Concierge Medical Practice, 20-Year Las Vegas Membership Primary Care

$1.8M

Revenue

$962K

SDE

2.6x

Multiple

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Full Editorial Writeup

This is a 20-year-old concierge medical practice in Las Vegas built on a membership-based primary care model. It serves individuals, families, and professionals who want more access and attention than a traditional primary care office provides: extended appointments, timely scheduling, and direct access to providers. The practice leans into preventative care and long-term patient relationships, which is exactly the profile that produces sticky, recurring revenue in medicine.

The numbers are strong for a practice this size. On $1.8M of revenue it throws off $962K in cash flow, a 53 percent margin that is unusually high for primary care and reflects the pricing power of the concierge model plus the fact that it also bills most insurances. The practice serves roughly 500 clients and runs with 9 employees (8 full-time, 1 contractor), with the staff expected to stay on under new ownership.

What makes this notable is the combination of durability and buyer accessibility. It is SBA pre-qualified, the seller owns the 3,000 square foot building and will lease it back at $9,750 per month, and the asking price of $2.49M represents just 2.59x cash flow. For a licensed physician or a healthcare operator building a group, this is a boring, cash-rich, recession-resistant asset at a reasonable multiple.

Why we like it

Earnings quality is excellent: $962K of cash flow on $1.8M of revenue is a 53 percent margin, far above typical primary care economics. The concierge membership model plus billing most insurances gives two revenue streams and real pricing power that supports the margin.
The moat is a 20-year patient relationship base of roughly 500 clients who pay for access and continuity, not one-off visits. Concierge members switch doctors reluctantly once a trusted relationship is established, which produces low churn and predictable annual retention.
Healthcare demand is recession-resistant and the concierge model skews toward affluent, less price-sensitive patients who protect their access even in downturns. Preventative and chronic care are needs, not wants, so revenue holds through economic cycles.
The deal is structured for a clean handoff: SBA pre-qualified financing, staff staying on, seller reducing personal involvement to part-time, and a leaseback that keeps the buyer out of a real estate purchase. A licensed physician can step in with a working clinical and administrative team already in place.

How to improve it

Formalize and grow the membership tier by codifying pricing, renewal cadence, and annual increases. With only about 500 clients, moving even a modest percentage to higher-value concierge tiers or adding an annual price bump compounds directly to the bottom line.
Expand the complementary medical and wellness services the listing already references, such as IV therapy, hormone optimization, weight management, or aesthetics. These cash-pay add-ons carry high margins and increase revenue per patient without adding many new members.
Build a structured patient acquisition engine given the practice appears to run on referrals and reputation. A simple digital marketing and physician-referral program in a fast-growing Las Vegas market could fill unused capacity within the existing footprint.
Reduce reliance on the seller-physician by adding or contracting a nurse practitioner or physician assistant to handle routine visits. This expands appointment capacity and de-risks the practice from any single provider, which also improves resale value.
Audit insurance billing and coding to capture revenue currently left on the table. A practice that takes most insurances often has recoverable dollars in denied claims, underbilled visits, and unoptimized coding.
Introduce recurring memberships for chronic care management and remote monitoring, which Medicare and many payers now reimburse. This layers additional predictable per-patient monthly revenue onto the existing panel.
Extend the limited operating hours (currently closing at 4:30pm and noon Fridays) to add evening or Saturday slots. More available capacity converts to more billable visits and improved member satisfaction with minimal added overhead.

Diligence notes

Break down the revenue mix between concierge membership fees and insurance billing, and confirm membership renewal and churn rates over multiple years. The durability of the 53 percent margin depends heavily on how sticky the membership base actually is.
Quantify how much of the $962K cash flow depends on the selling physician personally seeing patients. If the seller is a major producer, model the cost of replacing that clinical output with a new physician or midlevel provider and adjust true earnings accordingly.
Verify the leaseback terms in writing: $9,750 per month on 3,000 square feet, lease length, renewal options, and escalators. Confirm this rent is at market and already reflected in the stated cash flow, since the seller owns the building.
Confirm the buyer's Nevada medical licensing path and whether SBA financing requires a licensed physician buyer or allows a management structure. Verify the 8 full-time staff, especially any credentialed providers, are committed to staying post-close.
Review the patient panel concentration and payer mix to ensure no single insurer or small group of high-value members drives an outsized share of revenue. Roughly 500 clients is a small base, so a handful of departures could move the numbers materially.

Source

Originally listed on BizBuySell. View original listing →