I do think saying physician owned is very misleading. I don’t know what percentage the physicians own. All I know is that private equity has the controlling shareholder voting rights.Lol…. Can I borrrow your Amex black card for my portion. The docs don’t have that kind of money… and I don’t think that we have the political capital that PE firms do. I hate to always blame Washington but..::
Welsh Carson isn’t in the business to keep collecting 20% margins. They are in the business of pump and dump. If you look at their healthcare companies.

US Anesthesia Partners (USAP) | Investment Profile - WCAS
U.S. Anesthesia Partners Care Delivery | Healthcare Website Initial Press Release See How US Anesthesia Partners Is Investing in Better Healthcare US Anesthesia Partners (USAP) is the nation’s leading provider of anesthesia services, with over 4,500 clinicians providing expert patient care in...

Look closely when you click on each company they invest in “status”. They buy and sell companies. Some companies sold. Some not. It’s not a matter of if Usap gets sold. It’s a matter of when it gets sold. Only problem for them is no buyers out there despite how profitable they are.