Eye care practices see turnover and procedure growth after private equity acquisition

Private equity acquisitions in ophthalmology and optometry practices lead to fewer employed physicians and increased turnover but are associated with a significant rise in high-revenue procedures, according to a study.

From 2012 to 2016, six PE firms acquired 36 practices, employing 518 optometrists and 136 ophthalmologists. Between 2016 and 2017, these practices experienced a net decrease of 3% in optometrists and 7% in ophthalmologists.

PE-owned practices were predominantly located in metropolitan areas with higher-than-average adjusted gross income (AGI) and insurance coverage. Following acquisition, there was a notable increase in diagnostic procedures, patient encounters, cataract surgeries, and yttrium aluminum garnet capsulotomies performed per physician. Cataract surgeries rose by 13.3%, and yttrium aluminum garnet capsulotomies by 35.6%, compared to non-PE practices.

Overall, cataract surgery volumes climbed significantly, from an average of 28,813 procedures per platform pre-acquisition to 33,930 post-acquisition.

Reference
Del Piero J, Yennam S, Mukhopadhyay A, et al. Demographics of Ophthalmology and Optometry Practices and Changes in Utilization Patterns of Procedures and Services Following Private Equity Acquisition. Int Ophthalmol Clin. 2025;65(1):91-97. doi: 10.1097/IIO.0000000000000554. Epub 2024 Dec 23. PMID: 39710911.