Covalence Health

07/03/2026

Happy 4th, everyone, and happy 250th, .

𝗦𝗧𝗔𝗬 𝗦𝗔𝗙𝗘 𝗔𝗡𝗗 𝗖𝗢𝗢𝗟 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸𝗲𝗻𝗱 - especially those of us in the mid-Atlantic.

06/30/2026

𝗩𝗲𝗻𝘁𝘂𝗿𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗮𝗻𝗱 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝗼𝘃𝗲𝗿𝗽𝗮𝘆 𝗳𝗼𝗿 𝗵𝗲𝗮𝗹𝘁𝗵 𝘁𝗲𝗰𝗵 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗮𝗻𝘆 𝗼𝘁𝗵𝗲𝗿 𝘀𝗲𝗰𝘁𝗼𝗿. Most deal teams run healthcare like it's diligence — wrong playbook.

𝗠𝗶𝘀𝘁𝗮𝗸𝗲𝘀 𝘄𝗲 𝗰𝗼𝗺𝗺𝗼𝗻𝗹𝘆 𝘀𝗲𝗲:
➡️ Underestimating integration friction. Platforms that don't plug into the broader ecosystem hit a scaling wall fast; provider workflows won't bend for a standalone tool.
➡️ Confusing pipeline with revenue. Health systems take 12-18 months to sign. Deal teams price growth like the ink is already dry.
➡️ Missing regulatory exposure — , anti-kickback, state mandates. Valuation killers, not footnotes.
➡️ Ignoring clinical credibility. No validation, no survival under payer or provider scrutiny — clean dashboards # are useless without it.
➡️ Skipping the thesis fit test. A great company can still be the wrong acquisition if it doesn't compound with the rest of the .
➡️ Backing point solutions over workflow solutions. Narrow problem-solvers get displaced the moment a platform absorbs that use case. Workflow-native companies earn the stickiness that defends valuation.

anchor on a comparable's #
multiples, then discover post-close the reimbursement structure was nothing alike. The gap shows up in year one.

𝗧𝗵𝗲 𝗳𝗶𝘅: bring in an "insider" who's run P&Ls for organizations, before you sign.

𝗢𝘃𝗲𝗿𝗽𝗮𝘆𝗶𝗻𝗴 𝗶𝘀𝗻'𝘁 𝗮 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗽𝗿𝗼𝗯𝗹𝗲𝗺. 𝗜𝘁'𝘀 𝗮𝗻 𝗲𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺.

06/22/2026

Happy Father's Day to all the dads.

06/19/2026

https://youtu.be/paee_Bs5FA8

Episode 2 of The Outer Shell podcast is now available.

Guest Rebecca Baker, BSN, RN, BS Ed, ACHE, joins Mike Rawaan to dive deep into what it takes to succeed in value-based care. Becki breaks down the operational changes - including tools, staff, and workflows - necessary for primary care providers to succeed in value-based care (VBC).

You don't want to miss these insights if you are ...
👉 A physician or physicians' group considering getting into VBC
👉 An existing ACO considering expanding its footprint
👉 An looking for opportunities in VBC
👉 A healthtech vendor looking to deliver greater value to VBC organizations

Guest Rebecca Baker, BSN, RN, BS Ed, ACHE, joins Mike Rawaan to div...

06/11/2026

Happy 2026!

At Covalence Health, we will forever stand for the four pillars of justice ...
➡️ Equity
➡️ Access
➡️ Participation
➡️ Human Rights
.. and will not stand down until we're all truly .

06/09/2026

Join us in wishing our Founder and Managing Director, Mike Rawaan a happy 50th birthday.

He celebrated this milestone by jumping out of an airplane, which shouldn't surprise anyone who knows Mike.

Happy 50th, Mike, and here's to many more.

🎂🎊🎉

05/29/2026

Our , 𝗧𝗵𝗲 𝗢𝘂𝘁𝗲𝗿 𝗦𝗵𝗲𝗹𝗹, is now live on Spotify. I will post links to our new channel and to Apple Podcasts soon.

👍 Please use the link below to listen (or watch) and subscribe.

In this inaugural episode, my guest, 𝗚𝗮𝗿𝘆 𝗝𝗮𝗰𝗼𝗯𝘀, and I discuss in healthcare and dive into how advocacy groups shape policies and programs, such as the 𝗖𝗠𝗠𝗜 𝗟𝗘𝗔𝗗 model and the Advantage reimbursement .

We also discuss Gary's book, 𝗧𝗵𝗲 𝗭𝗲𝗻 𝗟𝗼𝗯𝗯𝘆𝗶𝘀𝘁, which offers great insights into how and can turn lobbying into a force for good.

https://open.spotify.com/episode/4rDnZbSf863zYWmz0pcmwJ?si=COF5QcRDSfaOcdIycH3bxw

The Outer Shell · Episode

05/17/2026

A video from the first episode of our , 𝗧𝗵𝗲 𝗢𝘂𝘁𝗲𝗿 𝗦𝗵𝗲𝗹𝗹.

We are kicking things off with a topic that impacts the U.S. healthcare industry more than any other, , and we're diving deep into how it works, what it costs, who pays for it, who it benefits, and what the true impact is.

Stay tuned for the official launch - THIS WEEK - and for more information on where you can listen and watch.

Deep conversation on Healthcare lobbying: How it works, what it costs, who pays for it, who it benefits, and what's the true impact.

05/14/2026

Nothing like curling up under your favorite The University of North Carolina at Chapel Hill blanket with a good book on a rainy day. And I picked a good one!

𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗼𝗿 William Putsis brings 30+ years of mastery to 𝗦𝗰𝗮𝗿𝗹𝗲𝘁𝘁’𝘀 𝗥𝗲𝘃𝗲𝗻𝗴𝗲 - coauthored by David Edelheit - and it shows on every page! Smuggling game theory, competitive disruption, and AI-era market dynamics into a revenge thriller so propulsive you absorb the masterclass before you realize you’re in one!

Well done, Bill and David!

UNC Kenan-Flagler Business School Yale University

05/14/2026

Just wrapped up recording the first episode of our , 𝙏𝙝𝙚 𝙊𝙪𝙩𝙚𝙧 𝙎𝙝𝙚𝙡𝙡, and really looking forward to launching next week.

𝗪𝗵𝗮𝘁 𝘁𝗼 𝗲𝘅𝗽𝗲𝗰𝘁 𝗳𝗿𝗼𝗺 𝗼𝘂𝗿 𝗽𝗼𝗱𝗰𝗮𝘀𝘁:
🎙️ Authentic conversations (no fluff!). Every conversation ends with something you can act on
🎙️ Root cause analysis of key issues impacting the U.S. Healthcare system
🎙️ Guests who've been on the front lines, sharing their experiences and lessons
🎙️ Built for operators who have to make decisions, not just stay informed

Our first episodes will cover the roots of the model. My very special guest and I discuss how and shape and result in programs such as LEAD.

Stay tuned for more information and where you can listen to (or watch) the podcast.

*P