Healthcare Due Diligence: Owning the IC Memo End-to-End
Owned the research workstream for a US clinic acquisition, building a 60-page IC memo that moved the fund to a letter of interest.
Vibhat Chabra
Research and Investment Analyst at Financial Services Company
From their time as
Research and Investment Analyst
Indian Air Force • 2025
Overview
Vibhat was assigned the research workstream for a US healthcare due diligence engagement at TresVista, supporting a PE fund evaluating the acquisition of a general clinic from a retiring independent physician.
The Story
Vibhat was assigned the research workstream for a US healthcare due diligence engagement at TresVista, supporting a PE fund evaluating the acquisition of a general clinic from a retiring independent physician.
The brief was to assess how the clinic's operational metrics compared to industry standards, and to model the upside available to a new owner. Vibhat owned the research side of this assessment end-to-end, with his manager focused on operational analysis while Vibhat sourced the industry benchmarks and structured the findings.
He began by mapping the key questions the fund needed to answer: utilization rates per doctor, NPS scores across the provider panel, space utilization, and CPT and ICD code analysis. For each metric, he sourced industry benchmarks from publicly available research reports and articles, adapting US-wide standards where region-specific data was unavailable.
Building the Utilization and Operational Model
Vibhat built a utilization model assuming an eight-hour working day, calculating each doctor's appointment volume against their available capacity. One doctor operating at roughly 60% utilization against an industry standard of higher capacity became a central finding, illustrating the headroom available to a new owner.
He also ran a space utilization analysis, assessing how much of the clinic's physical footprint was being actively used relative to its capacity for providers.
Synthesizing into the IC Memo
As the data came together through daily calls with the client, Vibhat synthesized the findings into a 60-page IC memo covering the company overview, operational metrics, NPS scores by provider, utilization analysis, financials, and a roll-up model projecting cost savings from adding concierge services and AI-enabled operations.
The memo was reviewed by the senior investors on the fund. They moved forward with a letter of interest. The deal ultimately did not close because the clinic accepted a competing bid before the process concluded.