NPS Finding That Stopped a Deal
Surfaced a provider NPS result that contradicted the fund's investment thesis, leading them to walk away from the deal.
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 analyzing a separate US healthcare clinic for a PE fund at TresVista, earlier in the due diligence process before an IC memo had been drafted.
The Story
Vibhat was analyzing a separate US healthcare clinic for a PE fund at TresVista, earlier in the due diligence process before an IC memo had been drafted.
As part of the operational assessment, he pulled and analyzed the NPS scores for the clinic's provider panel. The average NPS across the doctors came in at around 20, well below the industry benchmark of approximately 40 for US physicians, which is generally considered a strong score in that context.
Vibhat flagged the finding directly to the senior investors on the call. He presented the data clearly, walked them through the benchmark comparison, and let the evidence speak. The investors double-checked the figures against the data shared by the clinic itself and confirmed the finding.
Because the fund's acquisition thesis included retaining the existing doctors post-close, not just acquiring the real estate, the low NPS scores represented a material risk to the investment case. The fund decided not to proceed with the deal.