The Patient Marketing Diligence Framework

A 7-dimension scorecard for grading whether a healthcare target’s patient acquisition is built to last — or bought to look good for a sale.

Problem

The PMD framework exists because Patient acquisition due diligence is the least-examined part of a healthcare PE deal.

Quality of Earnings reviews the accounting. Clinical and regulatory diligence review the practice of medicine. But the paid marketing program behind a target’s growth story, often the very thing a platform or roll-up thesis depends on, is usually taken at face value from the target’s own reported numbers.

That’s a real gap. A practice can show a strong ROAS and a falling CAC while its actual demand is flat, because paid media is just capturing patients who were coming anyway, or because the metrics were never verified against real outcomes at all.

PMD exists to close that gap. Its a repeatable, evidence-based way to tell whether a target’s marketing-driven growth is structural, or rented.

What's Inside a Patient Acquisition Due Diligence Review

The full framework includes detailed scoring criteria, evidence sourcing, and red-flag triggers for all 7 dimensions. 

Seven Dimensions. One Question:
Is This Growth Built, or Bought?

1

Acquisition Efficiency & Trend

Is CAC/CPL actually improving, or is the trend being hidden?

2

Brand vs. Non-Brand Demand Composition

Is paid media creating new demand, or just capturing people who were already looking?

3

Attribution Integrity

Can the reported numbers be trusted at all?

4

Channel & Market Concentration Risk

What breaks if one platform or one market goes sideways?

5

Scalability Ceiling

Is there real room to grow spend, or is this market already saturated?

6

Operational Fragility

What happens if the person who built this leaves?

7

Growth Quality Composite

The bottom-line read: bought, or built.

Developed by Anwar Eichelberger, Founder of Health Acquisition Partners

PE deals already bring in specialists for Commercial Due Diligence, Financial Due Diligence / Quality of Earnings, and Technical Due Diligence before close. PMD fills the gap between them, treating patient acquisition as its own due diligence category rather than an afterthought folded into a broader commercial review. Built from direct experience evaluating patient acquisition performance across PE-backed healthcare platforms, PMD reflects what actually separates durable growth from rented growth, not what looks credible in a pitch deck. See how this fits alongside other PE healthcare diligence work on HAP Insights

Get the Full PMD Framework

The complete framework, all 7 dimensions, full scoring criteria, evidence sourcing, red flag triggers, and the fillable one-page scorecard, delivered to your inbox.

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