Inside the Mind of a Strategic Buyer: Insights from Rich Keller, CEO of PurposeCare
- Emin Beganovic
- 3 hours ago
- 4 min read
As part of our Behind the Curtain webinar series, we’re committed to giving agency owners a transparent, unfiltered view of what drives M&A activity in home-based care. In our most recent session, we welcomed Rich Keller, CEO of PurposeCare, to share his perspective on what strategic buyers value most—and how operators can position themselves for success in today’s market.
Hosted by Michael Lloyd and Cory Mertz of Mertz Taggart, the conversation covered everything from payer dynamics and deal structure to what makes PurposeCare walk away from a deal.
The PurposeCare Playbook
Founded with a mission to deliver integrated, patient-centered care, PurposeCare is a rapidly growing provider operating across multiple states with a focus on the dual-eligible population. The company, backed by Lorient Capital, provides a combination of home care, home health, and primary care services to underserved populations.
Keller emphasized PurposeCare’s focus on markets where they can build density and serve complex patients effectively. “We’re not just looking for one-off assets—we’re looking to create a care ecosystem,” he said.
What Makes a Deal Attractive?
When evaluating acquisitions, Keller outlined several important criteria:
Trust is Key
Keller emphasized the importance of shared values:
“Culture matters… The most successful deals we’ve had have been when we established trust with the owners out of the gate.”
Clean Operations and Scalable Infrastructure
PurposeCare seeks companies with robust, compliant systems and scalable infrastructure already in place. Keller made clear:
“Our ability to be successful in acquiring companies isn't just to acquire companies... the key to us is we're going to want to integrate that company into our business.”
Strategic Market Selection and Payer Partnerships
PurposeCare’s evaluation of payer mix goes beyond just reimbursement types—it’s deeply tied to the regulatory and market landscape in each state. Indiana, for example, stood out as a strong fit.
He explained that while the state’s shift to managed care could be seen as a disruptor for some, PurposeCare views it as a strategic opportunity:
“We think that that's actually not a bad thing for us, because it's a chance to partner with payers in a way that's a little bit more creative than you can do in just straight Medicaid.”
By targeting markets where they can form deeper, more flexible payer relationships, PurposeCare positions itself to serve complex populations more effectively—especially dual-eligibles. This market-by-market approach is key to sustaining growth and integration across their care model.
Walking Away from a Deal
Keller was candid about the types of issues that can give buyers pause—or stop a transaction altogether:
State-by-State Medicaid Complexity:
“If you're in Medicaid, you've seen one state… So they're all different.”
PurposeCare evaluates markets carefully and will walk away from those with regulatory uncertainty or payer dynamics that don’t align with their model.
Leadership Uncertainty:
“We like to work with founders. The owner helps us through a transition and allows us to learn from them and their leadership team.”
Lack of a strong leadership team—or unclear expectations from the seller—can derail buyer confidence.
Preparation Gaps:
“Think about it through the eyes of the entity that wants to purchase you... What are they going to value? What are the skeletons in the closet? Get them out.”
If an owner hasn’t addressed internal issues—operational, financial, or compliance-related—it’s likely to show up in due diligence.
Sector-Specific Priorities
PurposeCare evaluates acquisitions based on the specific home-based care sectors involved:
Home Health
Clinical quality and CMS ratings are top concerns.
Consistent documentation and scalability are essential.
Home Care
Labor compliance and caregiver retention are critical.
Integration potential with clinical services is highly valuable.
Primary Care Integration
Clinical governance and data-sharing capabilities are key considerations, especially for managing high-risk populations.
Deal Structure Preferences
Rather than generalizing about deal mechanics, Rich Keller emphasized the importance of minimizing disruption while integrating acquired agencies into the PurposeCare platform:
“We try to do it in a manner that creates as little disruption as possible. But we're going to put a PurposeCare fingerprint on it.”
He also underscored the importance of seller involvement during the transition, particularly when acquiring founder-led businesses:
“We like to work with founders. The owner helps us through a transition and allows us to learn from them and their leadership team.”
Advice for Sellers
Keller’s advice to agency owners considering a transaction was both simple and strategic:
“Know your numbers, know your team, and know what you want out of the deal.”
He encouraged sellers to spend time preparing—cleaning up their books, investing in staff retention, and working with advisors who understand their business model and goals. “The more prepared you are, the smoother and more valuable the process will be,” he said.
Looking Ahead: Growth Through Integration
PurposeCare’s future growth strategy remains focused on high-need markets, emphasizing integrated care delivery. Keller articulated this forward-looking approach clearly:
“How do we leverage our position in the home on the home care side and the personal care services space to get in front of changes in condition on a pre-acute basis and treat them on an acute basis, and really keep people out of the hospital?”
Final Thoughts
Rich Keller’s session offered a clear and compelling look into how strategic buyers approach acquisitions in the home-based care space. His emphasis on values, operational readiness, and long-term integration aligns with the themes we continue to see in the market.
Whether you’re actively preparing for a transaction or just beginning to think about your future, Keller’s insights are a valuable resource for understanding how to stand out to the right buyer.
👉 To watch the recording of the full webinar, visit:
Are you contemplating a sale of all or a portion of your healthcare services company?
Arrange a confidential discussion with our M&A experts via info@mertztaggart.com
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