Selected investment · Healthcare
Medicare
Clinical insourcing services for the NHS
The investment
Why we invested.
Medicare Insourcing Services Limited (“Medicare”) is a leading provider of clinical insourcing services to the NHS, specialising in practitioner-led diagnostic imaging, primarily ultrasound. The business partners with NHS Trusts to deliver additional capacity within hospital settings, helping reduce waiting lists and improve patient outcomes. Founded in 2018, Medicare has built a strong national footprint, supported by a high-quality network of advanced practitioners and a reputation for consistent clinical delivery.
Investment rationale
Why this business.
Medicare operates in a structurally attractive market, underpinned by persistent NHS capacity constraints, rising diagnostic demand and acute workforce shortages. Its practitioner-led model provides a cost-effective and scalable solution for NHS Trusts, while its established clinician network and strong governance framework create a defensible competitive position. The business benefits from high levels of repeat activity across a diversified base of Trust relationships and an asset-light model with strong cash generation.
The Bay Tree difference
How we add value.
Bay Tree is working closely with management to support Medicare’s next phase of growth, including expanding its clinician network, deepening NHS Trust relationships and developing adjacent diagnostic services. The firm’s hands-on approach and sector experience are complemented by the appointment of Stephen Collier as Chair, bringing deep NHS and private healthcare expertise. Bay Tree’s flexible investment model and alignment with management position the business strongly to scale and deliver long-term value.