What happened
The Federal Trade Commission said Thursday that it has reached an agreement in principle with U.S. Anesthesia Partners Inc. to settle litigation over anesthesia services in Texas, potentially pausing a closely watched antitrust challenge to an alleged health care roll-up.
The agency said the preliminary settlement resolves charges brought in 2023 alleging that USAP violated antitrust law through a decade-long effort to consolidate anesthesia services in Texas. According to the FTC, its complaint alleged that USAP bought nearly every large anesthesia practice in the state in a roll-up strategy meant to create a single dominant provider with the power to demand higher prices.
The announcement is significant because the FTC cast the case as a challenge to serial acquisitions in a health care market, alleging that USAP's strategy and resulting dominance cost Texans tens of millions of dollars more each year for anesthesia services than before the company was created.
The deal is not final. The FTC said the substance of the agreement is currently confidential while USAP undertakes negotiations needed to execute the settlement, but said the terms, if fully executed, would restore a competitive market structure and align with longstanding FTC settlement practices.
The agency also preserved its litigation threat. If USAP does not fully execute the settlement, the FTC said it will return to district court to litigate the challenged acquisitions.
The Commission vote authorizing staff to agree to the preliminary settlement was 2-0. The FTC said its Health Care Division staff has been authorized to seek a stay while USAP works to implement the required relief, and noted that joint motions require district court approval and any stipulated final order resolving the litigation would require both another Commission vote and court approval.