1,500 practices, shrinking margin
The big players undercut you in every tender. Clients stay, the margin shrinks. Without investment in processes, things get tight.
Does this sound familiar?
Two situations we know
Nursing services as the client base
You bill for 200 nursing services. The clients are aging with you. You want to hand over before both sides are looking for successors.
Your day-to-day, as we know it
This is what happens in your business before anyone talks about succession
Prescription check before submission
Treatment start, frequency, leading symptoms and signatures must match the Therapeutic Products Directive. Errors often only show up when items are deducted.
Original documents in a box
The practices send original prescriptions with co-payment receipts. If one sheet is missing, the client's whole monthly billing stalls.
Deduction letters from the insurers
Cuts arrive weeks later with brief reasons. Your team has to check, object and explain to the client why money is missing.
Master data and payer files
New IK numbers, changed data acceptance points and price lists must be in the system on time. Otherwise files go nowhere.
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 billing clients | How broad your client base is across physiotherapy, occupational therapy, speech therapy, podiatry, care and medical supply stores. | Good from 500 clients. |
| Deduction rate by insurer | How well the prescription check works before sending. | We look at the trend and the main reasons. |
| Records per month and processing time | How quickly a client sees their money after submission. | We look for consistent processing times. |
| Client churn rate | How firmly clients are tied to your service. | We look for multi-year client relationships. |
| Data transmission to insurers | Whether you deliver to all data acceptance points yourself under Section 302 SGB V and the guidelines of the National Association of Statutory Health Insurance Funds. | Proof of approved data transmission. |
What actually changes after the acquisition
Step by step
We automate the desk work. Professional decisions and customer contact stay with your people.
TodayScan prescriptions and enter mandatory fields by hand
With GTPCapture from the scan runs automatically. The specialist only sees fields the system could not read reliably.
TodayCheck prescriptions against the Therapeutic Products Directive
With GTPThe system checks deadlines, maximum quantities and diagnosis groups before sending. The specialist clarifies flagged cases with the practice.
TodayRead deduction letters and prepare objections
With GTPThe system matches the cut, the record and the reason and drafts the objection. The specialist decides whether it goes out.
TodayAnswer client queries about payments and cuts
With GTPThe client sees status and reasons for cuts in the portal. Your team handles conversations where more is at stake.
Your systems stay in use:THEORGPayer files of the health insurers
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.
Check prescriptions automatically
A rule set and a model check prescription data against the insurers' requirements before submission.
Assign deductions automatically
A classifier sorts error codes from the data acceptance points and starts the matching correction run.
Objections as drafts
Text generation writes draft objections from the reason for deduction and the contract situation. The case handler approves them.
What limits the technology here
The technical annex to Section 302 SGB V prescribes data record formats and certification. Models may not change the data path to the insurer.
What this means for you
You gain margin from better processes. Your clients can hardly absorb further price increases.
Sources National Association of Statutory Health Insurance Funds (GKV-Spitzenverband), information on electronic billing under Section 302 SGB V (2026) · Bitkom Research, AI use in practices and hospitals (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.
- Client list by provider group with billing volume over three years
- Evidence of data transmission under Section 302 SGB V and IK numbers
- Analysis of deductions by insurer and reason
- Template contracts with clients, including term, termination and payout model
- Data protection and deletion concept for original documents and scans
What we buy
Our acquisition profile for this segment
Criteria
- 500 or more clients with data acceptance certification
- EBITDA €0.5m to €5m
- No client above 15%
- No factoring on the own balance sheet
- At least 15 employees
Value drivers
- Certified data acceptance, all insurer interfaces
- Client relationships longer than 3 years
- Automated deduction handling
Value reducers
- Prices below market
- Manual deductions and correction runs
- A few clients account for a large share of revenue
How you can tell we know your business
Three facts you can quote
- 01Billing with statutory insurers for therapeutic products, medical aids and care runs through certified data acceptance points under Section 302 SGB V.
- 02191,875 physicians and psychotherapists and 5,085 MVZ prescribe therapeutic products and medical aids (KBV 2024/2026).
- 03Healthcare M&A: 240 transactions in Germany in 2025, 59 with private equity (PwC 2026).
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
Do you also buy nursing care services?
No. We only buy the billing service provider. We do not buy providers treating patients.
How do you deal with price pressure?
By automating checks, deductions and correspondence. The margin comes from better processes and does not need higher fees.
What about prefinancing?
Partner bank yes, own balance sheet no. Factoring requires a BaFin license.
Do the insurer certifications stay?
Yes. In a share deal, certifications and interfaces stay with the company.
Non-medical healthcare services
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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
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