Selling an allied health practice
In an allied health practice most of the value sits with the clinicians and the referral relationships that come with them, which means a buyer is paying for people who could in principle leave, and most of the terms of the deal end up being designed around keeping them.
What buyers are looking at
A practice where employed clinicians carry most of the work is usually worth more than one that depends on the principal's own caseload, and platforms have increasingly shared ownership with the people running the business as a way of keeping them. InterHealthcare, for example, has been 50.1 per cent owned by Next Capital and 49.9 per cent by its management since 2019.
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Buyers will also look at where referrals come from, because GPs, insurers, workers' compensation, aged care, the NDIS and DVA each carry different risks, and a practice that relies heavily on any one of them is likely to be discounted. NDIS therapy pricing has tightened: from 1 July 2025 the price limits for physiotherapy, podiatry and dietetics were cut and therapist travel was capped at half the hourly rate, so practices with a large NDIS share are being looked at more carefully than they were a few years ago. Spare capacity on your existing sites is valued too, particularly when your booking data shows it clearly rather than it being a projection.
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Payroll tax
The Victorian and NSW revenue authorities treat payments to contracted clinicians who serve a practice's patients as wages for payroll tax under the relevant contract provisions, unless an exemption applies, and the bulk billing relief introduced in both states applies to general practice rather than allied health. A buyer will review your contractor agreements during due diligence and factor in any exposure, so it is generally better to resolve it before a sale process begins.
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How deals are structured
Because so much of the value is in people, it's common for part of the price to be deferred, whether through an earn-out tied to revenue or clinician retention, rollover equity for principals who stay on, or restraints. These terms can matter as much as the headline price, so they deserve the same attention in the negotiation.
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Who is buying
Private equity backed platforms remain the main buyers. Healthia, which Pacific Equity Partners took private in 2023, had 332 clinics and stores at that time, including optical. Health insurers have also started to buy: in June 2026 Bupa agreed to acquire Partnered Health Group, which the ACCC approved in October. In 2025 Australian Unity bought Plena Healthcare, a mobile allied health provider, for $70 million. Since January 2026 the ACCC's merger regime has counted a buyer's acquisitions of similar businesses over the previous three years, other than those under $2 million, which affects the timetable for the more active consolidators.
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Preparing in the year before a sale
The changes that tend to make the most difference are gradually moving revenue away from your own caseload, checking contractor arrangements for payroll tax exposure, reporting referral sources and funding mix each month, and making sure clinician agreements, including any restraints, are up to date.
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How we work with allied health owners
We work with practice owners on timing, buyer selection and structure, including the terms of any earn-out or rollover, and we support the integration of clinicians after completion.
If you operate in the sector and are considering a transaction, start with a conversation.