Company Overview
American HealthCare Capital is pleased to exclusively offer a well-established, physician-founded behavioral health platform for sale in the Midwest with a national referral center for intensive psychiatric treatment of emerging adults with complex, co-occurring presentations. The platform has served more than 1,300 patients and families, delivering residential, partial-hospitalization (PHP), and intensive-outpatient (IOP) programming alongside a sister interventional-psychiatry practice offering FDA-cleared, brain-based therapies (deep TMS, neurofeedback, pharmacogenomics). The program is distinguished by a developmental, neurobiological treatment model, a long-established track record of clinical excellence documented through scholarly outcome research and publications, Joint Commission accreditation, and a two-decade national reputation and alumni base. The national PHP/IOP platform is primarily private pay with 99% collection, and the interventional platform is local and in network.
Key Highlights
- ~99% private pay national PHP/IOP platform with a 99% collection rate sustained over twenty years — no reimbursement, payer-mix, or re-credentialing risk
- $3.0M+ adjusted EBITDA demonstrated at peak census (2021) on the same two-site infrastructure operating today
- Proven rebound: After a 2023 trough, adjusted EBITDA grew ~30% in 2024; Q1 2026 is running ahead of 2025 pace and management expects ~$6.2M total 2026 revenue
- Quantified upside: ~6 incremental patients ≈ $1.0M+ of annual EBITDA on a largely fixed cost base; five open licensed residential beds today
- Clinical differentiation: distinctive integrated psychotherapy + neuroscience model with FDA-cleared technologies few competitors replicate across residential through outpatient care
- Accreditation moat: Joint Commission accredited; the state requires no separate PHP/IOP licensure, minimizing transfer friction
- Owned real estate: Residential facility offered concurrently (purchase or leaseback)
- Senior doctoral-level clinical team: Average professional tenure ~10 years; academic affiliations; historically low turnover
- Founder-supported transition: A board-certified physician founder with four decades of experience, committed up to twelve months, with clinical leadership expected to remain
Financial Overview
FY2025 total platform revenue was approximately $5.69 million — clinical revenue of approximately $5.15 million plus residential room and board — on adjusted EBITDA of $948,000, with the softness concentrated in census rather than pricing or payer mix. FY2024 total platform revenue was approximately $6.26 million on adjusted EBITDA of $1.26 million. At peak census, the platform generated $3.04 million of adjusted EBITDA in 2021 on the same infrastructure. The recovery from 2023 to 2024 provides evidence of the earnings growth that can be achieved as census and utilization improve.
Q1 2026 clinical revenue of $1.3 million is running ahead of the 2025 quarterly pace, and H1 2026 financials are available to qualified buyers upon execution of an NDA. Revenue from the PHP/IOP platform is 99% private pay with a 99% historical collection rate.
Growth Levers
- Census Rebuild: Five open licensed residential beds and available staffed PHP/IOP capacity provide an opportunity to increase census. Management estimates that approximately six additional patients could generate more than $1.0 million in incremental EBITDA.
- Marketing and Referral Development: The platform benefits from a national professional referral network and a 20-year alumni base of more than 1,300 families. Additional investment in digital marketing and referral development could support renewed census growth.
- Interventional Psychiatry Expansion: FDA-cleared services, including deep TMS, neurofeedback, and pharmacogenomic testing, serve a broader age range and offer the potential to grow beyond the segment’s current contribution of approximately 9% of clinical revenue.
- Adjacent Services: Home-based care and step-down services could extend the existing continuum of care and create additional revenue opportunities.
- Real Estate Optionality: The owned residential facility is available for purchase or leaseback, providing flexibility for a buyer seeking either direct ownership or a long-term occupancy arrangement.
Transaction and Asking Price
The asking price for the operating business is $8.0 million, excluding real estate, plus an earnout tied to continued EBITDA growth. Management expects EBITDA to recover to approximately $1.5 million as census and utilization continue to return toward historical levels.
The valuation reflects the platform’s demonstrated earnings capacity, including approximately $1.26 million of adjusted EBITDA in 2024 and peak adjusted EBITDA of $3.04 million in 2021 on the same infrastructure.
The owned residential real estate is being appraised separately and would be acquired in addition to the $8.0 million purchase price and any earnout consideration. Ownership prefers an outright sale but is open to a leaseback structure.
All initial correspondence with the seller must be directed through American HealthCare Capital.