2026 Cardiology Market Update: High Quality Assets Continue to Attract Private Equity Interest

Summer 2026

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Updated: June 2026

Published by Physician Growth Partners

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Is Now the Right Time to Sell Your Cardiology Practice?

Independent cardiology practices have long been among the most desirable assets for private equity and strategic buyers in the physician practice management (PPM) space. A significant wave of consolidation driven by durable demand fundamentals and aggressive capital deployment from healthcare private equity investors has only bolstered that interest, coinciding with a material decline in the number of remaining high-quality, scaled, physician-owned practices independent of hospital systems. Cardiology’s positioning alongside orthopedics as a high-cost-of-care specialty, the opportunity to shift those higher cost cases to the outpatient setting, and the prospects to adopt value-based care models, has made the specialty a primary target for institutional capital. 

There are more than 2,500 active cardiology group practices across the United States, spanning physician-owned, hospital-affiliated, and private equity-backed models making up a workforce of roughly 33,000 cardiologists.1 Of those, only approximately 10,000 remain in truly independent practice, and nearly 80% of these practices operate within groups of fewer than 10 physicians.2 Such fragmentation reflects the broader reality facing independent cardiology today: a market under persistent pressure from hospital systems, rising operating costs paired with declining reimbursement rates, and an accelerating pace of consolidation that shows no signs of slowing. Add the costs of developing a facility or investing in sophisticated diagnostic technology and the specialty is ripe for outside capital investment.

The industry faces an ever-common workforce shortage that threatens to undermine patient care at a time where demand is growing due to an increasingly older and sicker patient population. The scale of this market is matched only by the growing gap between patient demand and physician supply. The U.S. faces a projected shortage of up to 8,650 cardiologists by 2037,4 a deficit that is already visible today, with the ratio of cardiovascular patients per cardiologist expected to climb from 1:1,087 in 2025 to 1:1,700 by 2035.5 Nearly half of all U.S. counties lack a single practicing cardiologist,6 and with approximately 54% of the current workforce aged 55 or older,7 retirements are projected to outpace new entrants by a widening margin in the years ahead.

This supply-demand imbalance uniquely positions independent cardiology practices to capture patient volume that health systems and employed groups cannot absorb alone. Yet capitalizing on that opportunity requires something most independent practices cannot build alone. A 2026 commentary in the American Journal of Managed Care (AJMC) emphasized that sustaining independent cardiology over the long term requires active investment in benchmarking tools, technology-enabled care delivery, and physician governance structures.8 This kind of infrastructure is exactly what scaled private equity firms and strategic partners are built to provide. 

The scarcity of supply, set against a backdrop of rising cardiovascular disease prevalence and an aging population, is a core driver of the premium valuations and intense buyer competition that define today’s cardiology M&A market. For well-positioned independent practices, this dynamic represents a compelling case for why the right partnership, at the right time, can be transformative.

Understanding Cardiology Practice Valuations

As the initial wave of large formations peaked and began to normalize through 2024 and into 2025, deal activity shifted rather than slowed down. Established platforms, having built the operational infrastructure and geographic footholds, turned their focus toward disciplined add-on acquisitions, partnering with smaller independent practices to build density in existing and adjacent markets and expand their clinical capabilities.

Valuations within the cardiology sector are heavily influenced by four primary drivers: practice scale, geography, provider mix, and ancillary infrastructure. Scaled and sophisticated groups are achieving premium valuations in the high-single to low double-digit EBITDA multiple range, with smaller practices operating below $3 million in EBITDA generally trading in the mid to high single digits.

Practice scale remains the most fundamental value driver, buyers place a premium on practices with higher absolute EBITDA and larger provider counts, as both signal operational maturity, reduced key-person risk, and a platform capable of supporting continued growth. Geography is equally important; practices situated in high-growth, demographically favorable markets with limited competitive saturation command stronger buyer interest and more aggressive pricing. Ancillary infrastructure, including imaging, cardiac rehab, advanced diagnostic capabilities, and ambulatory surgery centers where state regulations permit, is a meaningful valuation driver. Practices that have already built out these capabilities demonstrate an expanded earnings profile and operational sophistication that commands a premium valuation. Equally, practices that have not yet developed ancillary service lines are often viewed favorably by buyers as well, given the clear runway for revenue growth that institutional partners are well-positioned to help implement.

Who Is Buying Cardiology Practices Today?

Through several completed PGP transactions and active mandates in the cardiovascular space, PGP has identified a cardiology buyer universe composed of several distinct buyer types:

  • Private equity-backed Cardiovascular Platforms: Scaled private equity backed cardiovascular platforms are seeking to expand their clinical and geographic footprints by acquiring independent cardiology practices. These platforms are typically structured as physician-led MSOs with institutional capital backing and are among the most active and aggressive acquirers in the market today. Some examples of these groups include CVAUSA (Webster Capital), Heart & Vascular Partners (Assured Healthcare Partners), US Heart & Vascular (Ares Capital, Rubicon Founders), Aligned Cardiovascular Partners (RC Capital), and others. For independent cardiology practices, these platforms represent a compelling partnership option, offering not just liquidity, but access to operational infrastructure, group purchasing leverage, payor contracting sophistication, and the recruitment resources. 
  • Facility-Driven Acquirers: Payor-backed organizations and large-scale ambulatory surgery center consolidators represent a distinct segment of the cardiology buyer universe. Unlike traditional strategic or PE-backed buyers, their acquisition interest is specifically predicated on ASC ownership, practices that own and operate an ambulatory surgery center represent a strategically compelling target, as they offer an immediately deployable procedural platform that complements the acquirer’s existing facility infrastructure. Groups like USPI (Tenet), SCA Health (Optum), AMSURG, Surgery Partners, and HCA Surgery Ventures are all actively acquiring surgery centers.
  • Health Systems: Local and regional health systems continue to actively pursue independent cardiology practices as a means of securing specialist access, protecting referral networks, and expanding their outpatient cardiovascular service lines. While health systems can be a viable exit option for some cardiology practice owners, they typically offer lower valuations than PE-backed buyers or strategic consolidators. Physicians also often move into a traditional employment model, giving up operational autonomy and meaningful participation in future upside.
  • Private Equity firms: While consolidation in the cardiovascular sector has matured over the years, a select group of private equity investors remains interested in backing independent practices to form a new platform. This path allows the founding physician group to help shape the platform’s growth strategy, but it may lack the immediate infrastructure, ancillary capabilities, and economies of scale offered by established PE-backed consolidators. As a result, many practice owners increasingly prefer partnering with existing scaled platforms that can provide resources and operational support from day one.

Recent Cardiology Transactions

DateBuyerTargetCommentary
Jan 2024Cardiovascular LogisticsCardioHealthIndependent cardiovascular practice in Jacksonville, FL.
Feb 2024Heart & Vascular PartnersSt. Louis Heart & VascularMulti-site cardiovascular practice in St. Louis, MO.
May 2024Cardiovascular Associates of AmericaAtria HeartMulti-site cardiovascular practice in metro Phoenix, AZ.
Aug 2024Cardiovascular Associates of AmericaFlorida Heart Rhythm SpecialistsElectrophysiology-focused cardiology practice in Broward County, FL. (Advised by PGP)
Aug 2024Cardiovascular Associates of AmericaKenneth H. Zelnick, MDFour provider cardiology practice in Plantation, FL. (Advised by PGP)
Oct 2024US Heart & VascularBirmingham Heart ClinicMulti-physician cardiovascular practice in Birmingham, AL.
Apr 2025Cardiovascular LogisticsCardiology Consultants of PAMulti-site cardiology practice across Southeastern Pennsylvania.
Jun 2025US Heart & VascularFort Worth Heart PartnersMulti-specialty cardiovascular practice in Fort Worth, TX.
Jan 2026Cardiovascular Associates of AmericaCardiovascular ConsultantsLongstanding cardiovascular practice in metro Phoenix, AZ.
Mar 2026Atria HealthStern CardiovascularMulti-state cardiovascular practice spanning TN, AR, and MS markets.
May 2026Lee HealthFlorida Heart AssociatesMulti-site cardiology practice and ASC in southwest Florida.
May 2026UMass Chan MedicineHopedale CardiologyCardiovascular practice serving the Milford/Upton region of Massachusetts.

Client Advised by PGP

PGP is one of the most active advisors in the cardiology sector and has actively represented several cardiology groups in transactions with private equity and strategic buyers over the years. 

Two recent cardiology transactions advised by PGP:

  • PGP advised Drs. Ken Zelnick and Kathir Subramanian in their partnership with Cardiovascular Associates of America (CVAUSA). Drs. Zelnick and Subramanian built one of the strongest office and hospital-based cardiology groups in the Fort Lauderdale market, with four providers delivering comprehensive diagnostic, medical, and procedural services, and sought a strategic partner that aligned with their long-term growth strategy while preserving clinical autonomy.
  • PGP advised Fort Lauderdale, FL-based Florida Heart and Rhythm Specialists (FHRS), led by Drs. David Kenigsberg and Ahmed Osman, in its partnership with Cardiovascular Associates of America (CVAUSA). FHRS is a leading electrophysiology practice across three locations in Broward County, and sought a strategic partner to help execute on its vision of building out a new market and supporting continued growth.

Why 2026-2027 Is an Optimal Window for Cardiology Groups to Evaluate a Transaction?

PGP’s firsthand experience indicates that now is an opportune time to evaluate a potential transaction given the following factors: 

Premium Valuation Environment: Cardiology valuations have strengthened considerably over the past year, supported by improved capital market stability, a highly competitive buyer landscape, and a growing number of well-capitalized platforms actively deploying capital in an effort to reach scale ahead of recapitalization. 

Increased State Restrictions: State legislature has continued to impose stricter rules on investors and strategic buyers seeking to invest in the provider sector. Recent policy changes in Oregon and California have added new limitations and increased reporting requirements, prompting many investors to avoid or reduce exposure to these states. Physician Growth Partners (PGP) believes that additional states are likely to adopt similar restrictions and reporting obligations in the future, thus timing is important if you are in a state that is evaluating new or tougher regulations.

Continued Pressure from Health Systems: There is ongoing pressure from health systems that are leveraging their market dominance to bring cardiology services in-house and limit opportunities for independent cardiology groups in surrounding areas. As the supply of cardiologists continues to shrink, health systems have stepped up their recruitment efforts by offering competitive salaries, signing bonuses, and institutional stability that independent practices often struggle to match. The result is an increasingly uneven playing field, making it harder for independent cardiology groups to attract and retain talent.

A Tightening Reimbursement Environment: Medicare reimbursements for cardiology procedures have fallen nearly 30% in inflation-adjusted terms since 2001,9 while practice operating costs have continued to rise. This has created a widening financial gap that is increasingly pushing independent cardiology groups toward consolidation.

Substantial Institutional Dry Powder: Private equity investors and strategic consolidators entered 2026 with significant reserves of uncommitted capital to deploy. This liquidity ensures a deep bench of extremely motivated buyers, protecting the cardiology sector from broader macroeconomic credit tightening and sustaining transaction volumes.

Succession and Estate Planning Optimization: The cardiology workforce is at a generational inflection point. With approximately 54% of the cardiology workforce over the age of 55,7 many senior physicians are looking to monetize the practices they built over decades. Younger cardiology partners are increasingly open to a transaction and joining a larger platform to be able to gain additional recruitment support, operational expertise, and ancillary service access.

Not All Private Equity Partners Are Created Equal

Recent media attention regarding corporate involvement in the practice of medicine, particularly driven by private equity investments in independent practices, has shaped recent legislative actions and influenced public opinion. The reality is that private equity is not created equal. Some groups have no business participating in healthcare, while others have proven to be true partners. Many cardiology practices have successfully partnered with buyers to access the resources and infrastructure needed to scale, all while preserving physician autonomy and clinical independence.

Many of today’s buyers learned from mistakes made in the past and have properly structured their governance in a way that allows physicians to retain control of the practice of medicine. Their operational focus is squarely on initiatives that drive growth without touching patient care: group purchasing, payor contracting, expansion of ancillary services and strategic footprint growth.

While public sentiment is partially uninformed, it is critical for independent practices to conduct their own diligence on all prospective partners, to fully understand how clinical governance would look following a transaction. 

PGP Perspective

The cardiology transaction ecosystem has entered a mature and highly favorable phase for independent practice owners considering a strategic partnership or liquidity event. Platform competition is robust, capital deployment remains strong, and a growing and diverse buyer universe is actively pursuing high-quality cardiology assets.

The proof of concept for the MSO model in cardiology has been firmly established. PE-backed cardiovascular platforms have demonstrated that institutional partnership can work in this specialty; preserving physician autonomy while delivering the operational infrastructure, ancillary revenue growth, and recruitment support that independent practices increasingly value. Today’s independent practice owners have the benefit of completing due diligence on prospective buyers offering a much clearer picture of what life inside a platform looks like before committing to a transaction.

For independent cardiology groups, the current market represents a genuine opportunity to evaluate strategic options from a position of strength – with motivated buyers, competitive valuations, and a growing track record of successful partnerships to draw from when assessing the right fit. However, it is important to evaluate your options carefully and choose a partner that not only offers a strong valuation, but also allows you to maintain clinical and operational control while providing the resources needed for a successful partnership.

Interested in learning more about market insights, valuation trends, and strategic opportunities?

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Sources & Citations

  1. “Largest Cardiology Physician Group Practices.” Definitive Healthcare. December 5, 2025. https://www.definitivehc.com/resources/healthcare-insights/largest-cardiology-physician-groups
  2. Fishman J. “The Disappearance of Private Practice Cardiology.” Cardiac Wire. May 30, 2024. https://cardiacwire.com/the-disappearance-of-private-practice-cardiology/
  3. “U.S. Cardiology Procedures Market Size to Hit USD 117.97 Bn by 2033.” BioSpace. July 25, 2024. https://www.biospace.com/u-s-cardiology-procedures-market-size-to-hit-usd-117-97-bn-by-2033 (citing Nova One Advisor)
  4. Medicus Healthcare Solutions. An Inside Look at the Cardiology Workforce: Shortages, Demand, and Strategic Responses. February 20, 2025. https://www.prnewswire.com/news-releases/new-medicus-healthcare-solutions-white-paper-examines-the-us-cardiologist-shortage-302381928.html
  5. American College of Cardiology, American Heart Association, and MedAxiom, as cited in: “A Workforce in Crisis: Navigating the Cardiovascular Clinician Shortage.” American College of Cardiology. June 1, 2025. https://www.acc.org/Latest-in-Cardiology/Articles/2025/06/01/01/Feature-A-Workforce-in-Crisis
  6. “The Cardiologist Shortage, Unpacked in 10 Stats.” Becker’s ASC. July 21, 2025. https://www.beckersasc.com/cardiology/the-cardiologist-shortage-unpacked-in-10-stats/ (originally from a July 2024 report in the Journal of the American College of Cardiology)
  7. Medicus Healthcare Solutions. An Inside Look at the Cardiology Workforce: Shortages, Demand, and Strategic Responses. February 2025. As cited in: “The U.S. Physician Shortage Shows No Signs of Stopping — What Can Cardiology Leaders Do?” Cardiovascular Business. January 30, 2025. https://cardiovascularbusiness.com/topics/healthcare-management/leadership/physician-shortage-what-can-cardiology-leaders-do
  8. Bannon WJ IV, Rahim FO, Tamirisa K, et al. “Navigating the Evolving Landscape of Private Cardiology Practice.” American Journal of Managed Care. March 2026;32(3):e62-e65. https://www.ajmc.com/view/navigating-the-evolving-landscape-of-private-cardiology-practice
  9. Leonards O. “Medicare Reimbursement and Inflation: A Perfect Storm That Threatens Medicare Beneficiaries’ Access to Care.” American College of Cardiology. August 16, 2024. https://www.acc.org/Membership/Sections-and-Councils/Fellows-in-Training-Section/Section-Updates/2024/08/15/19/55/fa-Medicare-Reimbursement-and-Inflation

Physician Growth Partners · This content is provided for informational purposes only and does not constitute legal, financial, or investment advice. All transaction data sourced as cited. © 2026 Physician Growth Advisors, LLC. All rights reserved.

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