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Peer Fund / Dealmaker·PPM Roll-Ups

Ryan Graham

Managing Partner at DuneGlass Capital

Chicago, Illinois

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Why they matter

Co-founded two doctor-owned PE platforms (Allied OMS, Phase 1 Equity) proving the physician-equity model works at scale — a live case study for any physician practice rollup thesis.

Background

Ryan Graham is Managing Partner and co-founder of DuneGlass Capital, a Chicago-based healthcare investment firm founded in 2018 that pioneered the 'Doctor Equity™' model — flipping the traditional MSO structure so physicians and specialists retain majority ownership and clinical control. Before DuneGlass, he spent roughly 15-20 years in operations and consulting, including engagements at AlixPartners and The Walt Disney Company, where he drove over $100 million in combined EBITDA improvements. He holds an MBA from Northwestern's Kellogg School and a BS in Business Administration from USC.

Notable deals

  • 2020
    Co-founded Allied OMS, a doctor-owned, doctor-governed MSO for oral and maxillofacial surgery practices
  • 2022
    Co-founded Phase 1 Equity, a doctor-owned private equity platform for orthodontists and pediatric dentists
  • 2022
    Led Allied OMS's expansion into New York via partnership with Paramount Oral Surgery of Staten Island
  • 2023
    Announced Allied OMS had tripled since launch to 65 doctors across 12 states, doubling revenue and EBITDA

Call-prep brief

Background

  • Managing Partner and co-founder of DuneGlass Capital (Chicago, founded 2018), which built the 'Doctor Equity™' model: MSOs where physicians keep majority ownership and clinical control instead of ceding it to a traditional PE-backed roll-up.
  • Pre-DuneGlass career in operations/consulting (AlixPartners, Disney) driving $100M+ in EBITDA gains — brings an operator's lens, not just a dealmaker's.
  • MBA, Kellogg (Northwestern); BS, USC.

Current Focus

  • Co-runs Allied OMS (oral/maxillofacial surgery MSO, ~65 doctors, 12 states as of 2023) as COO, and co-founded Phase 1 Equity (ortho/pediatric dental) — both structured to counter traditional dental/physician consolidation.
  • Actively expanding into new specialties/geographies via doctor-led partnerships rather than typical acquisitions.

What He Cares About

  • Physician alignment and retained equity/control as a differentiator against PE-backed DSO/MSO competitors.
  • Doctor-majority governance boards — a structural bet that this drives better retention and growth than the standard sponsor-controlled model.

Recent Moves

  • 2022-2023: Rapid geographic expansion of Allied OMS (NY, CA, CO, OR, VA/MD) and the 2022 launch of Phase 1 Equity in dental.

Sensitivities

  • The Doctor Equity model is his core differentiator/pitch — expect skepticism toward questions implying it's just PE with extra steps.
  • He is dual-hatted (DuneGlass + operating COO role at Allied OMS); may be guarded on time allocation or platform-level economics.

Questions to Ask

  1. How does the Doctor Equity™ governance structure actually change deal terms and multiples versus a standard majority-recap MSO?
  2. What's driving practice-level margin/EBITDA gains post-partnership — is it payer contracting, procurement, or de novo growth?
  3. Which specialties or geographies is DuneGlass targeting next for a new platform, and what's the bar for launching one?

Outreach draft

Subject
Doctor Equity model — quick call on rollups?
Hi Ryan, I'm researching physician practice roll-up models for a deal team evaluating alternatives to traditional MSO structures, and DuneGlass Capital's Doctor Equity™ approach at Allied OMS and Phase 1 Equity keeps coming up as a standout example of doctor-retained ownership done well. We'd value 20-30 minutes to hear how the model has performed operationally — retention, margin impact, and how you think about governance trade-offs versus a standard sponsor-controlled platform. Happy to work around your schedule. Would you be open to a short call in the next couple of weeks? Best, [Placeholder Name]

Linked companies

Sources