25 coders, no new talent
18 hospitals, two of your best people are retiring. The market for new talent is empty.
Does this sound familiar?
Two situations we know
Framework contracts, but dependence on one person
Your hospitals depend on you personally. You want to make the company independent of you before you leave.
Your day-to-day, as we know it
This is what happens in your business before anyone talks about succession
Incomplete file at discharge
The discharge letter is missing, the surgery report is not released. Coding waits and the invoice sits.
MD audit under the PrüfvV
Deadlines for documents, case dialog and invoice correction run in parallel. Miss a deadline, and you lose the case.
Case merging
A readmission is overlooked and merged later. The hospital then asks why revenue has dropped.
Catalog change in January
New ICD-10-GM and OPS codes, changed coding guidelines and hybrid DRG rules. The team has to relearn in the fall.
How we measure your company
The metrics we look at in the first call
We look at the numbers you use to run your business yourself. The right column shows our acquisition criterion.
| Metric | What it tells us | Our benchmark |
|---|---|---|
| Number of coding specialists | How much capacity you offer for primary coding and MD management. | Good from 10 coding specialists. |
| Share of framework contracts | How predictable your revenue is over the year. | We look for framework contracts with multi-year terms. |
| Share of remote coding | Whether your model works without presence at the hospital. | We look for established remote processes. |
| Success rate in MD procedures | How well your coding holds up in an audit. | We look at the trend and documentation across many cases. |
| Time from discharge to invoice | How much you speed up your hospitals' cash flow. | We look at the development per hospital. |
What actually changes after the acquisition
Step by step
We automate the desk work. Professional decisions and customer contact stay with your people.
TodayRead the file and set the principal diagnosis, secondary diagnoses and OPS codes
With GTPThe system suggests codes with the source in the file. The coding specialist decides and is responsible for the coding.
TodayScreen cases for audit risk and case merging
With GTPThe system flags unusual cases before invoicing. The specialist clarifies them with the ward.
TodayLog MD requests, monitor deadlines, compile documents
With GTPThe deadline calendar and document package are created automatically. The argument in the case dialog stays with the specialist.
TodayBuild monthly reports on CMI, audit rate and revenue losses
With GTPReports are generated from the case data without manual work. Your team discusses the results with hospital management.
Your systems stay in use:ID DIACOSSolventum KODIP
AI potential in the segment
How much desk work can really be automated here
This is GTP's assessment. We show it upfront so you can see what we will work with after the acquisition.
Coding suggestions from findings
A language model reads discharge letters and findings and suggests ICD and OPS codes.
Objection texts for MD audits
Text generation creates arguments against invoice cuts from the file and the coding guideline.
Sort cases by revenue risk
A scoring model prioritizes cases with a high probability of audit, and the coder works through the list.
What limits the technology here
Coding must remain auditable by the Medical Service, so every suggestion must be traceable, backed by evidence and signed off by a specialist.
What this means for you
You replace no coding specialist. Your scarce specialists check and approve, the system does the writing.
Sources Medical Service Federal Association (Medizinischer Dienst Bund), audit rates for billing audits (2025) · National Association of Statutory Health Insurance Funds, statistical analyses of hospital billing audits (2025)
What we want to see
The documents we need
After the first call and the non-disclosure agreement, these five documents are enough for a solid offer.
- Framework contracts per hospital with term, fee model and notice periods
- Staff list of coding specialists with qualifications and place of work
- Analysis of MD procedures per hospital over three years
- Data processing agreements and access concept for the hospital information systems
- Revenue per hospital and service type: primary coding, MD management, training
What we buy
Our acquisition profile for this segment
Criteria
- 10 or more coding specialists
- Hospitals with framework contracts, no client above 15%
- EBITDA €0.5m to €5m
- Remote coding and an own audit system
Value drivers
- Framework contracts with hospital groups
- Remote coding established
- Success fees on revenue recovery claims
Value reducers
- Interim coding as the main business
- Know-how held by a few people
- Check steps still mostly manual
How you can tell we know your business
Three facts you can quote
- 0133 hospital transactions in 2025 were driven by insolvencies (PwC 2026).
- 02The hospital reform with availability-based funding from 2027 changes the fee logic and therefore coding incentives.
- 03We know of no PE platform in Germany that combines pure coding service providers (as of 09/2026). The software consolidators are Dedalus and CGM.
Market range, third-party source
What comparable companies trade at in the market
| Size class | EBITDA multiple |
|---|---|
| Micro-cap, revenue below €5m The relevant class for most succession cases in this segment | 4.0x to 6.0x |
| Small-cap, revenue €5m to €50m | 5.5x to 7.2x |
Category healthcare: care and service providers. Source: DUB KMU-Multiples Q2/2026. The DUB figures show asking prices and price expectations on a business marketplace. They do not include completed transactions. The range comes from an independent third party and is not an offer from GTP.
From multiple to cash
The multiple gives the enterprise value. What reaches your account depends on four items:
- Net financial debt
- Loans, leases and shareholder accounts are deducted, cash is added.
- Working capital
- We assume a normal level. An account emptied before the sale reduces the price.
- Investment backlog
- Vehicles, measuring equipment and software due in the next two years are deducted from the price.
- Payment structure
- Part of the price is paid only after signing, through a rollover or a performance-based component.
What lowers the value
If one of these points applies, the value drops:
- The owner personally holds the key customers
- Short remaining terms or contracts that can be terminated at any time
- If a large share of revenue depends on one customer, the price goes down.
- No second management level that runs the business without the owner
We calculate your value in the first call using your numbers. We go through the four items openly with you, even if the result is below your expectations.
All market data and the regulatory timeline for non-medical healthcare services
Frequently asked questions
What owners in this segment ask
Isn't coding too dependent on individuals for you?
Yes, if the know-how sits with three people. No, if there is an audit system, remote processes and at least ten specialists. We check that first.
What does AI do in medical controlling?
Coding suggestions from findings, draft MD objections, plausibility checks. The specialist decides and signs.
How does the hospital reform affect this?
Availability payments reduce the incentive to increase case numbers. Correct coding remains necessary, and demand for advice rises in the short term.
Do you also buy software?
No. Services with their own audit system, yes. Software vendors, no.
Non-medical healthcare services
More segments in this area
Sell a medical billing office
GOÄ billing for practices and hospitals, with or without a platform.
Sell a therapy billing companyBilling with statutory health insurers under Section 302 SGB V for therapists, medical supply stores and nursing services.
Sell a dental billing companyBEMA and GOZ billing as a service, without factoring on the own balance sheet.
Sell an ambulance billing companyBilling of transports and missions with insurers and operators.
Sell a practice back office companyHR administration, accounting and contract management for practice groups, without billing.
Sell a hygiene and QM documentation companyDocumentation and audits for practices and MVZ, as an addition to a billing core.
Why we buy this segment
In billing, the know-how sits in the heads of your specialists. AI takes over the data capture, the decision stays with your team. Whoever checks today will do so after the acquisition too.
I have automated back-office processes in large organizations. Where companies cut jobs first, they later lacked the know-how for billing.
For M&A advisors, tax advisors and succession advisors
Response on your client usually within 72 hours
Acquisition profile, teaser metrics and our commitments for all 24 segments are on a separate page. We only approach your client through you.
First step
Talk to a buyer who knows your segment
A 30-minute call is enough to know whether we fit. Afterwards you get a written assessment with reasons.
Request a confidential first call
Or call us: +49 40 89741812
ConfidentialOnly the three partners see your enquiry. An NDA is possible in advance on request. We share nothing with third parties.