Quality of Earnings
tells you the money is real.
Sundfast tells you
the medicine is.
Independent clinical due diligence on physician practices and health-tech assets, built for the buyers writing the check.
01 Premise
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.
02 Scope
What we examine
Red annotations are illustrative findings
e.g. two physicians past 62 produce 55% of procedure volume, both cashed out at close
e.g. 70% of visits coded at the highest level, against a 10 to 15% specialty norm
e.g. detection rates sitting below the floor the guidelines call acceptable
e.g. 40% of new patients trace to one referrer a hospital system just acquired
e.g. the schedule shows no physician on site on Tuesdays, while the billing assumes one
03 The report
A page from the report
| Physician | Age | Share of procedures | Note |
|---|---|---|---|
| Physician A | 41 | 8% | |
| Physician B | 45 | 11% | |
| Physician C | 52 | 14% | |
| Physician D | 63 | 27% | Flag · cashes out at close |
| Physician E | 64 | 28% | Flag · cashes out at close |
| Physician F | 49 | 12% |
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.
04 Engagements
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.
05 Who we serve
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.
06 Boundary
What Sundfast is not
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.