Covington Associates

Covington Associates Announces Advisory Role in the Sale of Culbert Healthcare Solutions, Inc. to BDO USA, LLP

December 17, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Culbert Healthcare Solutions, Inc., a Massachusetts-based management consulting firm that advises hospitals, academic medical centers and large physician group practices, in the sale of its business to BDO USA, LLP, one of the nation’s leading accounting and advisory firms. This combination will further strengthen and expand BDO USA’s management advisory capabilities, specifically in the healthcare industry.

“Culbert will help us continue to identify ways for healthcare leaders to improve their financial, clinical and digital performance and build more resilient organizations. Their services and relationships will strengthen and deepen our advisory offerings for BDO healthcare clients and grow our firm’s healthcare practice,” said Wayne Berson, CEO of BDO USA. “I am proud to welcome the professionals from Culbert Healthcare Solutions. They embody our people-first culture through the exceptional client service they’ve become known for in their market.”

Culbert’s ability to deliver cohesive solutions in the healthcare sector adds highly valued and in-demand services to The BDO Center for Healthcare Excellence & Innovation. Providing additional value, Culbert is an active member of several strategic associations, including the American Medical Group Association (AMGA), the Healthcare Information and Management Systems Society (HIMSS), the Healthcare Financial Management Association (HFMA), and the Medical Group Management Association (MGMA).

“At Culbert, we are passionate about client service and creating a people-first culture, which aligns seamlessly with BDO USA’s purpose and core values,” said Robert Culbert, founder and CEO of Culbert. “Our team can now leverage BDO’s deep healthcare resources and national presence while maintaining the client-first mentality of our boutique firm. Culbert and BDO both share a passion for envisioning what’s next in a rapidly changing healthcare landscape. We look forward to working as an integrated team to deliver next generation solutions that will help our clients ensure the best possible outcomes and patient care.”

Culbert Healthcare Solutions, Inc., is headquartered in Woburn, Massachusetts. Their professionals will join the BDO Boston office as part of this addition.


Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $25 billion. Further information can be found at http://www.covingtonassociates.com/overview/.


Founded in 2006, Culbert Healthcare Solutions, Inc. offers management, clinical operations and health IT consulting services to clients in 45 states. Culbert helps its clients utilize digital transformation and operational best practices to improve care, enhance patient experience and drive financial performance improvements.


BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of skilled and committed professionals. The firm serves clients through more than 70 offices and over 750 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 91,000 people working out of over 1,650 offices across 167 countries. For more information please visit: www.bdo.com.

Culbert Healthcare Solutions acquired by BDO USA

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