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Democrat senators accuse PE-backed US Anesthesia Partners of anticompetitive business practices

November 28, 2023


USAP was created in 2012 by private equity firm Welsh, Carson, Anderson and Stowe by acquiring multiple anesthesiology practices and bundling them into a single company. Over the next decade, USAP grew through the same practice, purchasing other groups to create a massive anesthesiology provider in 12 states and Washington, D.C.

Federal regulators have taken issue with that M&A strategy, which is called “roll-ups.” In its suit filed in September that focuses on USAP’s footprint in Texas, the FTC alleges USAP grew into a monopoly in the state before hiking its rates and making price-setting agreements with other independent practices.

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