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Urgent Care
Multi-site urgent care platforms in secondary and tertiary metros, with occupational health and employer contracts.
Vol. IX · Healthcare Services
Est. 2014
The Feature
Building the next generation of essential healthcare.
Hillway partners with founders and physician-owners to consolidate fragmented outpatient healthcare — urgent care, primary care, dermatology, and ambulatory services — into regional platforms built to endure.
- AUM
- $1.4B
- Clinics
- 210+
- Add-ons
- 63
Thesis
Fragmentation is the opportunity.
American outpatient healthcare remains stubbornly local. More than eleven thousand urgent care centers operate in the United States, and the ten largest operators account for less than a quarter of the market. Founders built these clinics one lease at a time, and they built them well — but the operating burden of insurance, staffing, and technology has outgrown what any single owner can reasonably shoulder.
Hillway invests in that gap. We acquire a proven regional operator, invest patient capital into shared infrastructure — revenue cycle, clinical governance, recruiting, real estate — and then partner with neighboring practices to join the platform on fair, transparent terms. Founders retain meaningful equity and clinical autonomy. Patients get a better front door.
Hillway invests in that gap. We acquire a proven regional operator, invest patient capital into shared infrastructure — revenue cycle, clinical governance, recruiting, real estate — and then partner with neighboring practices to join the platform on fair, transparent terms. Founders retain meaningful equity and clinical autonomy. Patients get a better front door.
Sectors
Where we invest.
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Primary Care
Value-based primary care groups serving Medicare Advantage populations with strong physician retention.
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Dermatology & Aesthetics
Regional dermatology roll-ups combining medical, surgical, and cosmetic service lines.
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Ambulatory Services
Specialty ambulatory platforms — imaging, infusion, and ambulatory surgery — with defensible referral networks.
Case Study
From twelve clinics to sixty-seven in thirty-eight months.
When we partnered with Riverdale Urgent Care in 2021, its founders operated twelve well-run centers across two Midwestern markets. Together we invested in a centralized revenue cycle platform, standardized clinical protocols across sites, and completed eleven tuck-in acquisitions of independent operators who wanted a home for the next chapter of their careers.
Clinics
67
EBITDA
5.4×
Visits/yr
1.1M
To Founders
You built the practice. We help build what comes next.
Whether you're weighing succession, contemplating regional expansion, or curious what a partnership might look like, we treat every conversation as confidential and consequential.
Start a conversation