Every healthcare roll-up tells its doctors the same thing on the way in: you will still be in charge. The paperwork usually says otherwise. When a private-equity firm buys a medical practice, the surgeon typically trades ownership for a check and a management contract, and the important decisions migrate to a boardroom the clinician does not sit on. Allied OMS, a management services organization based in Southlake, Texas, was built to answer a different question - what if the surgeons kept the board?
Founded in 2020 by a group of oral and maxillofacial surgeons alongside private-equity veterans, Allied OMS partners exclusively with oral and maxillofacial surgery (OMS) practices. That is the specialty most people never think about until they are having wisdom teeth removed, a jaw reconstructed, or dental implants placed. It is also a corner of healthcare that consolidators have been circling aggressively - which is exactly why the structure Allied chose is worth a close look.
The problemWhy an independent surgeon picks up the phone
Running a solo or small-group oral surgery practice has quietly become harder. The back-office load - insurance contracting, billing and revenue cycle, payroll and benefits, compliance, purchasing implants and equipment, keeping up with technology - has grown faster than most single practices can absorb. Recruiting and retaining associate surgeons is competitive. And when an owner eventually wants to slow down or retire, there is often no clean way to sell the practice or transition it to a younger partner without handing control to a corporate buyer. Independence, in other words, can start to feel like isolation.
That is the pressure Allied is built around. It offers the scale and professional management of a large organization while letting the surgeon stay an owner rather than an employee. For a doctor weighing whether to keep grinding alone or sell to a conventional roll-up, Allied is pitching the middle path - shared infrastructure and a real exit option, without giving up the practice or the vote.
The ideaA roll-up where the doctors outvote the money
Allied describes its approach as "Doctor Equity," a trademarked term that carries the whole thesis. Partner surgeons who join the network retain ownership and clinical autonomy in their own practices, and in exchange for management fees and shared economics, Allied provides the non-clinical machinery a growing practice needs - finance and accounting, human resources and payroll, procurement, revenue cycle, IT, marketing, and growth strategy. The company packages this under another branded phrase, the "Power Through Partnership" system.
The part that separates Allied from a conventional buyout is governance. Doctors make up 75% of the board of directors, and network surgeons chair every management committee. Allied claims to be the only MSO in the country with a doctor-majority board. In a sector where "physician-led" is often a marketing line, Allied put the ratio in its structure.
The logic runs in both directions. Surgeons get institutional scale - better purchasing terms, access to capital, professional management - without surrendering the clinical calls or the long-term upside in their practices. Allied gets a partner base that is genuinely aligned, because the people whose careers depend on the practice are the same people steering the company. Allied's stated values name that alignment directly: alignment of interests between doctors, patients, and investors; real economic returns for doctor partners; and, unusually, transparency into the MSO and private-equity model itself.
From one practice to a dozen states
Allied started with a handful of practices and a shared-services blueprint. Five years on, the network has grown to roughly 38 partner practices spanning 50-plus locations across more than 12 states, from California and Texas to Tennessee, Michigan, Oregon, New York, Oklahoma, and, most recently, New Jersey. The corporate team that supports them numbers about 48 people. Growth has come both from partnering with established groups - such as Oral & Maxillofacial Surgery of Central New Jersey and Kerrville Oral & Maxillofacial Surgery in the Texas Hill Country - and from helping existing partners add surgeons and locations.
The people behind it help explain the hybrid design. Co-founder and CEO Daniel Hosler also serves as a managing partner at DuneGlass Capital, the healthcare-focused independent sponsor that helped launch Allied in 2020 - so the same person sits on both the operating and the capital side of the table. The founding surgeon group includes Dr. Jonathon Jundt, who serves as Chief Medical Officer, along with Dr. Greg Scheideman, Dr. William Runyon, Jr., Dr. David Kostohryz, Jr., Dr. Vicente Chavez, and Dr. Jiries Mogannam.
The moneyRaising capital without losing the room
The financial arc tracks the growth. Allied began with sponsor equity from DuneGlass. In 2024, it secured a $116 million credit facility alongside its doctor shareholders. Then 2025 brought two milestones in quick succession. In June, Allied announced its first institutional capital - a minority growth investment from 65 Equity Partners, a global investment firm backed by Temasek, with Everberg Capital co-investing. In August, Comvest Credit Partners provided a $245 million senior secured credit facility, along with a preferred equity investment, to refinance existing debt and fund further expansion.
What is notable is what did not change. Even after taking outside institutional money, the surgeon board majority stayed intact. That is the test every partnering doctor asks about - what happens when the capital wants one thing and the clinicians want another - and Allied's answer is written into the seat count rather than the sales pitch.
Where Allied fits in the market
Allied operates in the fast-consolidating world of dental and specialty support organizations. On the OMS side specifically, it shares the field with platforms such as U.S. Oral Surgery Management (USOSM), Beacon Oral Specialists, Oral Surgery Partners, and Paradigm Oral Health; in the broader dental services organization market, groups like MB2 Dental have set the pace. Most of these are structured as traditional private-equity roll-ups. Allied's wager is that a meaningful share of independent surgeons would rather partner with an organization they help govern than sell into one they do not.
As a business, the model is straightforward to describe even if it is complex to run. The clinical revenue lives in the practices; Allied earns through management fees, shared services, and equity ownership, and it captures platform-level advantages in procurement, financing, and benchmarking. Its data and analytics tools let partner surgeons benchmark and value their practices against the network, turning a collection of independent offices into something closer to a shared operating system. Growth capital for acquisitions and de novo locations comes from sponsor equity and credit facilities rather than from squeezing the practices.
The expertise sits on both sides of the founding table, which is the point. The surgeon founders bring clinical credibility and an insider's read on what actually helps a practice versus what looks good in a deck. The private-equity side - anchored by DuneGlass and reinforced by investors like 65 Equity Partners, Everberg Capital, and Comvest - brings deal structuring, financing, and operational scale. Allied's customers are, in effect, its owners: the independent oral and maxillofacial surgeons across those 38-odd practices, plus the patients they treat, from wisdom-tooth extractions and dental implants to corrective jaw surgery and facial trauma reconstruction. It is a business-to-business platform whose end product is delivered one operating room at a time.
What a partner surgeon actually gets
Keep the practice and the clinical calls. Hand off finance, HR, payroll, procurement, revenue cycle, IT, and marketing. Add locations and associates with institutional backing. Benchmark performance against dozens of peer practices. And - the part competitors rarely offer - a majority of the seats at the table that decides where the whole platform goes next.
Five years, four milestones
- 2020Allied OMS is foundedOral surgeons and PE veterans launch the platform in Southlake, Texas, with independent sponsor DuneGlass Capital.
- 2021-23The network takes shapePartner practices join and Allied builds out its shared-services platform and Doctor Equity structure.
- 2024$116M credit facilityAllied and its doctor shareholders secure financing from four healthcare-sector banks to fund expansion.
- 2025First institutional capital65 Equity Partners makes a minority growth investment, co-invested by Everberg Capital.
- 2025$245M facility, national footprintComvest Credit Partners provides a senior secured facility and preferred equity as the network reaches ~38 practices in 12+ states.
The open question is the one facing every roll-up as it scales: can a governance promise survive growth, more investors, and the gravitational pull of returns? Allied has kept the surgeon majority through its first institutional round, which is the moment such promises usually bend. For independent oral surgeons weighing whether to stay solo or sell out, Allied OMS has staked out a third position - partner, keep the practice, and hold the gavel - and built a national platform to prove it can work.