The Buyout Show with Fexingo · 2026-07-27 · 7 min
Private equity firms spent nearly $3 billion acquiring addiction treatment centers in the past year, up from $500 million five years ago. In this episode, Lucas and Luna examine the consolidation of behavioral health facilities, focusing on a platform called Behavioral Health Partners that grew from 12 centers to 150 in four years. They discuss the business model: how firms centralize marketing, admit patients based on insurance, and standardize care. But they also explore the trade-offs - whether profit motives compromise patient outcomes, the regulatory backlash in states like Florida and Arizona, and the tension between recovery missions and EBITDA targets. Lucas shares a 2025 study showing that PE-backed centers had 20% higher readmission rates but also 30% lower per-patient costs. The conversation closes with the future of the industry as states push for stricter licensing and transparency rules.
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