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: https://www.linkedin.com/in/kmb23/ 

Additional Resources: 

• Contact Casey Minshew and Feras Moussa at [email protected] 

• Explore more: https://www.equity-launchpad.com 

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/show/0mW6i4ooujqC7eOPWmguU7 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast/m-a-launchpad/id1740382586 🎟️ Attend Upcoming M&A Launchpad Conference: http://malaunchpad.com/