News | Published: Monday, March 30, 2026
At ACC.26, cardiovascular business experts presented “Private Capital, Public Consequences: The Great Cardiology Buyout,” exploring the rapid rise of private equity (PE) in cardiology and its complex implications for physicians and patients. The panel included Jerry Blackwell, MD, MBA, FACC, president and CEO of MedAxiom; Cathleen Biga, MSN, MACC, ACC past president; and Richard W. Snyder, MD, FACC, president of HeartPlace, vice president of the American Independent Medical Physician Association, and CEO/chairman of the Aspen Physician Network.
Panelists described PE as a powerful vehicle for injecting capital into physician practices. Typically, a single practice becomes a “platform,” which then expands by acquiring additional groups while centralizing administrative functions like billing, human resources and operations. These models can improve efficiency and optimize revenue, but they also introduce new challenges, particularly around governance and long-term stability.
“Private equity is neither inherently good nor bad. It’s a capital ownership strategy,” Blackwell noted, emphasizing the wide variation across firms and deals. Still, most PE investments operate on a five-to-seven-year exit timeline, which may not align with the long-term nature of patient care or physician careers.
The discussion highlighted how evolving market pressures, including regulation and reimbursement changes, are accelerating consolidation. At the same time, newer partnership models are emerging, with some PE firms funding ambulatory surgery centers and outpatient services without fully acquiring practices, offering a more flexible and palatable approach.
A central concern was maintaining clinical autonomy, governance and culture. The panelists stressed the importance of understanding not only compensation, but also how decisions are made and who holds authority. “Understand the nuance, not just the paycheck – it’s about the governance of the practices,” Biga said.
The shift toward outpatient care is also reshaping the landscape. With more procedures moving away from the hospital setting, PE-backed models are often designed to capture value in lower-cost sites of service. However, this trend raises broader questions about the financial impact on hospitals and whether patients ultimately bear the cost of care.
Speakers urged lead physicians to carefully evaluate PE opportunities, with a focus on sustainability and succession planning. With the average age of cardiologists nearing 60, the long-term viability of these models remains a key concern.
Ultimately, the session underscored that as PE continues to expand in cardiology, success will depend on balancing financial innovation with patient-centered care. “If a procedure isn’t covered and paid for, there is no access to care,” Snyder said, pointing to the growing need for physicians to understand not just medicine but also the business forces shaping its future.
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