PROJECT KEYSTONE: TWO-SITE GREATER PHILADELPHIA BEHAVIORAL HEALTH PLATFORM

Project Keystone is a confidential opportunity to acquire, invest in, or partner with a two-location outpatient behavioral health platform serving the Greater Philadelphia market. The business provides adult substance use disorder and mental health treatment across PHP, IOP, and outpatient levels of care and currently serves more than 80 active clients.

The opportunity offers an operating footprint that would otherwise require significant time, capital, and regulatory effort to build. The platform includes two active sites, DDAP and OMHSAS licensure, Joint Commission accreditation at one location, LegitScript certification at both locations, established clinical and facility leadership, outsourced billing and revenue-cycle infrastructure, documented commercial in-network payer contracts and rates, referral relationships, and an active patient base.

Project Keystone should be evaluated primarily as a strategic infrastructure, market-entry, and capacity-activation opportunity rather than a traditional trailing-earnings acquisition. The business is currently operating below break-even, but the core value is in the assembled platform: licensed sites, payer access, active census, personnel, clinical systems, referral channels, and substantial unused PHP and IOP capacity.

The latest materials reflect approximately $608,000 of trailing revenue and a management-projected 2026 base revenue run rate of approximately $747,000, excluding potential Medicaid and other payer upside. Medicaid has been submitted and remains pending. A stronger operator may be able to grow revenue within the existing footprint before making significant additional facility investments.

Potential value-creation opportunities include increasing PHP and IOP utilization, improving admissions conversion and referral follow-up, expanding payer access, activating Medicaid if approved, strengthening authorization and denial management, improving collections, optimizing marketing, aligning expenses with census, and using the platform as a base for regional expansion.

Ownership is prioritizing a prompt and executable transaction. The sellers are highly motivated, have not established a rigid valuation or required structure, and invite qualified parties to submit any credible fair-market proposal. Ownership will evaluate full or partial sales, equity or asset-focused transactions where feasible, majority or minority investments, joint ventures, recapitalizations, seller financing, management partnerships, earn-in arrangements, and staged MSO structures.

For the right qualified operator, an MSO or staged management arrangement may provide a path to assume operational responsibility quickly with reduced initial capital exposure while working toward a broader acquisition or ownership transition. Proposals will be evaluated based on economics, speed, certainty of execution, operating capability, and treatment of existing obligations. Creative structures are encouraged.

The preferred counterparty is an experienced behavioral health operator, regional provider, or healthcare investor with qualified operating resources. Ownership and management are prepared to support an orderly transition through introductions to key personnel, billing and RCM vendors, referral relationships, payer and licensing materials, and core operating workflows.

Additional information, including the confidential information memorandum, financial model, payer-rate support, census information, and operating materials, will be made available to qualified parties following execution of an NDA. Buyers should not contact employees, facilities, referral sources, landlords, payers, or vendors directly.