Ltd. and positioned our group well for continued growth. We are thrilled to be partnered with USRS, an organization that shares our group’s values and mission to transform healthcare.”*
David Jeck, M.D. - President, Radiology, Ltd.
Andy Colbert and his team were instrumental in initiating, negotiating and closing this very important transaction, while guiding us every step of the way. Through our partnership with Ziegler, we had the confidence and capabilities to explore the best long-term opportunities for our platform. My co-founders (John Arias, MD and Kyle Henneberry, MD) and I could not be more pleased with the outcome.”*
Lawrence Bub, M.D. - Co-founder and Head of Clinical Services, Direct Radiology
Andy Colbert and his team at Ziegler, were not only our trusted advisors, but our partners. Their knowledge of the radiology industry, contacts, financial expertise and pure drive was an enormous advantage for Desert Radiology. The Ziegler team helped us focus on what was important to our future and stood by our side working tirelessly until every deal point was negotiated, ultimately helping us finalize a partnership with Radiology Partners. Along the way, Andy made sure our shareholders stayed informed of the process and economics of the deals. Without a doubt, we were better off having Andy and Ziegler on our side. I cannot thank them enough for their efforts throughout our process.”*
Rich Bodager - Chief Executive Officer, Desert Radiology
*This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success.
SELECT PHYSICIAN GROUP TRANSACTION EXPERIENCE
In a capital investment from
Sell-Side Advisor
In a capital investment from
Sell-Side Advisor
In a capital investment from
Sell-Side Advisor
In the sale to
Sell-Side Advisor
In the sale of imaging centers to
Sell-Side Advisor
In a partnership with
Sell-Side Advisor
In a partnership with
Sell-Side Advisor
In the sale to
Sell-Side Advisor
In a partnership with
Sell-Side Advisor
In a capital investment by
Financial Advisor
In a partnership with
Sell-Side Advisor
In the sale to
Sell-Side Advisor
In the sale to
Sell-Side Advisor
In a partnership with
Financial Advisor
In a capital investment by
Financial Advisor
In a partnership with
Sell-Side Advisor
In the sale of its Medicare operations to
Sell-Side Advisor
In the sale to
Advisor
In the sale to
SELL-SIDE ADVISOR
In a growth equity financing
ADVISOR
In the sale to
SELL-SIDE ADVISOR
In a partnership with
FINANCIAL ADVISOR
In its investment by
SELL-SIDE ADVISOR
In the sale to
SELL-SIDE ADVISOR
In the sale to
ADVISOR
In the sale of a majority interest to
SELL-SIDE ADVISOR
In a private equity investment by
SELL-SIDE ADVISOR
In the sale of 4 ambulatory surgery centers
SELL-SIDE ADVISOR
In the sale to
SELL-SIDE ADVISOR
In the sale to
SELL-SIDE ADVISOR
In the sale of MSO to
SELL-SIDE ADVISOR
In the sale of PCMS to
SELL-SIDE ADVISOR
In a private equity investment by
PLACEMENT AGENT
In the sale to
SELL-SIDE ADVISOR
Meet Andy Colbert, a senior managing director, in Ziegler’s Healthcare Investment Banking practice focused on advising physician practices.