Joint analysis and insights from Baker Donelson and Vector Medical Group regarding growing private equity interest in this sector, the expanding and crucial role of ambulatory surgery centers in achieving success, and strategic pathways available to physician groups.
(September 14, 2026) Pain management and spine practices are entering a period of unprecedented change as investors, health systems, and strategic buyers increase their focus on the sector, according to a new Industry White Paper released by Baker Donelson and Vector Medical Group. The organizations' joint analysis, State of Pain Management & Spine, 2026: Capital, Consolidation, and Strategic Considerations for Physician Groups, finds that pain management and spine groups are navigating increasing consolidation activity, evolving reimbursement models, growing demand for non-opioid treatment options, and heightened pressure to develop long-term strategies around ambulatory surgery centers (ASCs), partnerships, and growth.
The white paper – developed jointly by Dana Jacoby, CEO and founder of Vector Medical Group, and Gary W. Herschman, shareholder and co-chair of Baker Donelson's Health Care Transactions Group – discusses how pain management and spine practices have become increasingly attractive to private equity firms, family offices, venture investors, and payor-aligned strategic buyers due to (i) favorable demographic trends, (ii) expanding demand for minimally invasive treatments, and (iii) opportunities to improve care delivery through ASC integration and value-based care models.
At the same time, medical groups focused on pain management and spine care face important decisions about whether to remain independent, pursue strategic partnerships, join larger platforms, or align with health systems.
The white paper highlights the central role of ASCs in the specialty's evolution, noting that physician groups are increasingly focused on ASC ownership, ancillary service integration, payor alignment, and value-based care strategies as they position themselves for long-term success. It also outlines several strategic pathways available to physician groups, including remaining independent, joining larger musculoskeletal organizations, partnering with investor-backed platforms, or pursuing health system affiliations.
"Pain management and spine practices are operating in an environment where capital, consolidation, reimbursement, and care delivery models are all evolving simultaneously," said Mr. Herschman of Baker Donelson. "The organizations that will be best positioned for long-term success are those that take a proactive approach to evaluating their strategic options, understanding market dynamics, and aligning their governance, operational, and transaction strategies with their future goals. We developed this white paper to help physician groups better understand the opportunities and challenges ahead."
"Demand for high-quality pain management and spine services continues to grow, while providers face increasing pressure to adapt to new economic and clinical realities," said Ms. Jacoby of Vector Medical Group. "Whether a practice chooses to remain independent, explore a partnership, expand its ASC footprint, or pursue growth through other avenues, success will require thoughtful planning and execution. This white paper provides practical insights to help physician leaders make informed decisions that support both patient care and long-term organizational sustainability."
The white paper includes:
- Analysis of market forces driving investment and consolidation activity in pain management and spine care.
- Insights into the growing importance of ambulatory surgery centers and site-of-service strategies.
- An overview of investor-backed pain management and spine platforms across the United States.
- Discussion of partnership models, capital strategies, physician alignment, and governance considerations.
- Strategic recommendations for physician groups evaluating their future growth and positioning.
The white paper – which is available for download from Baker Donelson here and Vector Medical Group here – is intended for pain management and spine physicians, practice administrators, ASC operators, health system leaders, investors, and other health care stakeholders seeking a deeper understanding of the trends influencing the pain management and spine sector.