Inside the ER Rollup Serving 1.5 Million Patients with Kevin Baker

In this episode of the M&A Launchpad Podcast, hosts Casey Minshew and Feras Moussa sit down with Kevin Baker of Emergency Care Partners (ECP) to unpack the business side of emergency medicine and the acquisition strategy behind one of the country’s fastest-growing emergency care platforms. Kevin shares how ECP scaled from a Louisiana-based merger into a 10-state organization serving more than 1.5 million patients annually, while breaking down how hospital emergency departments are actually operated behind the scenes. The conversation dives into physician practice acquisitions, healthcare EBITDA valuations, recurring revenue, liquidity events, and how buyers structure recapitalization deals that keep doctors invested in future growth. Kevin also shares practical insights into sourcing acquisition opportunities, building relationships with industry advisors, and why consistent outreach is critical for long-term pipeline development. In this podcast episode, we discuss: The surprising business structure behind hospital emergency departments and outsourced physician staffing Why succession planning and liquidity are major drivers for physician practice acquisitions Common EBITDA adjustments in healthcare acquisitions and how buyers evaluate recurring earnings Why recurring revenue and operational stickiness command higher EBITDA multiples What buyers look for during Quality of Earnings and confirmatory diligence Guest Contact Info: Website: https://www.ecp.net LinkedIn:   / kmb23   Additional Resources: Contact Casey Minshew and Feras Moussa at [email protected] Explore more: https://www.equity-launchpad.com Chapters: 00:00 – Inside emergency medicine rollups and outsourced hospital ED operations 01:27 – Casey’s YouTube subscribe request and podcast support message 01:48 – Meet Kevin Baker and the growth story behind ECP 03:00 – How ECP evaluates physician practice partnerships and cultural fit 04:47 – How hospital emergency departments are actually structured 06:36 – Revenue streams in emergency medicine practices 08:20 – Rising labor costs, hospital subsidies, and profitability pressure 09:34 – Why hospitals outsource emergency department management 10:17 – The origin story behind ECP and its expansion across 10 states 12:35 – How Kevin builds acquisition pipeline and sources opportunities 13:35 – Leveraging industry associations and healthcare advisors for deal flow 16:39 – The value proposition for physician practice acquisitions 20:12 – EBITDA normalization, recurring revenue, and valuation strategy 23:21 – Building acquisition models and preparing for Quality of Earnings 24:46 – Typical EBITDA multiples in healthcare services deals 26:21 – Recapitalization structures, equity rollover, and liquidity events 29:02 – Escrows, debt payoffs, and healthcare transaction mechanics 30:28 – Expected equity returns and long-term value creation 33:10 – What future liquidity events look like in healthcare rollups 34:24 – Rocket Round About The M&A Launchpad: The M&A Launchpad provides insights into acquiring, investing in, and selling profitable businesses in the lower to middle market. Whether you are a business owner, investor, or aspiring entrepreneur, we will provide you with the knowledge, guidance, and capital to navigate the world of mergers and acquisitions. The M&A Launchpad presents a series of weekly podcast episodes and hosts an annual M&A Launchpad Conference tailored to the M&A community. Connect with M&A Launchpad: 🎧 Podcast on Spotify: https://open.spotify.com/episode/745I... 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast... 🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/