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Investment Banker·PPM Roll-Ups

Jonathan M. Bluth

Managing Director, Healthcare Provider Services at Brown Gibbons Lang & Company

Los Angeles, California, USA

JM
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Why they matter

25-year physician-practice M&A banker who runs BGL's Healthcare Provider Services group and is quoted nationally on how PE firms will exit physician platforms.

Background

Jonathan M. Bluth is a Managing Director at Brown Gibbons Lang & Company (BGL), where he leads within the Healthcare Provider Services and Healthcare Outsourcing & Information Technology industry teams, focusing on physician practices, outpatient services, and outsourced healthcare services. He has more than 25 years of healthcare investment banking and consulting experience, previously serving as co-head of healthcare at Intrepid Investment Bankers and holding investment banking roles at Deloitte Corporate Finance and Cowen and Company, plus operating-side finance roles at Vantage Oncology and Alliance HealthCare Services. He holds an MBA from UCLA Anderson and a B.A. from the University of Pennsylvania.

Notable deals

  • 2022
    Joined Brown Gibbons Lang & Company as Managing Director in Healthcare & Life Sciences, expanding BGL's physician practice and outsourced healthcare services coverage
  • 2021
    Named "Trusted Healthcare Advisor of the Year" by the Los Angeles Business Journal while co-head of healthcare at Intrepid Investment Bankers
  • 2015
    Hired by Intrepid Investment Bankers to lead its newly formed Healthcare Group, building an eight-person healthcare M&A practice
  • 2024
    Quoted as a physician-practice M&A authority in Axios's analysis of exit paths for PE-backed physician businesses

Call-prep brief

Background

  • MD, Healthcare Provider Services & Outsourcing/HCIT at Brown Gibbons Lang (joined 2022); previously co-head of healthcare at Intrepid Investment Bankers (2015–2022)
  • 25+ years spanning IB (Deloitte Corporate Finance, Cowen), revenue-cycle consulting (Cap Gemini Ernst & Young, Navigant), and operating finance roles (Vantage Oncology, Alliance HealthCare Services)
  • MBA, UCLA Anderson; B.A., University of Pennsylvania

Current focus

  • Sell-side, buy-side, and capital-raise mandates for physician groups, revenue cycle management companies, diagnostics, and behavioral/autism (ABA) providers
  • Active industry commentator on PE exit dynamics for physician platforms (Axios, 2024) and payer-driven diversification pressure on behavioral health providers

What he cares about

  • Diversification and payer-mix risk as a driver of platform valuation, especially in ABA/behavioral health
  • Buyer positioning and timing for large, mature PE-backed physician rollups facing exit windows
  • Specialty consolidation trends (he speaks/writes on urology, cardiology, RCM)

Potential sensitivities

  • Active sell-side banker — will not share client-confidential deal specifics; frame questions around market dynamics, not live mandates
  • Recently moved firms (2022); may be cautious about comparisons to former employer Intrepid

Questions to ask

  1. Given his Axios commentary on PE exit constraints for physician platforms, which specialties does he see as most exit-ready today vs. stuck?
  2. What diversification signals (payer mix, site-of-care mix) does he flag to buyers as red flags in physician rollup diligence?
  3. How has buyer appetite (strategic vs. PE vs. continuation vehicles) shifted for mid-market physician practice platforms since 2024?

Outreach draft

Subject
Question on physician practice rollup exits
Hi Jonathan, I came across your Axios comments on exit paths for PE-backed physician practices and wanted to reach out. I'm part of a deal team evaluating opportunities in the physician practice rollup space, and given your work leading BGL's Healthcare Provider Services group, your read on current buyer appetite and diversification risk would be valuable. Would you have 20 minutes in the next couple of weeks for a call? Happy to work around your schedule, and glad to share more about what we're looking at if useful. Thanks, [Placeholder Name]

Linked companies

Sources