Gastroenterology & Specialty Physicians
GI practices, orthopedics, urology, and other PE-consolidated physician groups
What PE Ownership Means for This Industry
4,500+ deals since 2012
PE acquisitions of physician practices accelerating rapidly
Over 4,500 PE deals involving physician practices have occurred since 2012, concentrated in GI, dermatology, orthopedics, and ophthalmology. Patients report higher bills and more unnecessary procedures.
Source: NIHCM, 2024
26% price increase
Colonoscopy prices rise after PE acquires GI practices
Research shows colonoscopy prices increase an average of 26% after PE acquisition of gastroenterology practices, with no improvement in clinical outcomes.
Source: JAMA Internal Medicine, 2023
PE-Owned Brands
Gastro Health
Owned by Ares Management
Ares Management-backed GI practice platform with 200+ locations expanding nationally from Florida base
5 locations tracked
GI Alliance
Largest GI practice network in the US with 800+ providers, acquired for $2.8B
4 locations tracked
HOPCo (Healthcare Outcomes Performance)
Owned by Linden Capital Partners
Linden Capital-backed orthopedic management company with 100+ locations expanding nationally
9 locations tracked
Retina Consultants of America
Owned by Webster Equity Partners
Largest retina subspecialty practice with 291 offices across 23 states. Sold to Cencora for $4.4B in 2025
6 locations tracked
TeamHealth
Owned by The Blackstone Group
Blackstone acquired TeamHealth, one of the largest physician staffing companies (ER, anesthesiology, hospital medicine), for $6.1B in 2016. TeamHealth has been at the center of the surprise medical billing crisis — billing patients out-of-network rates while staffing in-network hospitals. The company lobbied against the No Surprises Act.
0 locations tracked
United Digestive
Owned by Frazier Healthcare Partners
Frazier Healthcare Partners-backed GI network focused on the Southeast
10 locations tracked
United Musculoskeletal Partners
Owned by Audax Group
Audax Group-backed multi-state orthopedic platform with 100+ locations
5 locations tracked
US Anesthesia Partners (USAP)
Owned by Welsh Carson Anderson & Stowe
Welsh Carson Anderson & Stowe created US Anesthesia Partners as a roll-up of anesthesiology practices across 9 states. The FTC sued USAP and Welsh Carson in 2023, alleging the roll-up illegally consolidated the anesthesiology market in Texas, enabling supracompetitive pricing — a landmark case against PE healthcare roll-ups.
0 locations tracked
US Digestive Health
PE-backed GI practice platform with 40+ sites across the Mid-Atlantic
5 locations tracked