Washington, D.C., May 20, 2025 — The Federal Trade Commission (FTC) has approved a final consent order with private equity firm Welsh, Carson, Anderson & Stowe, settling allegations that it helped drive up prices and suppress competition in the Texas anesthesiology market through its portfolio company, U.S. Anesthesia Partners (USAP).
The finalized order resolves potential administrative antitrust charges against Welsh Carson, without the need for further litigation. Under the terms of the agreement, Welsh Carson must limit its involvement in USAP’s business operations and notify the FTC of certain future acquisitions or investments in anesthesia and other hospital-based physician practices.
The settlement stems from an ongoing federal lawsuit filed by the FTC in September 2023 against both USAP and Welsh Carson. The agency alleges that the two engaged in a “roll-up” strategy — systematically acquiring nearly all major anesthesia practices in Texas — to create a dominant provider with the power to raise prices for patients and health plans.
Although Welsh Carson was dismissed from the federal case in May 2024, the lawsuit against USAP is still proceeding in court.
After a public comment period, the Commission unanimously approved the final settlement by a 3-0 vote.
This case underscores the FTC’s heightened scrutiny of private equity strategies that may harm competition in health care. “The Commission remains committed to challenging roll-up schemes and other consolidation tactics that reduce choice and inflate costs in critical markets,” the agency said in its statement.
Consumers and businesses can learn more about how competition affects health care prices and outcomes at ftc.gov, and are encouraged to report suspected anticompetitive conduct through the Commission’s complaint portal.
Source: https://www.ftc.gov/news-events/news/press-releases/2025/05/ftc-approves-final-order-welsh-carson
