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Clinical Due Diligence

Healthcare DD for
PE/VC investors.

The risks that destroy healthcare deal returns — physician dependency, NABH lapse, CGHS billing inflation — never show up in the financial model. We find them before you close.

Ex-BCG ConsultantIIM CalcuttaAIIMS ResidencyMD PathologyReport in 2 weeks₹1–1.5L per engagement
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What we assess

Six risk areas that
deals are lost on.

Our clinical DD covers the blind spots that financial models and generalist consultants consistently miss in Indian healthcare deals.

👨‍⚕️
Physician Dependency Risk
Which doctors drive what percentage of IP revenue? Binding contracts, non-competes, and succession risk — all assessed and quantified.
📋
NABH / NABL Compliance
Accreditation currency, insurance panel risk, expiry timelines, and last assessment findings. A lapsed NABH can cost 15–20% of cashless revenue overnight.
💰
Revenue Quality & Payor Mix
CGHS/PMJAY billing inflation, reimbursement disputes, collection efficiency. The gap between reported and realised revenue can be 15–25%.
⚖️
Clinical Governance
Adverse event history, mortality review process, infection control, consent documentation — regulatory and reputational risk assessment.
🏗️
Infrastructure & Capacity
Bed occupancy, OT utilisation, equipment maintenance, planned capex requirements versus what the financial model assumes.
🗺️
Post-Acquisition Roadmap
Management team assessment, talent gaps, 100-day operational roadmap, and stress-testing of value creation plan assumptions.
Our process

From mandate
to report.

1
Mandate & NDA
Scope agreed, NDA signed. Risk areas aligned to your deal thesis.
2
Document Review
Financial records, clinical data, accreditation certificates, employment contracts, insurance panels.
3
On-site Assessment
Site visit, management interviews, department heads, operational walkthrough.
4
Risk-Rated Report
Written report with red/amber/green ratings, quantified impact, and recommended actions.
Why Northstar Consulting

Clinical credibility
finance teams don't have.

🩺
Physician-led assessment
Dr. Chandan Kumar (MD, AIIMS residency) leads every clinical DD — not a junior analyst reading a checklist. We know what good clinical governance looks like because we've run it.
🏢
BCG consulting rigour
Ex-BCG methodology applied to clinical findings — structured, evidence-based, investor-grade output that your investment committee can rely on.
⚡
2-week turnaround
Deal timelines don't wait. Our standard clinical DD report is delivered within 2 weeks of mandate — faster on expedited timelines.
🇮🇳
India-specific expertise
CGHS billing, NABH/NABL dynamics, Indian insurance panel rules, CDSCO — we know the India-specific risk factors that international DD teams miss.
Frequently asked questions

Common questions
answered.

How long does a clinical DD take?+
Standard clinical DD is completed within 2 weeks of mandate and document access. Expedited timelines are available for urgent deal situations.
What does it cost?+
Clinical DD engagements are priced at ₹1–1.5L per engagement. For larger multi-site acquisitions, scope and pricing are agreed upfront. All pricing is fixed.
Do you cover diagnostic chains and health-tech investments?+
Yes — we cover hospitals, nursing homes, diagnostic chains, labs, and health-tech platforms. For health-tech, our DD covers clinical validation, CDSCO regulatory risk, and hospital adoption risk.
Can you work alongside our financial DD team?+
Yes — we work in parallel with EY, Deloitte, Grant Thornton, or your in-house team. We coordinate findings so the investment committee gets a unified view of all risk areas.

Book a free consultation

45 minutes — no commitment, no pitch. We tell you honestly whether we can help and what it takes.

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