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Keep Your Nose Clean - Outpatient Surgery Magazine - August 2018

Outpatient Surgery Magazine, providing current information on Surgical Services, Surgical Facility Administration, Outpatient Surgery News and Trends, OR Excellence and more.

Issue link: http://magazine.outpatientsurgery.net/i/1016846

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1 8 • O U T PA T I E N T S U R G E R Y M A G A Z I N E • A U G U S T 2 0 1 8 A fter years of mar- ket dominance, ASC management companies are facing stiff competition from physi- cian practice management (PPM) companies owned by private equity investors looking to acquire and consolidate single-special- ty practices and their affili- ated surgery centers. It will be interesting to see which ASC transaction model wins out — the traditional ASC management company joint venture (JV) that pre- serves physicians' direct ownership in their ASC, or the PPM platform that views the ASC as a small piece of a roll-up strategy and elimi- nates surgeons as direct owners. The ASC industry was born from physician discontent with the hospi- tal setting, more lenient regulatory laws and an emphasis on lower cost outpatient care. Traditional ASC management companies structured thier core business model through JVs with physician partners, harness- ing the physicians' entrepreneurial spirit and adopting a partnership approach. Today, publicly traded companies or private equity funds have acquired many of these "traditional" ASC companies. In the last 5 years alone: • Bain Capital acquired a controlling interest in Surgery Partners • Envision Healthcare merged with AmSurg Dueling ASC Ownership Models Can traditional ASC management companies compete with today's PPMs? Legal Update Danielle E. Golino • INVESTMENT STRATEGY Which transaction model will win out — the tradition- al ASC joint venture or the physician practice management platform?

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