Approach
Operating is the strategy.
Three decades of operating experience in healthcare shape how we invest today. We focus on markets we know, partner with businesses where we can make a difference, and bring an operator’s mindset to every stage of growth.
How it’s administered, how it functions, and what drives it.
We have spent our careers at the intersection of healthcare delivery, government programs, and private capital — building durable businesses in Medicaid, Medicare, and other government-funded markets.
Experience
Our team has advised health systems, provider organizations, managed care organizations, investors, and state agencies across nearly every segment of government-sponsored healthcare — and worked with the vast majority of state Medicaid programs on reimbursement, managed care, payment reform, quality programs, behavioral health, long-term services and supports, and value-based care.
Understanding
Every Medicaid market is different. Federal rules set the framework; each state writes its own reimbursement methodologies, managed care structures, waiver programs, and funding priorities. We understand what drives performance across all 56 Medicaid jurisdictions — and how state and federal dollars actually flow through the system.
Relationships
Decades of work have built trusted relationships across state and federal health leadership, managed care, and healthcare operators nationwide. That network helps management teams make better decisions, informed by the people who shaped the landscape.
Jurisdictions
50 states, DC, and the territories
Each runs its own model. We’ve worked inside most of them — and where we haven’t, we know who to call.
Ownership starts on day one.
From day one, our team works alongside management — bringing relevant experience from the field, accountability for execution, and a meaningful stake in the outcome.
Our playbook
Operational effectiveness
A practical operating playbook built around growth, execution, and scale — with particular depth in commercial strategy and the finance, technology, talent, and infrastructure required to support it.
Our team
A working network
A deep bench of healthcare executives, operators, reimbursement experts, and former government leaders who bring decades of experience and relationships directly into our portfolio companies.
Before, during, and after a transaction
Before
Diligence is led by people who have operated and/or advised inside similar organizations. We size the work ahead before we sign agreements, and we underwrite what the team can actually execute.
During
An efficient close process with a clear path forward — the operating plan, the leaders, and the first hundred days are set before the close date.
After
Long-term ownership. Commercial discipline, process improvement, and modern technology allow growth and value to compound across years.
The six domains we’re focused on.
We have spent our careers in specific healthcare sectors, which has allowed us to learn the common challenges, the payment models, and what allows smaller organizations to differentiate and win. In every one of these sectors, we partner with management teams to transform operations, apply technology, and scale.
Payor Services
Businesses that help payors manage risk, improve Star ratings, reduce medical costs, and engage members more effectively.
- Why we like it
- Payors are measured on Star ratings, risk accuracy, and medical cost. Vendors that move those numbers get renewed and grow sustainably.
- What to know
- Contracts are concentrated and procurement is slow. Performance has to show up in the payor's own reporting before it counts.
Senior & Home Care Services
Non-clinical businesses that help seniors navigate benefits and receive home-based support — care navigation, activities of daily living, benefits navigation.
- Why we like it
- Complex and senior populations keep growing, and payors keep adding supplemental benefits that pay for support delivered at home.
- What to know
- What is covered changes by state and by payor, and growth runs on referral relationships that take years to build.
Behavioral & Mental Health
IDD, OP, PHP/IOP, and school-based mental health services, focusing heavily on HCBS reimbursement.
- Why we like it
- Coverage has widened under parity rules and state investment, while demand still runs well ahead of available providers.
- What to know
- Clinician supply sets the ceiling on growth. Rates, authorization practice, and audit exposure all differ by state.
Professional Services
Expert-driven advisory or case management services — vocational rehab, IME, or workers' compensation.
- Why we like it
- Expertise-driven, asset-light models where reputation, specialized talent, and referral relationships create durable demand and attractive margins.
- What to know
- Demand is driven by increasingly complex claims, regulation, and care needs, while specialized expertise remains fragmented across local and regional providers.
Revenue Cycle Management
Third-party, tech-enabled RCM businesses supporting hospitals and provider groups.
- Why we like it
- Provider margins are thin and denials keep rising, which improves the value and defensibility of clean and efficient claims.
- What to know
- Specialty revenue collections and clean claims drive profitability and transparency. Narrow Part B billing will continue to be a category of unmet demand.
Pharmacy & DME
Closed-door pharmacy operations, including specialty and mail-order distributors and related billing workflows across drug and device.
- Why we like it
- Recurring demand, attractive specialty niches, and complex reimbursement create opportunities for scaled operators with strong payor relationships and disciplined execution.
- What to know
- Reimbursement pressure is constant, but specialty categories continue to grow as care shifts home and new therapies and technologies expand what can be delivered outside traditional settings.
The profile
What we like to see
$3–8M EBITDA. Proven profitability with a clear path to scale.
Managed-care contracts. Payor relationships already in place.
Regulatory tailwinds. A favorable compliance or reimbursement environment.
Leadership continuity. Management staying on, or a clear transition plan.
Room for technology. Manual processes where systems can drive efficiency.
What we typically pass on
Regulatory red flags. High-risk exposure or adverse reimbursement change.
Commodity businesses. Where price is the primary differentiator and relationships or expertise do not create an advantage.
Markets where we have limited experience. Where our healthcare relationships, regulatory knowledge, and operating bench do not create an edge.
Pure technology or biotech risk. Where value depends primarily on product development, FDA approval, or binary clinical outcomes.
Results.
A sample of Converge’s past track record:
Delivered as lead operating advisors, before founding Converge:
Hiring & retention
A behavioral health provider was losing its frontline clinicians. We rebuilt hiring and retention end to end — interviews, onboarding, comp structure, and organizational reporting.
staff retention in 12 months
Growth planning
A mid-market self-directed care company needed new markets to fuel growth. We defined five new states and the business development, sales, and finance team to execute.
exit multiple — client sold to a large PE fund
Process improvement
A national medical product distributor had cash trapped in collections that was rapidly approaching timely filing deadlines. We ran the revenue-cycle diagnostic and re-engineered operations end to end.
cash collected — business was later sold to a Fortune 500 strategic for >$1B
Sales readiness
An e-commerce healthcare company was preparing for sale. We defined fifteen new categories for entry and the channel strategy to capture them.
exit multiple — client sold to a large PE fund
Customer experience
A global medtech manufacturer faced mounting complaints. We redesigned the entire customer journey, response times, and back-office operations.
net promoter score, with spend reduced through automation
Applying these experiences inside our current portfolio.
See the partnerships→