Independent vs. Private Equity-Owned Cardiologists: 8 Reasons Your Choice Matters
Over the past few years, private equity cardiology has grown rapidly, and Florida is at the center of it. Investment firms have been buying cardiology practices across the country, often keeping the same practice name and doctors while ownership changes behind the scenes. Many patients don’t know it happened.
Who owns your cardiologist’s practice can shape what you pay, how often you’re tested, whether your doctor stays, and who makes decisions about your care. Here are eight reasons your choice between an independent cardiologist and a private equity-owned practice matters.
What Is Private Equity, and Why Is It Buying Cardiology Practices?
Private equity (PE) firms raise money from investors, buy companies, work to increase their profits and then sell them, usually within a few years, for a return. In medicine, PE firms often buy one large “platform” practice and then add smaller practices to it.
Cardiology is attractive to investors because heart disease is common, patients need care for years, and in-office services like imaging and testing can be profitable. A 2024 study in the Journal of the American College of Cardiology found that PE firms acquired 41 outpatient cardiology practices with 342 clinic sites between 2013 and 2023. Nearly 95% of those deals happened in 2021 to 2023. Florida led the nation with 60 acquired cardiology clinic sites. Read a summary of the study’s key takeaways.
By contrast, an independent cardiology practice is owned by the physicians who see patients there.
1. Private Equity Is Built Around a Sale; Independent Practice Is Built Around You
Private equity funds typically aim to sell their investments within about three to seven years. That timeline shapes decisions. The goal is to grow profits fast enough to sell the practice for more than the purchase price.
An independent cardiologist has no exit date. The physician-owners plan to care for their patients and community for decades, so their incentives line up with your long-term health.
2. Prices Tend to Rise After Private Equity Buys a Practice
Research consistently links PE acquisitions to higher prices. A 2022 study in JAMA Health Forum compared 578 PE-acquired physician practices with similar practices that weren’t acquired. After acquisition, the amount practices charged per claim rose 20.2%, and the prices insurers actually paid rose 11.0%.
That study looked at dermatology, gastroenterology and eye care rather than cardiology. However, the pattern matters for any specialty. Higher prices can mean higher deductibles, coinsurance and premiums for patients.
3. More Visits and Tests Don't Always Mean Better Care
The same JAMA Health Forum study found that after PE acquisition, practices increased total patient encounters by 16.3% and new patient visits by 37.9%. The share of follow-up visits billed as longer, higher-paying visits also rose 9.4%.
Some of that growth may reflect expanded access. But in cardiology, where echocardiograms, stress tests, heart monitors, and imaging are performed in the office, investors have a financial incentive to increase testing. An independent cardiologist still needs to run a sound business, but decisions about testing rest with the physician who knows you, with no outside investors to answer to.
4. The Evidence on Quality Isn't Reassuring
A 2023 systematic review in The BMJ analyzed 55 studies of private equity ownership in health care. Its findings:
- Costs: 9 of 12 studies found higher costs to patients or payers after PE acquisition. None found lower costs.
- Quality: 12 of 27 studies found harmful effects on quality, while only 3 found beneficial effects.
Most of the research covered nursing homes, hospitals and other specialties rather than cardiology, and individual practices vary. Still, the overall evidence suggests PE ownership more often raises costs than improves care.
5. Your Cardiologist Is More Likely to Stay
Heart disease is often a lifelong condition, and a long relationship with one cardiologist matters. Research suggests PE acquisitions can disrupt that. A 2025 study in Health Affairs found that the share of physicians leaving PE-acquired eye care practices each year rose 265% compared with similar practices that weren’t acquired.
When your doctor leaves, you lose someone who knows your history, and your care can slip through the cracks. Independent cardiologists own their practices, so they have every reason to stay and keep caring for you.
6. Your Practice Won't Be Sold Out From Under You
Because PE firms plan to sell, a PE-owned practice often changes hands more than once. The JACC study found that nearly 1 in 4 PE-acquired cardiology clinic sites was acquired more than once in just a decade. Each sale can bring new owners, new policies, new billing systems, and new pressure to grow profits. Harvard Business School researchers have also examined what happens when private equity firms sell medical practices.
An independent practice offers stability. The people who own it are the people who treat you.
7. Medical Decisions Stay With Your Doctor
In an independent practice, physicians decide how long visits last, how many patients to schedule, which tests are appropriate, and how to staff the office. In a PE-owned practice, physicians often become employees, and an investor-controlled management company may set productivity targets, staffing levels, and budgets.
Many PE-backed practices employ excellent cardiologists. But when investors expect a strong return within a few years, there’s built-in pressure to see more patients in less time and to maximize revenue from testing. Independent physicians answer to their patients, not to investors.
8. You Can Reach the People Who Know You
As practices grow into large PE-backed platforms, phone lines and scheduling are often centralized across many offices. Calls may be routed to a call center, and messages may pass through several people before they reach your doctor.
In an independent office, the staff who answer the phone work alongside your cardiologist every day. They know you and your history, and they can get your question to your doctor quickly. When you’re worried about a symptom or a test result, that direct line matters.
How to Find Out Who Owns Your Cardiologist's Practice
Ownership isn’t always obvious. A practice often keeps its name after a sale. Ask these questions:
- Is this practice owned by the physicians, a hospital, or an investment firm?
- Is the practice part of a larger group or “partnership” with other practices in different states?
- Has the practice been sold or merged in the past few years?
- Who manages billing and scheduling? A separate management company can be a sign of outside ownership.
You can also look at the practice’s website for phrases like “a member of” or “in partnership with” a larger network, and check news coverage of local practice acquisitions.
If you’re comparing hospital-owned practices too, read Independent vs. Hospital-Owned Cardiologists: 8 Reasons Your Choice Matters.
Frequently Asked Questions
Are all private equity-owned cardiology practices bad? No. Many PE-backed practices employ skilled, caring cardiologists, and some invest in new equipment and locations. The concern is the business model itself: research links PE ownership to higher prices, more physician turnover and frequent resales. Patients deserve to know who owns their practice so they can make an informed choice.
Will my cardiologist tell me if the practice was sold to private equity? Not necessarily. Practices often keep their name and doctors after a sale, and there’s usually no requirement to notify patients. Ask the front desk or your doctor directly.
Does private equity ownership change my insurance coverage? Not automatically, but contracts and prices can change after an acquisition. If you notice higher bills or new fees, ask your insurer whether the practice’s billing arrangement has changed.
Is an independent cardiologist as qualified as one in a large group? Yes. Independent cardiologists complete the same training and board certification and hold privileges at the same hospitals. Many choose independent practice specifically so they can control how they care for patients.
Can I switch to an independent cardiologist? Yes. You can choose any cardiologist in your insurance network. Your new practice can request your records, including recent test results, so your care continues without interruption.
Choose Independent Cardiology Care in Tampa
Ascent Cardiology is an independent, physician-owned practice in South Tampa, with no outside investors. Our board-certified interventional cardiologist provides comprehensive heart care, from in-office consultations and testing to advanced procedures at Tampa General Hospital and St. Joseph’s Hospital. You’ll see the same physician, and every decision about your care is made by the doctor who treats you.
Not sure whether your symptoms need attention? Review the 10 warning signs you should see a cardiologist.
Request an appointment or call (813) 540-4322.
602 S Audubon Ave, Suite A, Tampa, FL 33609
Sources
- Private Equity Acquisitions of Outpatient Cardiology Practices in the United States, 2013–2023 — Journal of the American College of Cardiology (2024)
- Private Equity in Cardiology: 4 Key Takeaways From a 10-Year Analysis — Cardiovascular Business
- Association of Private Equity Acquisition of Physician Practices With Changes in Health Care Spending and Utilization — JAMA Health Forum (2022)
- Evaluating Trends in Private Equity Ownership and Impacts on Health Outcomes, Costs, and Quality: Systematic Review — The BMJ (2023)
- Physician Hiring, Turnover Increases After Practices Acquired by Private Equity — Fierce Healthcare, reporting on Health Affairs (March 2025)
- What Happens When Private Equity Firms Sell Medical Practices — Harvard Business School Working Knowledge