Every deal inspects the books. Almost none inspects the practice. Buying a medical practice comes with an appraisal and a title search: accounting diligence confirms the earnings, legal diligence confirms the contracts. The clinical reality of the asset, how care is delivered, coded, billed, and sustained, is taken on faith.
Sundfast is the inspection. We read the same data room as a physician and report what breaks after close, with a number attached to each finding.
Every report is reviewed and signed by a physician
Provider dependence. How much of the revenue is two physicians near retirement, and what the volume looks like when they leave.
Coding integrity. Whether the billing pattern survives a payer audit, and what a clawback would do to the earnings the deal is priced on.
Clinical quality. What outcomes, complications, and documentation say about the medicine itself.
Referral concentration. Where the patients actually come from, and whether those channels survive the change of ownership.
Key-person risk. Who the practice cannot run without, clinically and operationally.
| Physician | Age | Share of procedures |
|---|---|---|
| A | 41 | 8% |
| B | 45 | 11% |
| C | 52 | 14% |
| D | 63 | 27%† |
| E | 64 | 28%† |
| F | 49 | 12% |
† Cashes out at close. Illustrative data.
Every finding is written this way: the pattern, the benchmark it violates, and what it does to the earnings the deal is priced on. The buyer sees the math.
The Clinical Report. A fixed-scope review of one target's clinical operations, delivered inside the diligence window, alongside your Quality of Earnings and legal workstreams. Signed by a physician.
Portfolio Monitoring. Standing clinical surveillance for platforms doing serial add-ons, with an expedited report on each new target.
Fixed scope. Quoted per engagement. Priced inside the lower-middle-market Quality of Earnings band.
Independent sponsors, search funds, family offices, and lower-middle-market private equity firms buying physician practices and health-tech assets. The deals the large consultancies price out.
And buy-side advisors who want a clinical leg in their diligence package.
Not an accounting firm. Not a law firm. Not a valuation shop. We render no buy or sell recommendation and no opinion on price. The report describes the clinical reality of the target; the buyer decides. Findings are never bent toward a deal thesis.
Independence is the entire asset.