Becker's ASC Review

18 TRANSACTIONS Why value-based care is 'no longer theoretical' — and why ASCs need to catch up By Patsy Newitt A s employers push patients to lower-cost sites of care and regulators nudge providers toward downside risk, value- based care is moving from theory to reality, and it is coming at "lightning speed," according to Dan Tasset, founder and chairman of Leawood, Kan.-based ASC company NueHealth. Editor's note: is interview was edited lightly for clarity and length. Question: Your company's recent deals are in Missouri and New Jersey — pretty different regulatory and competitive environments. What factors made these markets attractive for NueHealth right now? Dan Tasset: ese partnerships are not about growth for growth's sake. ey're about readiness, particularly readiness for value-based care. What makes those markets attractive is the ecosystem there: e payers and the providers are moving toward the idea that value-based care is no longer theoretical. We have a very specific definition for value-based care, and these markets seem to be embracing where I believe the market is going. I'm not saying fee-for-service is going to go away anytime soon, but value-based care is coming. Q: Can you dive a little deeper into how you evaluate that readiness for value-based care? DT: I've spent a lot of time in Washington, D.C. — both with CMS and the CMS Innovation Center, as well as with policymakers. ey're very adamant they want to see competition among providers, and they're going to push that competition in a number of ways. Number one is an empowered consumer: high co-pays and deductibles, but generously funded HSA accounts, with price transparency taken to a new level. And pushing provider competition — forcing the states to do away with CON laws and physician noncompetes and all those kinds of things — that competition comes into place, and ASCs are part of that ecosystem. So what we evaluate is: Do the providers — the surgeons and the ASCs — buy into the fact that value-based care is no longer theoretical? And The new economics of ASC M&A By Francesca Mathewes T he dynamics shaping mergers and acquisitions within the ASC space are constantly shifting as corporate entities push consolidation efforts and independent practices seek new ways to partner and scale their operations. Two leaders in the ASC space recently joined Becker's to share their predictions for how M&A in the ASC space will change in 2026. Editor's note: Responses have been lightly edited for clarity and length. Question: What M&A trends do you think will have the most impact on the ASC market in 2026? Rhett Barker. CEO of AlloDirect: I think the most consequential trend is that acquirers are now prioritizing supply-chain sophistication and vendor economics as a core part of deal underwriting. For years, ASC M&A was about [operating room] capacity and case mix. Now, it's also about who has clean vendor files, standardized implant formularies and real visibility into true episode- of-care cost. That's shifting how platforms evaluate acquisition targets and how management teams prepare for a transaction. A second dynamic is the continued consolidation on the customer side driving parallel consolidation on the supply side. As orthopedic and [musculoskeletal] platforms scale, they're demanding enterprise-grade solutions from suppliers instead of fragmented, regional approaches. That's accelerating both vertical integration among larger distributors and innovation among smaller, tech-forward vendors trying to offer better transparency and lower cost structures. The third thing I'd watch is the quiet but real shift away from [group purchasing organization]-centric sole- sourcing toward more transparent, market-based procurement models. As the [Federal Trade Commission] scrutinizes distribution economics and payers demand cost justification, health systems and ASC platforms are exploring alternatives that remove redundant layers and provide real-time visibility. It's still early, but it's a meaningful tailwind for any vendor playing in that space. Joe White. CEO and Founder of Sendit Healthcare (Nashville, Tenn.): In 2026, the most impactful ASC M&A won't be about adding square footage, it'll be about controlling flow and economics. We're seeing continued consolidation around platforms that can align physicians, sites of care and reimbursement under one operating model. That's happening because outpatient volume keeps growing and case acuity is rising, pushing ASCs from "low-cost alternative" to strategic core assets. The deals that matter most will prioritize physician alignment, data infrastructure, and reimbursement capabilities over pure geographic expansion. Buyers are asking, "Can this center reliably move cases through the system and get paid efficiently?" If the answer is no, scale alone won't save it. n

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