The Buyout Show with Fexingo · 2026-08-26 · 9 min
Private equity has spent the last decade quietly consolidating the back offices of American medicine. In this episode, Lucas and Luna look at the roll-up of medical billing companies - the firms that process claims, chase denials, and decide when a hospital gets paid. They trace how a fragmented industry of small local shops became a PE favourite, and what that means for hospitals, insurers, and the doctors who never see the paperwork. With a focus on the biggest players and the numbers behind the trend, the hosts break down why billing is such an attractive target: recurring revenue, high switching costs, and a regulatory tailwind that keeps getting stronger. They also ask the uncomfortable question: does consolidation make the system more efficient, or just more opaque? If you've ever wondered who actually gets paid when you visit a doctor, this episode explains the middlemen you never met.
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