Ep. 39 Who's Really Profiting in Behavioral Healthcare with L.A. Galyon — MasterMined: A Behavioral & Mental Health Podcast

In this episode of MasterMined, returning guest L.A. Galyon of Brentwood Capital Advisors joins Mark Scrivner, Jeff Skillen, and Lee Pepper to unpack what he's seeing across healthcare investment as the industry heads toward 2026. Fresh off the J.P. Morgan Healthcare Conference, L.A. breaks down capital trends, valuation realities, and why behavioral health remains one of the most compelling—yet misunderstood—sectors for investors.

The conversation digs into why outpatient and hybrid care models are gaining momentum, how payer dynamics and middlemen continue to distort incentives, and what founders must do now to build durable, investable businesses. L.A. also offers candid perspective on private equity's reset, realistic valuation expectations, and the operational discipline required to pass diligence in today's market.

Key Moments

01:09 – Why JP Morgan sets the tone for healthcare investing each year
03:50 – The shift from provider roll-ups to "picks and shovels" investments
04:52 – Why behavioral health is still early in its lifecycle
08:19 – Moving care out of facilities and into lower-cost settings
12:36 – The growing frustration with healthcare middlemen
18:05 – What private equity learned from the last three years
24:15 – Why decisive buyers are winning deals again
36:20 – What actually drives higher multiples in behavioral health
42:36 – How much providers should really be spending on marketing
48:27 – Three things leaders should do now to build long-term value

Learn More & Connect
Show Notes + Resources: https://snapshotinteractive.com/mastermined
Connect with L.A. Galyon: https://www.linkedin.com/in/l-a-galyon-88244321/ | https://www.brentwoodcap.com
Connect with Mark Scrivner: https://www.linkedin.com/in/markscrivner | https://snapshotinteractive.com
Connect with Jeff Skillen: https://www.linkedin.com/in/jeffskillen | https://www.skillsetenterprises.com
Connect with Lee Pepper: https://www.linkedin.com/in/leepepper | https://www.neveroutmatched.com
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