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2,128 Medicare Lives Internal Medicine Practice For Sale

Phoenix Metro, Arizona, US
Asking Price:
$2,700,000 Furniture / Fixtures included
Sales Revenue:
$2,205,889
Cash Flow:
Undisclosed

Prime Phoenix Metro Location with Growth Potential

Rare opportunity to acquire a 28-year-old, physician-founded internal medicine practice in the Phoenix metropolitan area — anchored by 2,128 assigned Medicare lives, a strategically valuable asset in primary care today.

THE INVESTMENT THESIS

This practice has organically built a deeply entrenched Medicare panel over 26 years, without any value-based care (VBC) contracts. For a financially sophisticated acquirer — private equity platform, MSO, or health system — this creates clear, executable upside:

  • 917 Medicare Advantage lives available for capitated or risk-bearing arrangements with MA plans
  • 1,211 traditional Medicare beneficiaries eligible for MSSP/ACO participation; attributed beneficiary volume exceeds minimum ACO thresholds
  • No current ACO or VBC contracts in place — all value-based upside is fully incremental for a new owner
  • Complex chronic disease patient mix (diabetes, hypertension, COPD, cardiovascular disease): favorable Risk Adjustment Factor (RAF) profile
  • Standard post-acquisition value levers available: HCC coding optimization, Annual Wellness Visits, Chronic Care Management (CCM), Remote Patient Monitoring (RPM)

PRACTICE AT A GLANCE

Founded: 1998 | Specialty: Internal Medicine | Location: Phoenix Metro
2025 Gross Revenue: $2,205,889
2024 Gross Revenue: $2,039,799
Offering Price: $2,700,000
Payor Mix: Medicare 27% | Commercial 72% | Cash <1%
EMR: eClinicalWorks (since 2005)
Providers: 3 Physicians (MD) + 3 Physician Assistants (PA-C)
New Patients: ~84 per month

MARKET CONTEXT

The Phoenix-Tempe-Mesa metro is among the fastest-growing markets in the U.S., with a steady in-migration of retirees and pre-retirees that directly supports long-term Medicare panel growth. The supply of primary care physicians continues to lag behind demand nationally, and the ongoing transition of local physicians to concierge models has reduced access to traditional primary care options in this corridor — creating sustained new-patient demand for an established practice with 28 years of community relationships.

CLINICAL TEAM & CONTINUITY

The clinical team comprises a founding physician and two additional MDs, supported by three physician assistants with an average of 11+ years of experience. Two of the three physicians plan to remain post-close under employment agreements — materially reducing patient attrition risk and ensuring clinical continuity through the ownership transition.

TRANSACTION STRUCTURE

Offering Price: $2,700,000
Cash at Close: $2,200,000
Seller Note: $500,000 — secured by practice assets and corporate guaranty of acquiring entity
Accounts Receivable: Excluded (retained by sellers)
Earnest Money Deposit: $25,000 minimum

Qualified institutional buyers are invited to execute an NDA to receive the full Confidential Information Memorandum and access to the financial data room.

Property Information

Real Estate:

Lease

Lease Terms:

Lease expires June 2028
Lease Rate/Month $16,991.59

Location:

Phoenix, AZ (Maricopa County)

Premises Details:

Single-level medical suite, 8,152 sq ft. Includes 16 exam rooms, 1 procedure room, 8 private provider offices, a reception/waiting area (25+ seats), a centralized MA/RN workstation, a dedicated lab draw station, a staff lounge, and 75+ dedicated parking spaces. Physical capacity for 2 additional providers without significant modification. Lease expires June 2028.

Size in square feet:
8,152

Business Operation

Management type:
This business is owner operated.
Expansion Potential:

Primary value levers for a VBC-focused acquirer: (1) Enroll 2,128 Medicare lives in an ACO/MSSP or MA capitation — no contracts currently exist. (2) Implement Annual Wellness Visit protocols to improve quality scores and gap-closure rates. (3) Launch Chronic Care Management (CCM) and Remote Patient Monitoring (RPM) programs for the chronic disease population. (4) Add up to 2 providers — facility capacity exists without capital investment. (5) Invest in digital marketing to accelerate new patient acquisition beyond the current ~23/month.

Competition / Market:

Phoenix-Tempe-Mesa metro is among the fastest-growing U.S. markets, with sustained in-migration of retirees and pre-retirees directly supporting long-term Medicare panel growth. Primary care physician supply continues to lag demand nationally. The ongoing transition of local physicians to concierge models has reduced accessible traditional primary care options in this corridor — creating sustained patient demand and acquisition tailwinds for an established practice with 28 years of community relationships and a deeply entrenched Medicare patient base

Reasons for selling:

Ownership transition is driven by long-term succession planning. The founding physician plans to retire in 2028. The remaining two physicians are committed to continuing clinical practice and intend to remain post-close under employment agreements, ensuring continuity of care and stability for patients, staff, and any incoming owner.

Employees:
13
Years established:
1998

Other Information

Support & training:

Founding physician provides transition support for planned retirement in 2028. Two of three physicians are committed to remaining post-close under employment agreements, ensuring continuity of the patient panel. Experienced PA team (avg. 11+ years of tenure) and full administrative staff are in place. Sellers are committed to a smooth and successful ownership handoff.

Owner financing:
Owner financing is available. Please contact the seller for more information.
Financing available:

$500,000 — secured by practice assets and corporate guaranty of acquiring entity