MSO-PC Model as a non-clinician?

January 28, 2026

by a searcher from Carnegie Mellon University in Denver, CO, USA

I would love to hear from searchers who are non-clinicians who acquired a therapy (or similar) business. 1. How did you find the clinician who owned the PC? 2. How did you structure the compensation with the said clinician? 3. What is the process like to convert the existing business to the MSO-PC model? 4. I would love to be in this space, but is the acquisition in this space as a non-clinician worth the hassle? Thank you

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Reply by a searcher
from University of Illinois at Urbana in Chicago, IL, USA

Few quick responses to some questions here: 2.) This depends on scope of what the clinician is doing. Honestly the best mechanism would be minority ownership of the management company to truly align incentives. But I've seen a flat annual fee work for private-equity backed models often 3.) For structuring, high level I'd recommend an asset sale of all the non-clinical assets (basically everything but payor contracts) to the newly formed management company. Then keep the clinician entity intact and stipulate it signs a management agreement with your management company that passes through all clinical entity revenue collected and expenses incurred to the management company (de facto leaving the management company with the profits). This keeps the clinical entity's license, payor contracts, credentialing, etc. intact and smoothly running and is a precedent used by private equity roll-ups for the last 30+ years. 4.) That really depends on how you answer question #1 :) If you find a clinician partner, it certainly can be. But a bad actor here is actually much, much worse than a your vanilla bad business partner because they fundamentally retain control of the clinical entity. DM if I can help or if you want to talk through any of this further. One other thing to think about - the state you are operating in may actually not have prohibition of corporate of practice of medicine laws in place (e.g. Florida), although most do. Probably worth double checking in case you can own the clinical entity yourself.

Reply by a searcher
from University of Toronto in Seattle, WA, USA

Hi- I set up a telehealth PC-MSO as a non clinician and can share my learnings. Feel free to reach out directly to chat: redacted

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