Becker's Healthcare December 19, 2025
Francesca Mathewes

The ASC industry, historically fragmented and independent, is shifting towards hybrid ownership structures involving hospitals, private equity firms and corporate healthcare platforms as financial pressures of independent practice become insurmountable for many.

The rise of three-way joint ventures

As payer incentives align towards outpatient settings, hospitals and health systems have become increasingly interested in the ownership and development of ASCs. Recognizing that traditional acquisition models have historically led to decreased satisfaction and autonomy among physicians, some health systems have adopted three-way joint venture models with physician groups and management companies.

Mark Langston, chief development officer at Compass Surgical Partners, told Becker’s these ventures have become central to the company’s growth and a lifeline for practices facing consolidation.

Mr....

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