4 key takeaways from a 10-year analysis

4 most important conclusions from the new Journal of the American College of Cardiology tests:

1. Overall, from January 2013 through September 2023, PE firms or PE-backed physician management groups acquired 41 outpatient cardiology practices. That represented a total of 342 outpatient cardiology clinics. Many of the practices were acquired multiple times, the authors noted, which is fairly common in the world of PE investments and acquisitions.

“It is troubling that nearly one in four cardiology clinics acquired by PE were acquired more than once during the 10-year study period,” the authors wrote. “This is a familiar strategy used by PE firms, which favor shorter-term investments of three to seven years. Shorter investment timelines encourage changes that maximize profits quickly but do not necessarily improve quality—such as charging higher prices, increasing patient volume, and replacing physicians with advanced practice providers—all of which have been observed in other specialties.”

2. The majority (94.7%) of acquisitions took place in 2021–2023.

3. The cardiology clinics acquired by PE were located in twenty different states. Florida, with its large number of health care providers and aging population, was the state where PE made the most acquisitions (60) during the study. Texas and Arizona ranked No. 2 and No. 3, with 53 and 33 acquisitions, respectively.

4. Heart clinics in more affluent communities were significantly more likely to be acquired through PE investment than those located in communities with higher levels of poverty.

“As the number of cardiology examinations performed by PE increases, it will be crucial to monitor the impact of these examinations on the use of procedures, their quality and the treatment outcomes of patients with cardiovascular diseases,” the authors concluded.