Private Equity Conversations with Fexingo · 2026-06-13 · 9 min
Private equity has quietly become the dominant force in urgent care. In this episode, Lucas and Luna break down the economics: a single urgent care center can generate $2 million to $4 million in annual revenue with 20 - 25% EBITDA margins. They explore the classic roll-up playbook - with names like GoHealth, CityMD, and MedExpress - and discuss the tensions between clinical quality and financial engineering. Lucas explains the multiple arbitrage model: buy individual clinics at 6 - 8x EBITDA, combine them into a regional chain, and sell to a larger platform or insurer at 12 - 15x. Luna raises the patient experience question: does consolidation actually make care better or just more profitable? They also touch on the regulatory uncertainty around surprise billing and state-level corporate practice of medicine restrictions. If you've ever wondered why every strip mall seems to have yet another urgent care sign, this episode explains the private equity logic behind it.
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