Jason Bernhard’s three decades of healthcare investment banking experience encompass advisory work on some of the sector’s most complex transactions. His role advising healthcare clients on mergers, acquisitions, divestitures, and joint ventures provides relevant context for Acadia Healthcare’s growth strategy.
Healthcare mergers and acquisitions present unique challenges compared to other industries. Regulatory approvals from state health departments, certificates of need in certain states, and compliance with healthcare-specific regulations add complexity to transaction processes. Bernhard’s experience navigating these complexities benefits Acadia Healthcare’s board discussions about potential transactions.
Lazard’s healthcare services practice, which Jason Bernhard helped develop, focuses on behavioral health providers, hospital systems, physician practice groups, and other provider organizations. This sector focus aligns directly with Acadia Healthcare’s market position as the largest standalone behavioral health company in the United States.
Valuation methodologies for healthcare services companies require understanding operational metrics, reimbursement dynamics, and regulatory environments. Bernhard’s expertise in healthcare valuation supports board deliberations about acquisition pricing, joint venture structures, and capital allocation priorities. Healthcare services valuations typically consider factors including payor mix, same-facility growth, EBITDA margins, and bed capacity utilization.
Cross-border healthcare transactions involve additional considerations including foreign regulatory approvals, currency risk management, and international tax planning. Jason Bernhard’s experience advising clients on international transactions, gained during his time at Merrill Lynch working in London and Hong Kong, provides perspective on global healthcare markets.
Acadia Healthcare historically operated facilities in the United Kingdom through its acquisition of The Priory Group. The company divested its UK operations in 2021, refocusing on domestic growth opportunities. Bernhard’s international transaction experience informed board discussions during this strategic refocusing period.
Joint venture structures represent an increasingly important component of Acadia Healthcare’s growth strategy. The company has established 21 joint venture partnerships with major health systems for developing new behavioral health hospitals. These partnerships involve complex negotiations regarding governance rights, capital contributions, profit sharing, and exit provisions.
Jason Bernhard’s advisory experience with joint ventures provides insight into structuring these partnerships effectively. Successful joint ventures balance partners’ interests while maintaining operational flexibility and clear decision-making authority. His experience advising both healthcare services companies and health systems provides perspective on both sides of these partnerships.
Capital markets expertise constitutes another dimension of Bernhard’s value to Acadia Healthcare’s board. The company accessed capital markets multiple times to finance growth initiatives, refinance existing debt, and optimize its capital structure. Understanding investor perspectives, market conditions, and financing alternatives supports effective capital allocation decisions.
Acadia Healthcare completed a $550 million senior notes offering in 2025, providing capital to support facility development and general corporate purposes. Board oversight of such financing transactions includes evaluating terms, timing, and use of proceeds. Jason Bernhard’s capital markets experience informs these board discussions.
Healthcare services industry consolidation trends affect strategic planning for companies like Acadia Healthcare. Understanding competitive dynamics, potential acquisition targets, and valuation trends requires ongoing market intelligence. Bernhard’s position leading Lazard’s North America healthcare investment banking practice provides current market perspective.
Transaction structures in healthcare require addressing regulatory approvals, integration planning, and cultural alignment between organizations. Bernhard’s decades of advisory experience provide frameworks for evaluating these considerations. His insight helps the board assess management’s acquisition proposals and partnership opportunities.