At Summit, we look to partner only with exceptional physicians and start by identifying what makes each practice unique and successful. Working in close collaboration with our partners, we then develop a shared vision and a tailored growth strategy unique to each individual business.
What does Summit look for in a partner?
We look for partners who share our values and prioritize doing what’s best for their patients and their teams.
As we get to know you, we will look to understand what has made your business so successful to date, including evaluating your patient base and your relationships with patients, your reputation and track record of growth in your region. We also look at scale by assessing patient visits per year, number of providers and extenders, capacity and financial performance.
What can Summit help my practice with?
We pride ourselves on developing unique strategies in connecting with you and your team that are flexible to meet the needs of each individual practice. Depending on the shared vision we create for your practice, we can help facilitate organic growth by providing resources and other capabilities to assist with your practice in expanding service lines, opening new locations, driving patient demand through marketing, and hiring team members. To further grow your practice, we have extensive resources through Summit that may be available to drive inorganic growth (i.e., through acquisitions).
To help lessen some of the burden of running a private practice, we can also help offload your administrative “pain points” – whether that’s HR, payroll, benefits, or improving compliance and financial reporting programs.
Moreover, through our physician advisory board, you can access ongoing discussions with other, likeminded physicians affiliated with Summit to share ideas and best practices.
How does Summit value practices?
The first step in valuing a business is understanding your historical financial performance as well as recent investments you’ve made in your practice. We also look at your plans for the future, including your ultimate vision for the business and any planned growth initiatives.
The purchase price for the business is typically based on a multiple of your profitability (EBITDA) adjusted for any one-time expenses and go-forward compensation for all owners.
The multiple that is paid on EBITDA depends on several factors such as scale, patient base, payor mix and future growth potential. Our valuations will vary based on these metrics and are competitive in the market.
What is the partnership process like?
The first step is to set up an introductory call or meeting to learn more about you and your practice and introduce our team. Then, as a next step, we would circulate a brief data request in order to share financials and more detailed information, which allows Summit to get a better understanding of the practice’s operations.
Assuming we are aligned on basic parameters, we would set up an in-person meeting to better get to know one another and discuss how we would work together as partners. Down the line, we would submit a letter of intent (LOI) to confirm mutual interest in the partnership, valuation and partnership structure and then proceed with deeper diligence.
What does physician leadership look like?
All clinical decision making is left to the sole discretion of our partner physician practices.
Summit offers a physician advisory board, which meets on a quarterly basis and encourages physicians affiliated with Summit to share best practices and talk through challenges that others have faced.