Heartland Pathology Consultants PC
- Ruth OnesonOwner/Pathologist · Company website, Form 5500 (2025)
- Bruce DunnOwner/Pathologist · Company website
- Ricky ReavesOwner/Pathologist · Company website
- Barry RocklerOwner/Pathologist · Company website
How we got $6.6M
Based on its 26 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 28 years (since 1998)
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Heartland Pathology Consultants, PC is an Oklahoma based full service independent anatomic pathology laboratory serving Oklahoma and surrounding states. It works with hospitals, surgery centers and private physicians as an extension of their professional operation.
From the company's website. Industry: Medical Laboratories.
Customers & suppliers
Possible customers nearby
The largest businesses within about 60 miles in the markets its website says it serves.
- Mercy Hospital Oklahoma City, Inc. · Ada, 75 mi · $948.2M
- Integris South Oklahoma City Hospital Corporation · Oklahoma City, 12 mi · $358.5M
- MCBRIDE CLINIC, INC. · Oklahoma City, 7 mi · $288.2M
- Integris Health · Oklahoma City, 8 mi · $170.6M
- XPRESS WELLNESS URGENT CARE, LLC · Oklahoma City, 13 mi · $169.8M
Estimated value over time
▲ 25% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 35% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 26 | $4.7M |
| 2020 | Form 5500 | 19 | $3.4M |
| 2021 | Form 5500 | 19 | $3.4M |
| 2022 | Form 5500 | 16 | $2.9M |
| 2023 | Form 5500 | 19 | $3.4M |
| 2024 | Form 5500 | 20 | $3.6M |
| 2025 | Form 5500 | 17 | $3.1M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| HEARTLAND PATHOLOGY CONSULTANTS PC this business | $9.4M | — |
| Diagnostic Mobile X-ray Inc Edmond | $1.8M | 0.4 mi |
| Lifestance Health; Formerly Balance Women's Health Edmond | $1.8M | 0.5 mi |
| Christopher Hayes, M.D. Edmond | $1.8M | 0.9 mi |
| Claire Creecy, APRN-CNP Edmond | $1.8M | 0.9 mi |
| Doug Riddle, M.D. Edmond | $1.8M | 0.9 mi |
| Diagnostic Laboratory of Oklahoma Edmond | $1.8M | 0.9 mi |
The full calculation
| Employees reported to the SBA | 26 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $7.5M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $9.1M |
| Estimate: the two combined (geometric mean) | $9.4M |
| EBITDA margin (industry, adjusted for size) | 16% |
| EBITDA = revenue × margin | $1.5M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $6.6M |
| Multiple for this size and industry | 4.5× |
| Value range | $3.5M – $9.1M |
| Revenue range | $6.2M – $10.7M |
| EBITDA range | $968K – $1.7M |
| Industry (NAICS) | Medical Laboratories (621511) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
“Bruce Dunn, MD, Ruth Oneson, MD, MPH, Ricky Reaves, MD and Barry Rockler, MD founded Heartland Pathology Consultants, PC in January 1998.”
Advisors
- BankingSimmons BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Simmons Bank PPP 2020 | All 789 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/5/2020 | first | $314K | 26 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Heartland Pathology Consultants PC
Heartland Pathology Consultants PC is a medical laboratories company in Edmond, Oklahoma, in business since 1998. It is owned by Bruce Dunn, MD (Owner/Pathologist). Its estimated annual revenue is about $9.4M, with roughly $1.5M of EBITDA. It has about 17 employees. Its estimated business value is $6.6M (likely range $3.5M–$9.1M).
Common questions
- Who owns Heartland Pathology Consultants PC?
- Heartland Pathology Consultants PC is owned by Bruce Dunn, MD (Owner/Pathologist), according to public sources such as the company's website or filings.
- How much revenue does Heartland Pathology Consultants PC make?
- SeeBITDA estimates Heartland Pathology Consultants PC's annual revenue at about $9.4M (likely between $6.2M and $10.7M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Heartland Pathology Consultants PC worth?
- About $6.6M, roughly 4.5× its estimated EBITDA of $1.5M, typical for a medical laboratories company its size. Likely range: $3.5M–$9.1M.
- How many employees does Heartland Pathology Consultants PC have?
- About 17, from its 2025 retirement-plan filing.
- When was Heartland Pathology Consultants PC founded?
- Heartland Pathology Consultants PC has been in business since 1998.