The Corner Series

From orthopedics and cardiology to urology and even med spas, the future of specialized healthcare clinics is here — and growing rapidly each quarter.  “The med spa industry is growing double-digit right now. The patient total addressable market continues to expand with the younger generation utilizing those products and services, and male patients and consumers using those products and servi...

The healthcare system is one of the most fragmented industries in the United States. But as strategic players begin consolidating through mergers and acquisitions, private equity investors are seeing growth opportunities in the industry.  On this episode of The Banker's Corner, McGuireWoods' Geoff Cockrell invites Rex Burgdorfer, Partner at Juniper Advisory, to discuss M&A trends, consoli...

Closing a deal requires a lot of give and take, and in times of uncertainty, the right sponsors will have your back.  On this episode of The Capital Corner, McGuireWoods' Geoff Cockrell joins Andy Silverman, Managing Director at Parkway Capital, to discuss the trends, deal structures and challenges that an SBIC may see in the market right now. Geoff and Andy explore topics related to investme...

The healthcare sector attracts interest from the investment community because it’s seen as being more resilient compared to other parts of the economy. But how does the medspa sector compare? During COVID, cosmetic procedures actually rebounded faster than the medical dermatology side.  On this episode of The Banker's Corner, McGuireWoods' Geoff Cockrell discusses all things medspas with Mike...

Proceed with caution — and a little creativity.  That’s the tip-off for 2023. In this episode, Geoff Cockrell, host of The Banker's Corner, sits down with Bob Bartell, Managing Director and President of Kroll Corporate Finance and CEO of Kroll Securities, LLC.  Together, Bob and Geoff delve into a topic that has been at the forefront of private equity for a few months now: tightening cre...

In most professions, pay-for-performance is the norm. A certain level of performance is expected for an individual to get paid. So why has the fee-for-service model in healthcare persisted for so long? And what’s causing the shift towards value-based care?  On this episode of The Professor’s Corner, Larry Elisco , Partner at Wipfli LLP, discusses trends in value-based medicine with McGuireWoo...

Did you know that pharma services are one of the most active areas of healthcare investing?  On this episode of The Capital Corner, McGuireWoods' Geoff Cockrell sits down with Daniel Brinkenhoff , Managing Director at Centre Partners, to discuss the segmenting of the pharma services sector and some of the headwinds and tailwinds that investors are seeing. To kick things off, Dan explains how...

On this episode of The Capital Corner, McGuireWoods' Geoff Cockrell sits down with Dan Hosler, Managing Partner and Founder at DuneGlass Capital, to discuss the trends for healthcare services companies that are interested in using the private equity playbook to surcharge their growth.  Dan discusses how the doctor equity model works to provide alignment among all stakeholders, including patie...

On this episode of The Banker's Corner, Provident Healthcare Partners’ Senior Managing Director Rebecca Leiba and Managing Director Eric Major sit down with McGuireWoods' Geoff Cockrell to discuss investing in cardiology, a sector that has seen a sizable uptick in activity over the last two years.  “What we're seeing in the specialty is that consolidation and investment seems to be moving at...

In this era of private equity involvement with healthcare, investors can no longer avoid liability with the claim that they are just an investor. The liability of investors in companies is now in the spotlight. Professionals in the industry predict that the government will increase the frequency of commercial audits and CMS audits. On this episode of The Professor’s Corner, host Geoff Cockrell is...

In January 2023, the Federal Trade Commission released a proposed rule that is making waves in the business and legal communities. The proposed rule would make it illegal for employers to enter into noncompete agreements with workers in most circumstances and would also require employers to rescind existing noncompete provisions. The FTC is currently accepting public comments about the proposed ru...

In this episode of The Professor’s Corner, Mark Freedlander is back to continue the discussion on the ways a sponsor company can find themselves liable if their portfolio companies enter financial distress.  Having debt recharacterized as equity is the next level of exposure that sponsors need to understand.  Simply calling something debt doesn’t cut it. Being unclear in the management o...

Many investors take on an operating thesis that, by law, the obligations of investment companies are not the obligations of the investor. They apply this whether their fund has invested in the securities of a limited partnership, a limited liability company, or a corporation.  In this episode of The Professor’s Corner, McGuireWoods’ Mark Freedlander joins host Geoff Cockrell to explore the li...

It’s nine to 12 — maybe even 18 — months after the deal closed. There’s an R&W policy in place; the purchase agreement covers an array of representations and warranties. But you become aware of something that might be a breach.  Tony Tatum, a partner at McGuireWoods and head of the Insurance Recovery Practice, certainly knows the ins and outs of claims, and how to properly see them throug...

The women’s health sector is an incredibly diverse subset of businesses covering multiple specialties, including women’s health, fertility, and ancillary services.  Kayla McCann Marty, an Associate at McGuireWoods, shares her expertise on women’s health investing, broadening how people think of the many different sub-sectors attracting regulatory and investor interest in the space.  Anci...

In the healthcare industry, some of the biggest policy compliance issues and violations can go unnoticed for too long — until it’s too late. Just ask Timothy J. Fry, today’s guest on The Professor’s Corner. As someone who worked in the healthcare policy world for five years, including nearly two years as a staffer at the Centers for Medicare & Medicaid Services, Timothy has seen just about eve...

In healthcare transactions, people often think that antitrust is a big corporation’s problem. However, smaller companies need to think about these issues, too. There have been recent developments on both state and federal levels, calling for greater regulation in the healthcare space. More statutes have been put in place to catch smaller transactions statewide, and in 2021, the Federal Trade Commi...

The last quarter of 2021 was a rough one for the health care sector, and naturally, carriers felt the effects: they had written beyond their budgets, and resources were stretched to their limits. “I don't think the market has ever seen rates go that high,” says Sumit Agarwal, who works in mergers and acquisitions at Marsh, one of the world’s leading insurance brokerage firms. Demand was high and d...

When preparing a private equity-backed investment, it’s likely that something called a “representation and warranty” insurance policy, or “reps and warranty,” will be discussed. These policies help to minimize exposure in corporate transactions. In healthcare deals, two types of exclusions can be requested by the reps and warranty insurer: general exclusions and specific exclusions. General exclus...

In the premiere episode of The Professor’s Corner, David Pivnick, Partner at McGuireWoods, shared best board practices to mitigate risk when making challenging decisions. In this follow-up episode, David expands on a larger trend in healthcare litigation: private equity funds are finding themselves legally responsible for the activity of the companies in their portfolio. David believes these claim...

A recent whistleblower case in Massachusetts has rocked the widely accepted notion that private equity investors are insulated from risk beyond the scope of their financial investment. In the case, the Massachusetts Attorney General pursued claims for purportedly improper and fraudulent billing against the underlying healthcare provider but also pursued the private equity fund that invested in the...

The Professor’s Corner is a McGuireWoods series exploring business and legal issues prevalent in today’s private equity industry. Tune in with McGuireWoods partner, Geoff Cockrell as he and specialists share real-world insight to help enhance your knowledge. McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide fo...