Urgent care centers have attracted private equity investors, health plans, and health systems alike. Due to the increased demand for providers and the supply shortage, innovative partnerships and unique strategies are being implemented across this sector. The industry is highly fragmented, and the impact of center-specific characteristics can have profound implications on strategy and valuation. Freestanding emergency departments (“FSED”) have their own complex valuation and transaction dynamics, including out-of-network payor reimbursement and continued regulatory pressure.