Three insights:
1. Valuation multiples with median total invested capital to trailing 12-month EBITDA multiples were about 7.4x in 2018, down from 7.7x in 2019.
2. ASCs that perform newly Medicare-reimbursed total joint and cardiac catheterization procedures will be acquisition targets with leverage to negotiate higher transaction multiples.
3. Involvement in bundled payment programs will also make ASCs acquisition targets.
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ASCs reopening to patients: Check these 7 boxes
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