Patients behave like consumers, but most healthcare practices still run like clinics. On The Money Behind the Mission, Akaash Shah (LeadSquared) talks with Dan Beuerlein, Managing Director at Brentwood Capital Advisors, about healthcare M&A, private equity, and how to raise capital without losing the mission.
They cover 2026 deal activity in healthcare services, strategic vs. passive capital, ABA 1.0 vs. AI-native autism and behavioral health providers, Medicaid rate risk, and what founders should fix 12 to 24 months before a raise or sale. Built for healthcare founders, operators, and investors.
TIMESTAMPS
00:00 Welcome: patients act like consumers, practices run like clinics
06:03 What “we need capital” really means, and strategic vs. passive investors
12:30 The 2026 deal climate: interest rates, strategics return, longer hold periods
17:11 ABA 1.0 vs. AI-native providers: who has the edge?
22:39 Medicaid provider caps and why expansion now happens through M&A
25:52 Mission vs. margin: how great deals protect the mission
29:45 What founders should fix 12-24 months before a raise or sale
36:42 “Median is now cool”: how investors underwrite reimbursement rates
42:06 Do investors reward operational rigor?
46:51 Build vs. buy: the one-stop-shop care model
51:22 Advice for the next generation of healthcare founders
