Here is a brief excerpt, from the section on Valuations:
"Valuations have slipped slightly from their peaks in 2011-12, but the industry still produces some of the strongest valuations among healthcare practice sectors. I wrote in our 2013 mid-year report that valuations were beginning to trend away from a revenue basis and toward a profitability basis, and that remains true today. Within the last five years, there have been as many as five companies that all valued practices based on sales multiples. The conversation usually started at 1x Sales, and several practices sold for significantly more than that (>1.5x Sales was not common, but not unheard of either). Today, reaching 1.3-1.5x Sales is possible, but the practice must meet several requirements, including:..."