PE Healthcare Benchmark 2025

PE-Backed Surgical Portfolios Leak
$3–7B / Year. Here's the Breakdown.

Cancellation-driven revenue loss across 9 surgical specialties. Every row represents real OR time, real surgeon revenue, and real PE return on investment — left on the table.

$3–7B Annual Portfolio Leakage
9 Specialties Analyzed
18% Highest Cancel Rate
Per-Specialty Breakdown

Where the Money Goes

Portfolio leakage = cancel rate × avg case value × 1,300 cases/year × 10 practices. Numbers sourced from Becker's Spine Review, HST Pathways, VMG Health, MedPAC, and MGMA.

Specialty Avg Case Value Cancel Rate Leakage / Practice / Year Portfolio Leakage (10 practices)
OrthopedicsHigh $6,400 16.0% $1331k $13.31M
Spine $8,500 14.0% $1547k $15.47M
BariatricHighest $11,500 15.0% $1793k $17.93M
Cardiology $8,200 9.0% $964k $9.64M
Podiatry $4,800 13.0% $811k $8.11M
Urology $5,500 11.0% $787k $7.87M
GI / Endoscopy $3,800 12.0% $593k $5.93M
Ophthalmology $4,200 10.0% $546k $5.46M
Pain ManagementHigh $3,200 18.0% $749k $7.49M
Estimated Total Annual Leakage (9 specialties) $91.2M

* Portfolio leakage calculated across 10-practice platform. Actual leakage scales linearly with volume.

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Methodology

What We Measured

This benchmark synthesizes cancellation rate data and average case reimbursement across PE-backed ASC platforms. Primary sources below.

Data Sources

Becker's Spine Review 2024 — ASC cancellation benchmarks, spine & ortho case volume data
HST Pathways 2024 — EMR-sourced cancellation rates across 1,200+ ASCs nationwide
VMG Health 2025 — Ambulatory Surgery Center Benchmarking Report, case reimbursement by specialty
MedPAC 2025 — Medicare payment policy and ASC utilization report, average case rates
MGMA 2025 — Medical Group Management Association data on surgery cancellation drivers
Formula: Annual leakage per practice = cancel_rate × avg_case_value × 1,300 cases/year
Portfolio leakage (10-practice platform) = leakage_per_practice × 10

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