We buy owner-managed administrative service providers around medicine: private medical and dental billing, therapy and medical aids billing, medical controlling, practice and MVZ back office, ambulance billing. Directly or through your advisor.
You built your company over decades. We know these situations from talks with owners. One of them is probably yours.
You have run a private medical billing office for 24 years. 400 practices trust you with their billing. You are 62, your daughter is a physician and does not want the company. The practices are already asking what comes next.
Your coding firm serves 18 hospitals with DRG coding and MD objection procedures. Two of your best coding specialists retire next year. The market for new talent is empty.
You bill statutory insurers for 1,500 physiotherapy and speech therapy practices. The large providers undercut you in every tender. Your margin falls, even though your clients stay.
Your dental billing has run steadily for 15 years. More and more clients ask for factoring. That requires a BaFin license and balance sheet capital. At 59, you do not want to build up either.
The two of you run a back office for 30 MVZ and ambulance services. Your partner is 64 and wants to exit. You are 50 and still have plans. You are looking for someone who buys him out and lets you carry on.
A practice software vendor offers your clients self-billing. You know your service can do more, but you need capital for automation. You can no longer manage that alone.
Anyone who wants to buy your company has to understand what your people are talking about. This is our vocabulary.
A buyer has to know the market. These are the facts we work with.
More than 8,500 fewer single practices in 24 years. Administration is moving to MVZ and practice groups, and they buy billing externally.
Our assessment for each segment of this sector, side by side. The bar shows what share of today's working time can be automated with available technology.
| Segment | AI impact | Automatable working time | Strongest lever |
|---|---|---|---|
| Therapy billing | 5 | 55% to 75% | Check prescriptions automatically |
| Ambulance billing | 5 | 55% to 75% | Mission data without manual entry |
| Medical billing office | 5 | 50% to 70% | Suggest billing codes automatically |
| Dental billing | 4 | 45% to 65% | Separate BEMA and GOZ automatically |
| Medical controlling | 4 | 35% to 55% | Coding suggestions from findings |
| Hygiene and QM documentation | 3 | 30% to 50% | Generate hygiene plans per practice |
| Practice back office | 3 | 30% to 45% | Prepare HR documents automatically |
GTP assessment as of September 2026. Not a market study. Sources and limits are on each segment page.
GOÄ billing for practices and hospitals, with or without a platform.
Billing with statutory health insurers under Section 302 SGB V for therapists, medical supply stores and nursing services.
Coding, MD management and revenue assurance for hospitals.
BEMA and GOZ billing as a service, without factoring on the own balance sheet.
Billing of transports and missions with insurers and operators.
HR administration, accounting and contract management for practice groups, without billing.
Documentation and audits for practices and MVZ, as an addition to a billing core.
The average age of statutory health insurance physicians is 53.9 years. 33.7% are 60 or older (KBV physician statistics 2025/2026). Every practice handover is a switching risk for the billing office. Whoever supports the handover administratively keeps the client. That takes capital and processes.
Besides 13 regional PVS, there are about 120 private billing offices (abrechnungsstelle.com 2026). At the top are Dr. Güldener, BFS health finance and mediserv Bank. At the bottom, Nelly raises venture capital. In between, there is no buyer for companies with €0.5m to €5m EBITDA. We fill this gap.
About 60% of outpatient private billing is already outsourced (valantic 2025). With 5,085 MVZ and 95% of their physicians employed, administration is moving into larger structures (KBV 12/31/2024). These structures buy in billing and back office services.
The first call takes 30 minutes, is confidential and is held with a partner. We work out your value with your numbers and name the three factors that move it most, including possible discounts. Afterwards you get our assessment in writing, even if we decline.
| 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.
The multiple gives the enterprise value. What reaches your account depends on four items:
If one of these points applies, the value drops:
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.
We build a group from several owner-managed businesses. Each business stays independent and shares back office and purchasing with the others.
What applies to your company, we put in the purchase agreement.
Succession is settled, and your business stays independent under its own name. In the group it buys more cheaply and finds staff more easily. You decide whether you keep leading or leave after the handover.
If the highest price matters most, look at both types of buyer. The table shows what each route means for your team and your role.
| Generation Tech Partners | Large consolidators (Güldener, BFS, mediserv) | |
|---|---|---|
| Purchase price | Calculated openly with your numbers | Often higher |
| Response | Usually within 72 hours, with reasons | Weeks, often in an auction |
| Name and location | Stay | Often rebranding and a head office |
| Your role afterwards | Interim managing director, advisory board, rollover of up to 25% | Usually exit after handover |
| Team | Stays, gets back-office relief | Integration into group processes |
| Sector knowledge | Market data, regulation, sub-segments on this page | Yes, often deeper |
Both routes work directly or through an M&A advisor. We are just as happy to work with an advisor.
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.
Here are our minimum sizes per segment and the metrics we need in the teaser.
| Segment | Minimum size |
|---|---|
| Private medical billing (platform) | 200 or more active clients |
| Therapy, medical aids and care billing | 500 or more clients with data acceptance certification |
| Medical controlling and DRG coding | 10 or more coding specialists, hospitals as framework clients |
| Dental billing | 150 or more practices, relationships longer than 3 years |
| Patient transport and ambulance billing | 20 or more clients, EBITDA from €0.5m |
| MVZ and practice back office | Term contracts as the core of the business |
| Hygiene and QM documentation | Only as an add-on to a platform |
All 24 segments and minimum sizes: Acquisition profile for advisors
Yes. There is no third-party ownership ban for billing and back-office service providers. Unlike medical practices or MVZ operators, any legal entity may hold shares. The limits come from professional secrecy and data protection. Company law does not restrict the purchase. We do not buy factoring on the own balance sheet, because it requires a license under Section 1(1a) KWG.
In a share deal, the company remains the contracting party. Patient consents remain valid because the recipient of the data does not change. That is why we prefer this structure. In an asset deal, all consents would have to be obtained again.
Section 203 StGB allows physicians to pass data to service providers only with consent or a legal basis. Your clients have created this basis with you. A change of shareholders does not change that, as long as the company remains in place.
Service. We buy companies whose employees do the billing, coding and administration. We use software as a tool. We buy for the service. A service provider with its own platform is welcome if the revenue comes from the service.
Your clients notice nothing except faster processing. We automate internal check steps, dunning runs and reports. We process health data only on servers in the EU, in line with Art. 9 GDPR. We do not train any model on patient data.
Between 6 and 24 months, depending on how much clients depend on you personally. You set the pace. Some owners stay as interim managing director, others move to the advisory board.
All employment contracts remain unchanged. Coding specialists and billing experts are scarce. We invest in training and processes to make the work easier. Closing sites is not part of our plan.
Completely. We need no documents before the first call. Afterwards we sign a non-disclosure agreement before any figures are shared. Your name stays with the three partners until you release it.
A 30-minute call is enough to know whether we fit. Afterwards you get a written assessment with reasons.
Request a confidential first call
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