Trends in Private Equity Acquisition of Dermatology Practices in the United States.
Trends in Private Equity Acquisition of Dermatology Practices in the United States.
复制标题
美国皮肤科诊所私募股权收购的趋势。
DOI：
10.1001/jamadermatol.2019.1634
复制
发表时间：
2019
期刊：
影响因子：
10.9
通讯作者：
A. Mostaghimi
中科院分区：
文献类型：
--
作者：
Sally Y. Tan;K. Seiger;Peter R. Renehan;A. Mostaghimi
重要性
私募股权(PE)公司投资于皮肤病管理集团(DMG)，这是一家经营多家诊所的医生执业管理公司，通常收购规模较小的医生所有的诊所。私募股权投资带来的皮肤科实践的整合可能与美国实践管理的变化有关。
客观化
为了描述PE支持的皮肤科随着时间的推移在地理上进行收购的范围。
设计、设置和参与者
这项横断面研究考察了美国私募股权投资支持的DMG对皮肤科实践的收购。截至2018年5月31日的收购和投资数据是使用5个财务数据库中的信息编制的。交易数据补充了来自另外两个金融数据库、两个金融新闻机构和DMGs新闻稿的公开可用信息。由PE支持的DMG获得的所有皮肤科实践都包括在内。收购被证实是提供内科、外科和/或美容临床护理的皮肤科实践。私募股权融资数据包括在内，如果可以获得的话。使用空间分析软件绘制与获得的实践相关的诊所的地址图。
主要成果和措施
根据交易完成日期、每个DMG收购的地理足迹以及每个DMG的融资情况，衡量了一段时间内私募股权投资实践收购的数量和地点。
结果
17个私募股权投资支持的DMG在2012年5月1日至2018年5月22日期间收购了184个实践。截至2018年年中(5月1日至8月31日评估期)，这些收购的做法估计占皮肤科诊所的381家。美国私人股本拥有的皮肤科诊所的总数要大得多，因为这些数据没有反映开设新诊所的DMG(有机增长)；收购数据仅代表现有诊所从医生向私人股本支持的DMG的所有权转移。实践收购每年都在增加，从2012年的5项增加到2017年的59项。2018年1月1日至5月31日，又进行了34笔收购。为维持交易而进行的几轮融资反映了上述实际收购的趋势。与收购实践相关的诊所横跨至少30个州，381家诊所中有138家(36%)位于德克萨斯州和佛罗里达州。
结论和相关性
研究结果表明，私募股权投资公司在全美越来越多的皮肤病诊所中拥有财务利益。需要进一步的研究来评估PE支持的所有权是否以及如何影响临床决策、医疗保健支出和患者结果。
Importance
Private equity (PE) firms invest in dermatology management groups (DMGs), which are physician practice management firms that operate multiple clinics and often acquire smaller, physician-owned practices. Consolidation of dermatology practices as a result of PE investment may be associated with changes in practice management in the United States.
Objective
To describe the scope of PE-backed dermatology practice acquisitions geographically over time.
Design, Setting, and Participants
This cross-sectional study examined acquisitions of dermatology practices by PE-backed DMGs in the United States. Acquisition and investment data through May 31, 2018, were compiled using information from 5 financial databases. Transaction data were supplemented with publicly available information from 2 additional financial databases, 2 financial news outlets, and press releases from DMGs. All dermatology practices acquired by PE-backed DMGs were included. Acquisitions were verified to be dermatology practices that provided medical, surgical, and/or cosmetic clinical care. Private equity financing data were included when available. The addresses of clinics associated with acquired practices were mapped using spatial analytics software.
Main Outcomes and Measures
The number and location of PE practice acquisitions over time were measured based on the date of deal closure, the geographic footprint of each DMG's acquisition, and the financing of each DMG.
Results
Seventeen PE-backed DMGs acquired 184 practices between May 1, 2012, and May 22, 2018. These acquired practices accounted for an estimated 381 dermatology clinics as of mid-2018 (assessment period from May 1 to August 31). The total number of PE-owned dermatology clinics in the United States was substantially larger because these data did not reflect DMGs that opened new clinics (organic growth); acquisitions data represented only the ownership transfer of existing practices from physician to PE-backed DMG. Practice acquisitions increased each year, from 5 in 2012 to 59 in 2017. An additional 34 acquisitions took place from January 1 to May 31, 2018. The number of financing rounds to sustain transactions mirrored the aforementioned trends in practice acquisitions. Clinics associated with acquired practices spanned at least 30 states, with 138 of 381 clinics (36%) located in Texas and Florida.
Conclusion and Relevance
The study findings suggest that PE firms have a financial stake in an increasing number of dermatology practices throughout the United States. Further research is needed to assess whether and how PE-backed ownership influences clinical decision-making, health care expenditures, and patient outcomes.