Greenberg Advisors Research
Advisory Approach
Greenberg Advisors is a specialized M&A advisory firm focused exclusively on niche sectors within healthcare and business process outsourcing. Founded in 2009 by Brian Greenberg, the firm combines the full-service advisory approach of larger banks with the agility and energy of a boutique operation. Their thesis is that deep sector expertise combined with institutional-quality process management creates superior outcomes for clients. The firm specializes in representing sellers, buyers, and firms seeking capital in highly specialized but interconnected sectors. With over 25 years of combined experience from its founding principal and a track record of 155+ successful engagements, Greenberg Advisors has become the "go-to" advisor in revenue cycle management, healthcare IT, accounts receivable management, and business process outsourcing.
Sector Focus
Greenberg Advisors maintains unmatched expertise in four interconnected healthcare and business services sectors:
Revenue Cycle Management (RCM): The firm's primary focus area where they advise on end-to-end patient billing and reimbursement functions. They have completed numerous transactions in RCM software platforms, medical billing companies, denials management firms, and revenue cycle consulting practices. Recent 2025 transactions include the sale of Golden Hour Data Systems (tech-enabled EMS billing), acquisition of denials management and DRG review firms, and sale of a tech-enabled RCM and net revenue improvement consulting firm.
Healthcare IT (HCIT): Covering healthcare information technology platforms, clinical software, practice management systems, and technology-enabled healthcare services. The market saw $20.5 billion in RCM and HCIT M&A activity in H1 2025 alone, with Greenberg Advisors positioned as one of the most active advisors in this space.
Accounts Receivable Management (ARM): Specializing in debt collection, receivables purchasing, and collection platform companies. Greenberg has advised on capital raises, acquisitions, and sales of ARM firms ranging from consumer debt collection to healthcare-focused collection services.
Business Process Outsourcing (BPO): Including back-office operations, customer service centers, and specialty business services for healthcare and financial services clients. The firm has advised on acquisitions and divestitures of BPO operations, including near-shore and international platforms.
Transaction Track Record
Greenberg Advisors has executed over 155 successful M&A and strategic advisory transactions since its 2009 founding. Recent 2025 transactions include:
- Corporate divestiture of Golden Hour Data Systems (tech-enabled EMS billing) from ZOLL Medical to Digitech/Sarnova
- Acquisition of denials management and DRG review firm (details disclosed in select clients)
- Sale of tech-enabled RCM and net revenue improvement consulting firm
- Multiple capital raise transactions for RCM, HCIT, and ARM platform companies
Historical transactions showcase breadth across deal types: the firm has advised on everything from bankruptcy-driven asset sales (Universal Fidelity L.P. Panamanian ARM/BPO division) to large corporate divestitures (Vertex/United Utilities ARM acquisition), capital raises for growth-stage companies, and private equity-backed acquisitions of specialized healthcare and BPO platforms.
The broader market context: in 2024 alone, the RCM and HCIT sectors experienced $28+ billion in deal value across 200+ transactions. The first half of 2025 saw continued robust activity with $20.5 billion in transaction value. Greenberg's advisory role positions the firm at the center of this active market.
Process & Fee Structure
Greenberg Advisors employs institutional-quality M&A processes tailored to seller, buyer, and capital raise mandates. For sell-side engagements, the firm conducts highly competitive marketing processes that leverage their comprehensive buyer database and relationships. Recent engagements showcase the firm's ability to manage complex transactions: they completed three RCM deals within three months (early 2025), demonstrating operational efficiency and market access.
The firm offers flexibility in engagement structure:
- Can be engaged years in advance of a liquidity event for strategic planning
- Accepts engagements after a company has received buyer interest or offers
- Conducts competitive marketing processes with focused buyer outreach
- Provides valuation advisory services through proprietary market intelligence
The firm maintains arguably the world's most comprehensive database of M&A comparables within their sectors of focus, containing thousands of data points and unique variables not tracked elsewhere. This market intelligence is critical to ensuring the best outcomes for clients and informs realistic valuation expectations.
Buyer Network
Greenberg Advisors maintains deal-tested relationships with a wide range of strategic and financial investors specifically seeking opportunities in RCM, HCIT, ARM, and BPO. The firm's buyer network includes:
- Private equity firms actively acquiring healthcare technology and business services platforms
- Strategic acquirers from Fortune 500 healthcare and financial services companies
- Specialized financial investors focused on ARM and receivables management
- BPO consolidators seeking platform and add-on opportunities
- International strategic buyers (evidenced by transactions with Asahi Kasei subsidiaries like ZOLL Medical)
- Healthcare provider systems seeking in-house RCM and technology capabilities
The firm's relationships have enabled rapid transaction closings, including a 60-day close on the Universal Fidelity bankruptcy asset sale and efficient closings on recent 2025 transactions.
Competitive Positioning
Greenberg Advisors differentiates through:
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Sector Specialization: Exclusively focused on RCM, HCIT, ARM, and BPO — not a generalist banker covering 20+ industries. This focus enables unmatched understanding of sector dynamics, buyer motivations, and realistic valuations.
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Proprietary Market Data: Maintains the most comprehensive database of transactions and financial metrics within these sectors. Covers thousands of companies with detailed intelligence on buyer preferences, valuation multiples, and sector trends.
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Proven Track Record: 155+ completed engagements over 25+ years provides a lengthy playbook and proven relationships.
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Operational Expertise: The founding principal and team members bring hands-on operational experience from larger investment banks and consulting firms, enabling them to understand client business drivers in detail.
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Market Authority: Publishing annual M&A updates and market insights establishes thought leadership. The firm's market intelligence is cited in industry publications and sought by investors for sector trend analysis.
Not a Fit If
Greenberg Advisors is selective about mandates:
- Companies without clear fit in RCM, HCIT, ARM, or BPO sectors
- Businesses seeking a generalist advisor covering multiple industries
- Clients wanting limited market exposure or exclusive negotiations with a single buyer
- Highly distressed situations requiring restructuring expertise (though they have proven bankruptcy advisory experience)
Team
The firm has approximately 10-12 professionals across its Washington, DC headquarters. Key team members include:
Brian Greenberg, CEO & Founder: 25+ years of M&A experience. Former investment banker at boutique and larger firms. Completed 155+ engagements across RCM, HCIT, ARM, and BPO. Board member of ARMing Heroes foundation. Regularly quoted in healthcare, financial, and investment banking media. Based in suburban Washington, DC.
Zach Eisenberg, Managing Director: Joined GA in 2015. Leads many of the firm's transactions and strategic initiatives. Previously at UBS and spent three years at Accenture in financial analysis and post-merger integration planning. BBA in Finance from George Washington University.
Casey Krasko, Vice President: Joined GA in 2016. Leads many transactions and strategic initiatives. Particularly skilled at understanding underlying business drivers of clients. BS in Finance and Marketing from University of Maryland.
Dan Miller, Associate: Joined GA in 2020. Supports clients and leads operational initiatives. Previous experience at The Carlyle Group and Nexa Capital Partners. BS in Finance from American University.
Rob Hogue, CPA, Senior Analyst: Senior Consultant background in M&A financial due diligence (CFGI, Deloitte). Primary responsibilities include client support, financial analysis, research, and strategic initiatives. CPA credential.
Will Wang, Analyst: Supports clients through financial and data analysis, research, and project management. BBA in Finance from Emory University, Master of Science in Finance from Georgetown University.
Jack Treanor, CPA, Analyst: CPA with BS and Masters from Fordham University. Pursuing JD and MBA from University of Maryland. Transitioning from Intern to Analyst status upon graduation in May 2026.
Geographic Coverage
While based in Washington, DC area (Bethesda, Maryland), Greenberg Advisors serves clients nationally. The firm's sector specialization in RCM, HCIT, ARM, and BPO means coverage is not geographic but sector-based, serving clients across the entire United States and with international capability (evidenced by transactions involving Asahi Kasei/ZOLL Medical and engagement with firms serving European and international markets).
Market Position Summary
Greenberg Advisors is the pre-eminent specialized M&A advisor for revenue cycle management and healthcare IT. With over 155 completed transactions, unmatched sector expertise, and proprietary market intelligence, the firm commands respect among sophisticated healthcare technology buyers and healthcare company sellers. The 2025 market environment shows robust RCM/HCIT activity ($20.5B in H1 2025 alone), positioning Greenberg as a critical advisor for sellers seeking maximum value and strategic clarity in a competitive market.