Image by Sasin Tipchai from PixabayAnother notable health care investor is betting big on the ambulatory surgery center (ASC) space.
Hospital for Special Surgery (HSS) and General Atlantic have launched an independently operated national platform of ASCs to expand access to outpatient orthopedic and spine care. As part of the platform’s development, the entities have also agreed to acquire Legent Health, an orthopedic and spine facility operator.
The new partnership and platform launch reinforce the idea of the outpatient setting – and ASCs, in particular – being the future of U.S. health care.
“Through this collaboration, we will extend HSS’ clinical expertise and patient-first standards to markets where demand for orthopedic and spine care outpaces supply, and where quality care is limited outside the hospital setting,” Dr. Bryan Kelly, HSS president, CEO and surgeon-in-chief emeritus, said in a statement.
HSS is an academic medical center dedicated to musculoskeletal health. As an affiliate of Weill Cornell Medical College, HSS has a main campus in New York City, plus additional facilities in New York, New Jersey, Connecticut and Florida.
HSS’ ASCs focus on high-acuity orthopedic and spine procedures that can be safely performed in an outpatient setting for suitable patients.
“One of the reasons I returned to HSS was to participate in transformative opportunities like this,” HSS Medical Advisor for Strategy and Business Development, Dr. Mark Bowen, told ASC News. “Expanding access to exceptional care while preserving surgeon alignment and autonomy is critical — and this platform helps us do both.”
Legent CEO Jordan Fowler will lead the new venture, which merges Legent’s operating infrastructure and management team, HSS’ community of more than 1,750 alumni surgeons, and General Atlantic’s expertise in building and scaling physician-aligned health care platforms.
“Legent was founded on the belief that ambulatory surgery centers can deliver a superior patient and physician experience while lowering costs for everyone involved,” Fowler said. “We look forward to continuing to provide the highest quality of care and bringing our mission to more patients as part of this pioneering new platform.”
Legent Health offers specialized health care and surgical services through acute care surgical hospitals and ASCs, focusing on orthopedics, spine care, ENT care, pain management, general surgery and gastrointestinal care. Headquartered in Plano, Texas, the company currently operates locations across Texas and Florida.
The platform, specially designed for this purpose, aims to increase patient access to advanced orthopedic and spine treatments. It is expected to build lasting partnerships with surgeons and health systems by providing physicians opportunities for ownership, aligning interests through meaningful equity participation, clinical autonomy and exclusive access to HSS’ clinical protocols and advisory services.
This approach allows physicians and health systems to engage in the evolving standard of care while benefiting from ASC efficiencies and cost savings.
“This platform brings together HSS’ clinical knowledge and General Atlantic’s company-building expertise to create community-based centers that will expand patient access to premier orthopedic and spine care,” Robbert Vorhoff, managing director and global head of health care at General Atlantic, said. “We are excited to work alongside HSS and Legent to support physicians, deliver quality care and improve patient outcomes and satisfaction across the country.”
General Atlantic is a global investor with over 40 years of experience providing capital and strategic support to more than 830 companies. The firm manages approximately $114 billion in assets across all strategies, with more than 900 professionals in 20 countries across five regions.
U.S. Urology Partners, Eventus WholeHealth, WelbeHealth and Vi Labs are among General Atlantic’s current health care investments.
In the future, HSS and General Atlantic plan to grow their new ASC platform nationwide by acquiring companies, forming new partnerships and building new facilities from the ground up.
This is a developing story. Check back for further updates.
