Private Equity in Healthcare – PESP’s November 2025 Roundup
December 3, 2025
Each month, PESP’s Healthcare Team will be putting together a roundup that shares the latest news stories related to private equity in healthcare and highlights the work that our team has published in the last month.
In the news
2025 State Healthcare Policy Review – Private Equity Stakeholder Project
- PESP released an interactive legislative activity tracker and accompanying report about the legislative wave of policies proposed to rein in the risks of private equity in healthcare.
- Authored by PESP researcher Michael Fenne, the report includes case studies of selected bills – examining their origins and the debates surrounding them. These examples show how states are responding to private equity-driven pressures in healthcare and offer concrete models that can inform future policy efforts.
- The legislative tracker lists state bills recently introduced or enacted and is searchable by state, policy category, or covered entity.
- The report was covered in McKnight’s Long-Term Care News and Skilled Care Journal.
State momentum grows to curb corporate influence in health care – American Medical Association
- “Private equity and other corporate entity investment in physician practices increased exponentially in the past decade and concerns about care delivery, physician autonomy and health care market conditions come with that money.”
- States are taking action to protect the integrity of physician practices. The article outlined five legislative approaches states have taken:
- Supporting transparency and oversight of health care transactions through notification and review requirements.
- Preserving physicians’ independent clinical judgment by strengthening the corporate practice of medicine doctrine.
- Limiting the influence that management services organizations may exert on physician practices.
- Supporting fair contracting in physician employment agreements.
- Protecting patient access to care in consolidated markets where corporate entities invest in hospitals or medical practices.
US judge rejects FTC’s bid to block private equity medical company deal – Reuters
- Becker’s Hospital Review reported that a federal judge denied the Federal Trade Commission’s request for a preliminary injunction to block private equity firm GTCR’s proposed $627 million acquisition of Surmodics.
- According to Becker’s, “The case marked the first antitrust enforcement action under the current presidential administration and centered on concerns that the merger would significantly reduce competition in the market for outsourced hydrophilic coatings.”
- The Becker’s article concludes, “If finalized, the deal would mark another setback for federal antitrust efforts targeting private equity-backed consolidation in healthcare.”
Healthcare team’s latest blogs, reports, and media mentions
Reports:
Blog posts:
- Private Equity Health Care Acquisitions – October 2025
- Private equity moves into clinical trials
- States move to rein in PE control of healthcare
- PESP calls for oversight of private equity in Washington healthcare
- Walgreens’ new PE owners cut worker holidays ahead of Thanksgiving
- Profiting on all sides: Private equity and the No Surprises Act
Other PESP healthcare news and mentions in November:
- A Healthcare Brew article cites PESP’s hospital tracker in an article titled, “How the fall of Steward Health Care shaped private equity’s presence in hospitals”
- PESP’s research was cited in a Center for American Progress article outlining consequences of Private Equity expansion into healthcare.
- PESP researcher, Michael Fenne, was quoted in a Stateline article titled, “New state laws tackle private equity’s growing role in health care”
- McKnight’s Long-Term Care News highlighted the policy report and legislative tracker in its daily editor’s note.
- PESP communications director, Matt Parr, and researcher, Michael Fenne, were featured on Radio Health Journal’s episode about private equity in healthcare.
- The Coalition Against Surprise Billing cited PESP’s blog post about the independent dispute resolution process.
