Revenue-based valuation
Traditional transactions often focus on EBITDA. Zenyte’s structure is designed to create a path where revenue and collections may become a more central basis for valuation.
For doctors already in conversation with Zenyte
Unlocking public market value for healthcare practices.
Zenyte Holdings is redefining how healthcare practices are bought and sold. This page explains the model, the structure, the role of data, and the flexibility available to doctors considering participation.
Traditionally, practices are sold through private equity or individual buyers and valued primarily on EBITDA. Zenyte introduces a different path — one that leverages public markets, structured data, and scalable portfolios to unlock significantly higher valuations.
This page is intended as an explanatory reference for doctors who have already spoken with Zenyte or been introduced to the opportunity. It is designed to clarify the structure, not to function as a broad public marketing page.
The core idea: move practice revenue into a public market structure.
By grouping practices into portfolios of between 10 and 20 healthcare practices each and offering them through a publicly traded entity, Zenyte allows for valuations based on revenue, or collections, rather than just EBITDA.
This shift — combined with a powerful ERP system that aggregates and structures practice data — creates the potential for technology-style multiples.
What is the Zenyte model?
Zenyte creates small portfolios of healthcare practices and offers them for acquisition through a publicly traded entity rather than relying solely on private equity or traditional buyers.
This structure allows practices to be valued more like data-driven or technology companies, using revenue instead of just EBITDA.
Why this approach may increase valuation.
In today’s market, data and scalability drive value. Zenyte’s portfolio approach is supported by an advanced ERP system that aggregates operational and financial data across participating practices.
Structured practice data
The ERP system aggregates and standardizes data across the portfolio, helping buyers understand the practices as a scalable platform rather than isolated businesses.
Public market logic
Healthcare platforms with strong data infrastructure, including companies such as One Medical, Covetrus, and Oak Street Health, have demonstrated that data-supported platforms can attract revenue-based valuation logic.
How the process is structured.
Portfolios typically include 10 to 20 doctors and are designed to move quickly through the process. Most timelines are approximately five months, plus or minus, although no doctor is obligated to sell.
Enter the program
A doctor can enter the program and establish a practice profile for evaluation.
Join a finite portfolio
The practice is grouped into a limited portfolio of participating healthcare practices.
Evaluate progress and offers
The doctor can evaluate offers, compensation structure, timing, and post-acquisition expectations.
Move forward only if ready
The doctor can accept, decline, or withdraw without being forced into an unwanted sale.
Why finite portfolios matter
Each portfolio has a limited number of spots. This creates a waiting list, which helps:
- Allow participants to exit at any time
- Ensure immediate replacement
- Maintain deal momentum
- Reduce risk for participating doctors
Participation is designed to remain flexible.
If a doctor decides not to sell, they can withdraw from the portfolio at any time. If they exit, they will be made whole for any expenses incurred during the process, making participation effectively risk-free.
Doctors can join early, establish their practice profile, understand potential valuation, and receive and evaluate offers over time — even if they are not planning to sell for several years.
You negotiate the terms of your post-acquisition structure.
This is not an MSO or DSO model where, after the sale, the physician is subjected to burdensome production quotas or rigid operational mandates. Instead, any post-acquisition arrangement is mutually agreed upon, with the general expectation that the practice continues to operate at consistent levels of revenue and profitability.
Changes to the structure of the practice may occur, but only if the selling physician elects to implement them — they are not imposed. While the selling physician remains affiliated with the practice, maintaining continuity and stability is the priority. In most cases, this means preserving the existing operational model and financial performance.
Once the selling physician retires and is no longer involved, the incoming physician may be expected to implement structural adjustments. This distinction is central to Zenyte’s philosophy: there is a meaningful difference between selling a practice and retiring from it. Maintaining the status quo carries value for as long as the selling physician remains engaged and the practice continues to perform consistently.
The ERP system is central to the strategy.
The ERP system aggregates financial and operational data, standardizes reporting across practices, and creates a valuable data asset for buyers.
In a market increasingly driven by AI and data, this system enhances both valuation and buyer demand.
The “oil pipeline” analogy
Think of Zenyte as an oil pipeline for revenue:
- Private practices generate revenue that is often undervalued
- Zenyte moves that revenue into the public markets
- Public market investors apply higher, revenue-based multiples
This shift is what unlocks additional value.
Frequently asked questions.
These questions address the main concerns doctors typically have after hearing the initial Zenyte overview.
What is the Zenyte model?
Zenyte creates small portfolios of healthcare practices and offers them for acquisition through a publicly traded entity rather than relying solely on private equity or traditional buyers.
This structure allows practices to be valued more like data-driven or technology companies, using revenue instead of just EBITDA.
Why does this approach increase valuation?
The portfolio is supported by an advanced ERP system that aggregates operational and financial data across all participating practices.
In today’s market, data and scalability drive value. This allows buyers in the public markets to justify higher multiples, similar to healthcare platforms such as One Medical, Covetrus, and Oak Street Health.
Will every practice receive the same multiple?
No. The portfolio is valued as one company in the public market. However, each practice within it is also evaluated on its own based on its unique traits. For example, how long the doctor plans to stay can increase the final value of that specific practice.
How large are the portfolios?
Portfolios typically include 10 to 20 doctors and are designed to move quickly through the process.
What if I decide not to sell?
You can withdraw from the portfolio at any time. If you exit, you will be made whole for any expenses incurred during the process. This makes participation effectively risk-free.
If I sign up today, when can I expect to sell?
Most timelines are approximately five months, plus or minus. However, you are never obligated to sell.
- Evaluate offers
- Accept when ready
- Decline without penalty
Can I continue working after selling my practice?
Yes. Doctors can cash out at the time of sale, continue working as long as they choose, and structure their own post-acquisition role. In many cases, the longer a doctor stays post-acquisition, the higher the multiple they may receive.
Why is it important that portfolios are finite?
Each portfolio has a limited number of spots. This creates a waiting list, which allows participants to exit at any time, ensures immediate replacement, and maintains deal momentum. This structure significantly reduces risk for participating doctors.
Why is the ERP system so important?
The ERP system is central to the strategy. It aggregates financial and operational data, standardizes reporting across practices, and creates a valuable data asset for buyers. In a market increasingly driven by AI and data, this system enhances both valuation and buyer demand.
Do I need my accountant to participate?
No. The due diligence process is streamlined and focused primarily on revenue, not complex EBITDA adjustments. Most, if not all, documentation can be provided without involvement from your accountant.
How am I paid?
Doctors have flexibility in how they are compensated. Options may include:
- Cash
- Stock
- Securities
- A combination of the above
What makes this different from traditional sales?
Think of Zenyte as an oil pipeline for revenue. Private practices generate revenue that is often undervalued. Zenyte moves that revenue into the public markets. Public market investors can then apply higher, revenue-based multiples. This shift is what unlocks additional value.
Should I join if I’m not planning to sell for several years?
Yes. Joining early allows you to establish your practice profile, understand your valuation, and receive and evaluate offers over time. You can join a portfolio now and sell only when you are ready.
A fundamentally different approach to the sale of healthcare practices.
Zenyte Holdings offers a fundamentally different approach to the sale of healthcare practices — one built on flexibility, data, and access to public market valuations.
Participation is optional, timing is flexible, and the structure is designed to protect the doctor at every stage.