Private equity-backed groups have been highly active in the ASC space over the last several years as outpatient care becomes a strategic imperative for healthcare organizations.
Between 2019 and 2023, the share of independent physician practices owned by hospitals, health systems or other corporate entities jumped from 39% to 59%. Over the same period, physician employment by these entities rose from 62% to 78%, according to a December 2025 report from the Progressive Policy Institute.
Two ASC leaders recently joined Becker’s to discuss their thoughts on how ASC ownership structures are continuing to change amid increased PE activity.
Editor’s note: Responses have been lightly edited for clarity and length.
Question: Private equity and real estate players are increasingly acquiring ASC-anchored campuses — how do you see ownership structures in your market changing over the next two to three years?
Ben Childers, MD. President and CEO Premier Outpatient Surgery Center (Riverside, Calif.): At Premier Outpatient Surgery Center, our doctor’s group has partnered with Amsurg. We did this a number of years ago. For us it has been a very good partnership. We feel that they are on the cutting edge of the surgery center market. Also their contracting, marketing and purchasing options are much better than what we could have on our own. I do not think that private equity or a real estate company would have the knowledge of how a surgery center runs or how to run one properly. If partnering with a private equity firm, they would still have to have a management company, further increasing costs. Navigating the complex issues facing surgery centers, with reimbursement issues and the future of anesthesia provider issues is best with a dedicated partner such as Amsurg.
Lauren Phillips, BSN. Director of Invasive Services at The Cardiac and Vascular Institute (Chiefland, Fla.): I feel that PE is going to continue acquiring within the ASC space. PE is already wide spread within the cardiology ASC world and will continue to evolve I believe. I think we will see an increase in physician-owned/PE-backed surgery centers as more and more ASCs open but physicians still want to have autonomy outside of the hospital setting. My center is partnered with PE which has been an overall positive experience. PE can offer resources that come centers may not be able to have or pricing structures that otherwise would not be possible.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
