Q2 2023 Cardiology Update
The cardiology specialty has quickly become one of the most active and sought after areas within physician practice management. Although a new market for private equity, the second quarter saw over eight notable transactions close in the sector with both new platform investments and sizeable strategic add-on deals. Significant competition in the specialty from new and established groups is driving elevated multiples for 10+ provider groups.
Provident expects this trend to continue in the coming quarters, with both established platforms and financial sponsors competing for premium assets which are a scarcity in the sector. Additionally, we expect to see more hospital-based groups and employed physicians join PE-backed platforms as the opportunity to return to outpatient practice appeals to physicians across the country.
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