How State Scrutiny Is Impacting Healthcare Private Equity Ownership

How State Scrutiny Is Impacting Healthcare Private Equity Ownership

By Grace Totman
Co-Head of Capstone's Healthcare Practice
October 2, 2025

Regulatory scrutiny around healthcare consolidation – specifically private equity investments – has increased over the past couple of years. Although federal investigations often receive the most headline attention, Capstone believes that state-level scrutiny will be more impactful in the long term and should be top of mind for investors. This scrutiny often manifests in “notice” or disclosure requirements, which we estimate exist in at least ten states. These laws require disclosure of transactions (at certain thresholds) involving a healthcare entity. Notice laws also typically target acquisitions of or investments in provider groups, reflecting a focus on Physician Practice Management (PPM) rollups.  

In this tracker, Capstone provides analysis of the existing state-level regulation/legislation in this space, including applicability, materiality thresholds, and particular reporting requirements.

Read more Capstone coverage on Healthcare Private Equity Ownership:
The New Front in the Private Equity Healthcare Battle: State AGs
Healthcare Pressure Points, Opportunities, and Questions for the Balance of 2024
Private Equity’s Healthcare Problem

Have a question?

We want to hear from you. Let us know your question and a research analyst will get back to you promptly. We love to discuss our research.

Connect

Our Latest Insights

Data Centers’ Collision Course with the Ballot Box

Data Centers’ Collision Course with the Ballot Box

Capstone leadership attended the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), a gathering of over 2,200 companies across the energy value chain, the first week of November.  The atmosphere was...

The Property Tax Squeeze and the Looming Pressure on Public Schools

The Property Tax Squeeze and the Looming Pressure on Public Schools

Once the most reliable pillar of K-12 revenue, local property taxes are now at the center of partisan tax wars. And there are growing signs that the foundation of public-school finance may be cracking under political pressure. In school year 2022-2023—the last year...