Q2 2024 Other Physician Services Update

Q2 2024 Other Physician Services

The second quarter of 2024 displayed robust and diverse transaction activity across the other physician services sub-sectors. The majority of second quarter M&A deals were completed by established platforms and pure strategic partners such as health systems. The elevated transaction activity reflects sustained competition and activity across the broader PPM industry.

Radiology witnessed the most second quarter activity, with five deals announced. American Shared Hospital Systems, a publicly traded equipment company, completed two deals that expand its oncology & radiology clinic portfolio in Rhode Island through the acquisitions of New England Regional Cancer Center and Roger Williams Cancer Center.

Many of the specialties within other physician services have been experiencing strong transaction activity for a number of years, resulting in several consolidated sub-verticals that have few independently-owned assets of the size and scale required for a platform investment. Due to this, Provident expects continued smaller add-on transaction activity as well as secondary transactions where established platforms will trade hands to larger financial sponsors or seek mergers with other specialty platforms to drive diversification and synergies.

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