Las Vegas Multi-Physician Primary Care Practice, Nevada, Est. 2011

$2.4M

Revenue

$672K

SDE

2.4x

Multiple

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Full Editorial Writeup

This is a long-established multi-physician primary care practice founded in 2011, serving the Greater Las Vegas Valley from a leased 4,640 square foot suburban location. The clinical team spans physicians, nurse practitioners, medical assistants and support staff (13 full-time employees total), and the practice accepts most major insurance plans including Medicare and Medicaid. That payer breadth plus a returning patient panel is what makes primary care a durable, recession-insensitive cash machine: people get sick and need a doctor regardless of the economy.

The numbers are clean and attractive. On $2.37M of trailing twelve-month revenue the practice throws off $672K of cash flow, roughly a 28% margin, and is priced at $1.62M or 2.41x cash flow. That is a reasonable multiple for a going-concern medical practice with a diversified provider base and an EHR-driven paperless operation. Notably, the listing states the seller is not active in the business, meaning the $672K is produced by a provider team rather than by the owner personally, which materially improves the quality of these earnings.

The practice runs banker's hours (8am to 4pm, Monday through Friday) and has explicit room to add another provider within the existing footprint. For a physician buyer, a medical group, or a PE-backed platform rolling up primary care, this is a plug-and-play acquisition with embedded capacity to grow revenue without additional fixed infrastructure.

Why we like it

Earnings quality is strong because the seller states they are not active, so the $672K cash flow is generated by a team of physicians, NPs and MAs rather than owner labor. That makes the number far more transferable than a typical solo-doctor practice where the SDE walks out the door with the owner.
The moat is sticky patient relationships. A primary care panel built since 2011, accepting most major insurers plus Medicare and Medicaid, generates returning visits and renewable payer reimbursement rather than one-off transactions, which is the definition of durable recurring demand.
Market tailwinds favor primary care in Las Vegas, one of the fastest-growing metros in the country with a persistent physician shortage. An aging, growing population plus broad insurance acceptance means steady patient inflow without heavy marketing spend.
There is a clear operator advantage: the listing explicitly notes room to add another provider within the current 4,640 square foot footprint. A buyer can expand revenue on the same rent and overhead base, and the short clinic hours suggest untapped capacity in evenings or Saturdays.

How to improve it

Add the additional provider the listing flags. Each incrementally loaded physician or NP leverages the existing lease and staff, dropping most of the new revenue straight to the bottom line without proportional fixed cost increases.
Extend hours beyond 8am to 4pm Monday through Friday. Offering early morning, evening, or Saturday slots captures working patients, improves panel utilization, and can lift visit volume on the same real estate.
Review the payer mix and renegotiate contracts. Analyze reimbursement per visit across commercial, Medicare and Medicaid, and shift scheduling toward higher-margin payers while pursuing value-based care or Medicare Advantage arrangements that reward panel retention.
Layer in ancillary revenue lines such as in-house labs, chronic care management billing, annual wellness visits, and remote patient monitoring. These codes carry high margins and leverage the existing patient panel and paperless EHR already in place.
Formalize patient acquisition. With steady Las Vegas population growth, a modest investment in digital presence, referral relationships with specialists, and reactivation of lapsed patients can refill open capacity quickly and defensibly.
Benchmark staffing productivity across the 13 full-time employees. Confirm the support ratio per provider is efficient and that scheduling, billing and collections are tight, since denied claims and slow collections are common silent margin leaks in primary care.

Diligence notes

Scrutinize provider dependency and contracts. Confirm which physicians and NPs generate the revenue, their employment or compensation agreements, non-competes, and retention risk, because if a key producing physician leaves, a meaningful slice of the $672K leaves with them.
Verify the TTM financials carefully. The quoted period runs October 2025 through September 2026, which includes forward months, so demand audited or bank-deposit-supported trailing actuals to confirm the $2.37M revenue and $672K cash flow are real and not partially projected.
Validate the payer and reimbursement picture. Review the breakdown of Medicare, Medicaid and commercial revenue, aging accounts receivable, denial rates, and credentialing status, since reimbursement changes and slow collections directly hit margin.
Confirm transferability of credentialing and licensure. A medical license is required to operate, so verify how quickly a new owner or provider can be credentialed with each payer and whether patient panels transfer cleanly, as credentialing delays can choke cash flow during transition.
Assess the lease. Rent is $10,425 per month with a term ending October 2032; confirm renewal options, escalators, and whether that rate is at market, since a non-portable, above-market lease would constrain both margins and exit optionality.

Source

Originally listed on BizBuySell. View original listing →