Oncology accounts for nearly 40% of national drug spend, with retina close behind. Jeanne Proia, managing director at Cross Keys Capital, explains how private‑equity‑backed distributors are building ecosystems around these high‑cost treatments.

Unlike conventional deals, Proia notes that physicians retain equity in long‑term MSO arrangements, swapping a future profit share for upfront cash. This model allows larger entities to fund synergies—clinical trials, talent recruitment, and revenue‑cycle management—without diluting provider ownership.

The strategy signals a shift toward value‑based collaboration, giving doctors more control while enabling distributors to accelerate growth. Investors now see a clearer return path, as larger, integrated groups can leverage cost efficiencies and clinical data pipelines.