Changes in Payer Mix Associated with Private Equity Acquisition of Ophthalmology Practices

Following acquisition by PE, ophthalmologists experienced an increase in the number of established commercial, Medicare FFS, and Medicaid claims. PE acquisition was also associated with an increase in proportion of established Medicare FFS claims and decrease in proportion of established commercial claims. The increase in established claims across payers was consistent with a strategy designed to increase organizational revenue. That proportion of established claims was more heavily weighted toward Medicare FFS and away from commercial claims was surprising given lower rates associated with Medicare.

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Source: https://watermark.silverchair.com/connolly_2025_ld_250075_1747416632.58657.pdf

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