Bull Moose Project Releases New Report on Private Equity in Cancer Care
A new comprehensive report released today by the Bull Moose Project finds that the rapid expansion of private equity ownership in U.S. cancer care is driving higher costs for patients and taxpayers, degrading quality of care, and increasing risks of fraud and abuse in federally funded health programs.
The study examines the growing role of private equity in oncology and related specialties and raises serious concerns about the long-term consequences of investor-driven consolidation in health care. Drawing on peer-reviewed research, federal enforcement data, and Medicare quality metrics, the report concludes that private equity’s short-term, debt-driven business model is fundamentally misaligned with the delivery of high-quality, patient-centered cancer care.
“Cancer care should be guided by patients’ needs and clinical judgment — not financial engineering and rapid exit strategies,” said Aiden Buzzetti, President of the Bull Moose Project. “Our findings show that when private equity gains control of oncology practices, the result is often higher costs, weaker oversight, and worse outcomes communities.”
Key findings of the report include:
Widespread consolidation and loss of physician independence. Private equity firms have acquired more than 700 oncology practices — roughly 10 percent of all U.S. oncology practices — over the past two decades. These deals are commonly structured through management services organizations that leave physicians with nominal ownership while shifting real financial and operational control to investors.
Higher costs for patients and taxpayers. Oncology practices acquired by private equity experience average price increases of more than 16 percent — the largest of any medical specialty. The report also documents increased radiotherapy spending, particularly in low-income communities, and higher utilization tied to Medicare Part B reimbursement incentives for high-cost drugs.
Declining quality and worse patient outcomes. Following private equity acquisition, Medicare quality scores drop significantly, and certain cancer procedures performed at private equity-backed facilities show higher complication and mortality rates.
Systemic fraud and abuse risks. Since 2012, private equity-backed oncology, urology, and radiology platforms have paid nearly $113 million in fines and settlements related to False Claims Act violations, illegal kickbacks, Stark Law breaches, and patient data violations — reflecting recurring patterns rather than isolated incidents.
Aggressive lobbying to obscure ownership and control. As public scrutiny has grown, private equity-backed platforms have funded trade associations and research campaigns portraying investor-controlled practices as “independent,” while lobbying against transparency and safeguards designed to protect clinical autonomy.
Inspired by the legacy of President Theodore Roosevelt, the Bull Moose Project advocates for public policy that puts America first, invests in communities, and protects American workers. The organization emphasizes that the report does not oppose investment in health care outright, but calls for stronger oversight where financial extraction and short-term profit motives dominate medical decision-making.
The report urges policymakers to strengthen transparency around ownership and control of medical practices, scrutinize consolidation in health care markets, and ensure that federal reimbursement systems reward quality and outcomes rather than excessive utilization and financial engineering.
The Bull Moose Project is offering briefings to policymakers, regulators, and journalists on the report’s findings.
Read the report HERE.
