Ankura Transaction Advisory Services
Client Success Story:
veriMED Health Group
Background
veriMED Health Group (veriMED) — a leading provider of value-based primary care services across Florida — entered into a strategic transaction with Millennium Physician Group,[1] one of the largest independent physician groups in the Southeast. This transaction marked a significant milestone in veriMED’s growth, aligning with its mission to deliver high-quality, patient-centered care through innovative risk-based models.
Ankura Involvement
Ankura’s healthcare-focused transaction advisory services (TAS) team was engaged by veriMED to provide comprehensive sell-side financial due diligence, with a particular focus on quality of earnings (QoE) analysis, analysis of service fund plan performance, net working capital, and assisting with review of the purchase agreement. The Ankura team conducted a deep dive into veriMED’s financials, including revenue streams, cost structures, and performance metrics tied to value-based care contracts.
Ankura’s support included detailed data analytics across more than 25 separate legal entities, aggregating and normalizing financial data to present a clear and cohesive picture of veriMED’s performance. The team performed estimation of cash-to-accrual adjustments, reconciliation of cash flows, and identification of non-recurring items. These efforts were critical in validating earnings sustainability and supporting valuation discussions.
Ankura also provided insights into the financial implications of risk-based arrangements, leveraging its deep expertise in value-based care models. This helped veriMED articulate the strength of its clinical and operational performance to Millennium Physician Group and other stakeholders.
Value Delivered
Ankura’s rigorous QoE analysis and healthcare-specific insights enabled veriMED to present a clear, credible financial narrative that reflected the true earnings power of the business. The work supported a smooth transaction process, enhanced buyer understanding, and positioned veriMED for successful post-transaction integration.
As a seller of any business, having Ankura provide sell-side QoE support is priceless in getting the deal done. Their ability to synthesize complex data and communicate it effectively to stakeholders is a key differentiator.
Client Testimonials
“The Ankura team was a true partner throughout our transaction. Their diligence work was not only thorough but also tailored to the unique nuances of our business. Their insights made a meaningful difference in how we navigated the transaction process. We strongly recommend engaging the Ankura TAS team for a quality of earnings analysis — it’s an invaluable asset in getting the deal done.”
— Martin Revello, President and CEO
“Ankura’s transaction advisory team brought unmatched clarity to our financial story. Their understanding of value-based care and attention to detail gave us confidence throughout the process.”
— Dr. Jai Cho, Chief Medical Officer
“From operations to finance, Ankura’s insights helped us align internally and prepare for a successful transition. Their team was responsive, thoughtful, and deeply knowledgeable. The Ankura TAS team was a true partner to us throughout the entire transaction process.”
— Jamila Atkinson, Vice President of Operations
“Ankura’s QoE analysis was instrumental in helping us communicate our financial performance. Their work gave us the credibility we needed with Millennium and other stakeholders.”
— Austin Cho, Vice President of Finance
Learn More
To explore how Ankura supports physician practices in risk-based models through financial due diligence, read our article.
Notes
[1]Millennium Physician Group welcomes veriMED Health Group to its expanding family of physician-led practices
© Copyright 2025. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.
