Corrales Concierge Primary Care Practice, 25-Year New Mexico Clinic

$1.3M

Revenue

$545K

SDE

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Full Editorial Writeup

This is an established concierge primary care practice in the Village of Corrales, New Mexico, founded in 1999 and generating roughly $1.26M in revenue with $545K in cash flow. The practice runs a hybrid revenue model: it collects recurring membership fees from concierge patients while also remaining in network with Medicare and commercial insurance, so it captures both subscription-style recurring income and traditional reimbursement. It operates out of a renovated 2,900 square foot pueblo-style clinic on one acre with four exam rooms, two triage rooms, and a locked pharmacy, with a staff of three full-time employees on a four-day workweek.

Corrales is an affluent, high-demand suburban market roughly ten minutes from Albuquerque, which supports the concierge model where patients pay out of pocket for access and convenience. The practice reports frequent inbound new patient requests, meaning demand currently exceeds the single physician's capacity. The facility has historically accommodated two physicians, so there is physical and clinical headroom to grow membership without major capital expenditure.

The seller is a physician retiring after 40+ years and is offering seller financing plus free training and transition support. The building is leased, not owned by the practice, so this is a clean operating-business acquisition. The critical caveat is that this is a physician-dependent practice requiring a Board-Certified Family Medicine, Internal Medicine, or Osteopathic buyer, which narrows the buyer pool substantially.

Why we like it

Earnings quality is strong for a solo practice: $545K cash flow on $1.26M revenue is a healthy 43% margin, and the concierge membership component adds recurring, prepaid revenue on top of insurance reimbursement. That dual-stream model smooths cash flow and reduces reliance on any single payer.
The moat is the concierge membership base plus the location. Concierge patients pay for continuity and access, so switching costs and personal loyalty to the practice are high, and Corrales is an affluent, TV-featured suburb where the model is defensible against low-cost commodity primary care.
Healthcare and primary care are about as recession-resistant as it gets. People do not stop managing chronic conditions or seeing their doctor in a downturn, and the membership model means a base of revenue is committed regardless of the economy.
There is a clear operator advantage: the practice reports frequent inbound new patient requests it is not fully serving, and the facility historically supported two physicians. A buyer with capacity to add a second provider or expand membership can grow revenue without meaningful capex or new real estate.

How to improve it

Add a second physician or a nurse practitioner to capture the reported backlog of inbound new patient requests. The facility already accommodated two physicians, so this is incremental revenue against a largely fixed cost base of rent and support staff.
Raise or tier the concierge membership pricing. In an affluent market, test premium tiers (extended access, wellness packages, telehealth add-ons) to lift recurring revenue per member without acquiring a single new patient.
Systematize a waitlist and referral engine. Given demand already exceeds capacity, capture every inbound request into a tracked pipeline so you can convert immediately when new provider hours open up.
Optimize the payer mix and coding. Since the practice bills Medicare and commercial insurance alongside membership, a coding and reimbursement audit in the first 90 days can recover leakage and improve collections without adding patients.
Extend beyond the four-day workweek selectively. Adding limited hours or a fifth day for high-value services can increase throughput and membership capacity while the market clearly supports more demand.
Layer in ancillary cash-pay services. Concierge patients in an affluent market respond well to add-ons like hormone therapy, IV hydration, aesthetics, or advanced diagnostics, all high-margin and not dependent on insurance reimbursement.
Lock in the lease terms early. Because the building is leased rather than owned, negotiate a long-term lease with renewal options during diligence to protect the location advantage that underpins the concierge model.

Diligence notes

Verify the split between recurring membership revenue and insurance reimbursement. The durability of this business hinges on the membership base, so confirm the number of active members, retention/churn, monthly recurring revenue, and how much of the $1.26M is subscription versus fee-for-service.
Quantify physician dependence and patient portability. This is a solo practice tied to a 40+ year physician retiring, so understand what percentage of patients will follow a new doctor and whether membership loyalty is to the practice or the individual.
Confirm the licensing and credentialing path for the buyer. The seller requires a Board-Certified FM, IM, or DO physician, so map the timeline to New Mexico licensure, payer credentialing, and membership continuity to avoid a revenue gap during transition.
Review the building lease in detail. The facility is leased, not owned and included, so confirm remaining term, rent, renewal options, and landlord relationship, since losing this specific Corrales location would damage the concierge value proposition.
Pressure-test the $545K cash flow add-backs. Solo medical practice SDE often includes owner physician compensation, so separate the true business profit from what represents a working physician's salary a buyer must replace.

Source

Originally listed on BizBuySell. View original listing →