Healthcare Private Equity
Converge Health Partners invests in founder-owned healthcare services businesses where operational, reimbursement, and regulatory complexity keeps others out — and where deep expertise is the advantage.
Insider knowledge // Targeted capital // Meticulous support
Direct company value creation
1 = $100M of value
Healthcare transactions supported
1 = one transaction
Operators & executives
in network
1 = ten people
Former state & federal health officials
1 = one official
Converge Health Partners is a Colorado-based private equity firm built by two operators who have spent 30+ years inside complex Medicaid and managed-care environments — improving companies, strengthening retention, and building durable revenue growth.
Before Converge, founding partners Alex Rich and David Kulick built and sold their prior healthcare businesses — The Focus Group and Adaptation Health, acquired by Health Management Associates in 2022 — and advised on more than 150 healthcare transactions for the sector’s leading investors and operators.
Today they do the same work as owners — running Converge’s first platform and an active pipeline across six healthcare services domains.
Healthcare services businesses live and die on rules most investors have never read, processes most have never run, and relationships most have never built. We bring all three to the table on day one.
Industry expertise
Payor policy, clinical operations and delivery, claims authorization and processing — and the reimbursement shifts, policy moves, and market trends that quietly decide who grows.
Operational effectiveness
Operational transformation across every corporate function — with particular depth in sales and marketing. Honed across three decades of engagements, now run from the owner's seat.
A working network
C-suite leaders, reimbursement specialists, PBM relationships, and a deep bench of former state Medicaid directors and federal administrators — a working network we put to work inside portfolio companies.
We invest where the operating, payment, and regulatory terrain is hardest to navigate — because it’s the terrain we know best — and partner with management teams to transform operations, apply technology, and scale.
Businesses that help plans manage risk, improve Star ratings, reduce medical costs, and engage members more effectively.
Non-clinical businesses that help seniors navigate benefits and receive home-based support — DME, fall-risk assessments, meal programs.
ABA therapy, school-based mental health, and residential care — without high-acuity clinical risk.
Expert-driven advisory and case management — vocational rehab, workers' compensation, and adjacent specialty services.
Third-party, tech-enabled RCM businesses supporting hospitals and provider groups.
Care coordination, case management, durable medical equipment, and sleep medicine.
Revenue cycle, up close
a clean claim’s route
The profileFounder-owned·$3–6M EBITDA·Strong managed-care contracts·Established company culture
$3–6M EBITDA. Proven profitability with a clear path to scale.
Regulatory tailwinds. A favorable compliance or reimbursement environment.
Leadership continuity. Management staying on, or a clear transition plan.
Room for technology. Manual processes where systems can drive efficiency.
Regulatory red flags. High-risk exposure or adverse reimbursement change.
Excessive leverage. Debt above three times EBITDA.
Cyclical revenue. Income tied to discretionary spend or economic swings.
We have spent our careers at the intersection of healthcare delivery, government programs, and private capital — building durable businesses in Medicaid, Medicare, and other government-funded markets.
Our team has advised health systems, provider organizations, managed care organizations, investors, and state agencies across nearly every segment of government-sponsored healthcare — and worked with the vast majority of state Medicaid programs on reimbursement, managed care, payment reform, quality programs, behavioral health, long-term services and supports, and value-based care.
Every Medicaid market is different. Federal rules set the framework; each state writes its own reimbursement methodologies, managed care structures, waiver programs, and funding priorities. We understand what drives performance across all 56 Medicaid jurisdictions — and how state and federal dollars actually flow through the system.
Decades of work have built trusted relationships with current and former state Medicaid directors, Secretaries of Health, managed care executives, policy leaders, and healthcare operators nationwide. Our network isn't about opening doors to transactions — it's about helping management teams make better decisions, informed by the people who shaped the landscape.
The nuances that drive performance
Medicaid jurisdictions
One narrow path through each — we’ve walked most of them.
As longtime operating advisors, Alex and David designed and led value creation for hundreds of healthcare companies before doing it as owners. A sample of the record:
Delivered as lead operating advisors, before founding Converge
A behavioral health provider was losing its frontline clinicians. We rebuilt hiring end to end — interviews, onboarding, comp structure, and organizational reporting.
staff retention in 12 months
A mid-market self-directed care company needed new markets, fast. We defined five new states and the business development, sales, and finance team to execute.
exit multiple — client sold to THL Partners
A national medical product distributor had cash trapped in collections. We ran the revenue-cycle diagnostic and re-engineered operations end to end.
added to the balance sheet — client later sold to Cardinal Health for $1.2B
An e-commerce healthcare company was preparing for sale. We defined fifteen new categories for entry and the channel strategy to capture them.
exit multiple — client sold to H.I.G. Capital
A global hearing-aid manufacturer faced mounting complaints. We redesigned the entire customer journey, response times, and back-office operations.
net promoter score, with spend reduced through automation
Inside the first platform
In July 2025, Converge closed its first platform acquisition — a payor services business serving Medicare carriers and beneficiaries nationwide. The first moves came straight from the playbook:
Acquired, operated, and grown with the same discipline we spent three decades applying for others.
Behind these sits an active pipeline across all six focus domains. If your business fits the profile, we’d like to hear from you.
Start a conversationSide by side for more than seven years — first as builders and advisors, now as owners. Two complementary backgrounds, one operating discipline.
Alex has held senior operating roles inside PE-backed healthcare organizations and is an expert in post-close value creation — leading large-scale transformations that each delivered more than $10M of EBITDA. He served as VP of Transformation at LifeScan, the J&J carve-out, owning its commercial and revenue growth programs.
David has worked with nearly every Fortune 500 healthcare organization — payors, providers, and life sciences, in both the private and public sector — focusing on the sector-specific growth levers that move revenue. He is a U.S. Peace Corps and AmeriCorps alum.
Our bench is growing. Operating partners and advisors are joining the platform.
If you own a healthcare services business — or advise someone who does — a short note is enough. We read everything, we move quickly, and conversations stay confidential.
