Sample reports
Excerpts from each of the four report types, highlighting the differences between them. The names and data within are illustrative. The structure, methodology, and depth are identical to a live engagement. The full report is available to download under each section.
The Operational QoE™ quantifies the recoverable revenue in the target's PMS before close, across five areas that don't surface in the financial QoE but transfer to the buyer at close: lapsed recall, unscheduled treatment, no-shows and cancellations, provider production variance, and new-patient retention.
Every figure is tied to EBITDA and multiple impact, and the EBITDA conversion runs on the group's own underwriting KPIs rather than industry averages, so it integrates with how the DSO already evaluates a deal. It's an independent read that runs alongside the financial QoE, giving a quantified, third-party view to hand the investment committee and lenders for confidence in what they're underwriting, and the integration team for what to execute on at close.
Acquisition Diligence Operational QoE
Buy-side, post-LOI, on a six-location target for a 28-location PE-backed acquirer. Shown: the executive summary, the findings overview, one category page, the conversion bridge on the acquirer's own cost stack, and the recovery modeling. 29 pages in full.
A 28-location PE-backed group engaged DRAI ahead of a run of acquisitions. Under LOI on a six-location target in the Southeast with four weeks to close, we identified $1.17M of recoverable production sitting in the target's own patient base, most of it in lapsed recall at two of the six locations and in accepted treatment that had never been scheduled. We also found two things the financials did not show: an active patient count that had been shrinking for two years behind fee increases, and $165,000 of production dependent on a founder who was leaving in eighteen months. The group repriced the deal on the founder finding, took the report to its sponsor and its lender as the operational support for the price, and handed its integration team a capture plan sequenced by location, so recall reactivation at the two weakest locations started in the first month after close.
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Portfolio Operational QoE Review
A review of the client's existing eight locations. Shown: the executive summary and the cross-location comparison with the internal benchmark cohort, anchored on recurring annual EBITDA with no valuation multiple. 33 pages in full.
An eight-location group with no transaction underway wanted to know why two locations carried the rest. We found $700,000 a year of recoverable production across the group and, more usefully, that most of it sat in three locations whose recall systems had quietly stopped working after a regional manager left. The owner worked the roadmap for a year, recovered roughly $200,000 of recurring EBITDA, and when he went to his lender for the next acquisition facility, the same-store growth in his trailing numbers had a documented cause behind it, which is what the credit committee asked for.
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Pre-Listing Operational QoE
Sell-side, 12 to 24 months before market. Shown: the executive summary, the listing-date trajectory, and the section that shows what the undocumented position would cost in diligence. 30 pages in full.
A group eighteen months from listing wanted the trailing figure a buyer would price on to be as high as it could honestly be. We identified $600,000 of recoverable production, mapped what could realistically be captured into the trailing twelve months before the listing date, and set aside what could not. The group captured most of it, lifted trailing EBITDA by roughly $180,000, and listed with the uplift documented line by line, so when the buyer's diligence saw the recent growth it found the reason already written down instead of a spike with no explanation to discount.
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Going to Market Operational QoE
Sell-side, at or near LOI. Shown: the documented asset overview, the asset documentation, and the production-to-collections bridge with capture scenarios. 27 pages in full.
A group at LOI with an institutional buyer had an earn-out on the table tied to growth targets it would no longer control after close. We documented the accepted treatment and recall-due patients already on its books, the revenue the group had already created and not yet collected, fixed at a stated date with a filter definition either side could re-run. Counsel drafted the contingent consideration against those documented patients rather than a growth projection, and when the buyer's diligence went looking for reasons to move the price, everything it found was already in the data room with a number attached.
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