Physician-Owned vs. Private Equity Vein Clinics: What It Means for Your Care

A physician-owned vein clinic is owned and run by the doctors who practice there. A private equity vein clinic is owned or controlled by an investment firm that buys medical practices with the goal of growing them and later selling them for a profit. Both kinds of clinics may treat the same conditions, but ownership can shape how decisions get made, from how long your appointment lasts to which procedures get recommended. Miller Vein is proudly independent, physician-owned, and physician-operated, and it is the largest multi-site vein practice in Michigan that is not owned by private equity. Here is what that means for you. Have a question about your veins? Call us at (877) 432-2184.

What Is Private Equity in Healthcare?

Private equity (PE) firms raise money from investors and use it to buy companies. In healthcare, that often means buying physician practices, combining several of them into a larger group, and working to increase revenue before selling the group to another buyer, typically within a few years.

Private equity’s footprint in medicine has grown quickly. According to the American Medical Association, the share of U.S. physicians working in practices owned by private equity reached about 6.5% in 2024. Over the same period, the share working in practices wholly owned by physicians fell from about 60% in 2012 to roughly 42% in 2024. The U.S. Government Accountability Office notes that private equity involvement varies widely by specialty and region, and some specialties and markets have seen much heavier consolidation than others.

What Does “Physician-Owned” Actually Mean?

In a physician-owned practice, the doctors who care for patients are also the people who make the business decisions. There are no outside investors setting growth targets and no future sale driving the strategy. That structure allows the practice to put clinical judgment first.

At Miller Vein, that has been the model from the start. Founded by Jeffrey H. Miller, M.D., Miller Vein has focused exclusively on vein care for over 20 years and has helped more than 48,000 patients across Southeast and West Michigan. Dr. Miller was the first physician in Michigan to use radiofrequency ablation to treat varicose veins, and the practice has grown to eight clinics without handing control to outside investors.

How Ownership Can Affect Your Vein Care

Ownership does not automatically determine quality. There are good clinicians in every kind of practice. Still, the structure of a practice creates incentives, and those incentives can influence the care you receive in a few important ways.

Treatment Recommendations

Vein care is an area where the line between “helpful” and “unnecessary” matters. Many vein conditions can be managed with monitoring or conservative care, and some procedures are only appropriate when imaging and symptoms clearly support them. When a business is under pressure to hit revenue targets, there can be more pressure to perform procedures. A physician-owned practice can set its own standards. Miller Vein’s promise is clear: we will never recommend or perform unnecessary procedures.

Time With Your Provider

Consolidated practices sometimes increase patient volume to grow revenue, which can mean shorter visits. An independent practice can decide how much time a patient needs and schedule around that, rather than around a volume goal.

Cost

The research on private equity and healthcare costs is still developing. The GAO found that the available studies, while limited, provided some evidence of price increases for commercially insured patients following private equity involvement. Every practice sets prices differently, so it is always worth asking about costs and insurance coverage up front. Miller Vein accepts more than 700 insurance plans, and you can learn more on our insurance coverage page and pricing page.

Continuity of Care

Because private equity firms typically plan to sell the practices they buy, ownership, policies, and even staff can change over time. Physician-owned practices tend to offer more stability, so the team you meet at your first visit is more likely to be the team you see years later.

“People Over Profit”: Dr. Miller’s Philosophy

Dr. Miller has spoken publicly about why this matters to him, including on The Home Health Care Today Show with Dr. Cleamon Moorer, Jr. (you can watch Dr. Miller’s appearance here). His message is simple: “Prioritizing people over profit is a powerful motivator.”

As he explained, most of us want to help others, and there is a deep sense of fulfillment that comes from contributing to someone else’s well-being. When a practice focuses on serving patients first, the positive impact tends to circle back to the team, the community, and the practice itself. That belief shows up in Miller Vein’s core values of humble service, integrity, teamwork, and excellence.

What Physician Ownership Looks Like at Miller Vein

• Diagnosis before treatment. Every medical evaluation is grounded in ultrasound imaging, so recommendations are based on what is actually happening in your veins.
• Treatment only when appropriate. If you do not need a procedure, we will tell you.
• Non-surgical, in-office care. When treatment is needed, options such as radiofrequency ablation, VenaSeal, and sclerotherapy are performed in-office, and most patients resume normal activity the same day.
• Board-certified specialists. Our providers focus exclusively on vein and lymphatic care.
• Trusted by referring doctors. More than 3,500 physicians refer their patients, families, and friends to Miller Vein.
• Convenient Michigan locations. Clinics in Auburn Hills, Dearborn, Macomb, Novi, St. Clair Shores, Troy, Grand Rapids, and Holland. Find a location near you.

Questions to Ask Any Vein Clinic Before You Book

Whether you choose Miller Vein or another provider, these questions can help you understand who you are trusting with your care:

1. Who owns this practice? Is it physician-owned, hospital-owned, or backed by private equity?
2. Will I have an ultrasound before any treatment is recommended?
3. Who will perform my procedure, and what are their credentials?
4. What happens if I don’t have treatment right now? Is watchful waiting an option?
5. Is this treatment medically necessary, and will my insurance cover it?

A trustworthy practice will welcome these questions and answer them clearly.

Frequently Asked Questions About Physician-Owned Vein Clinics

Is Miller Vein owned by private equity?

No. Miller Vein is independent, physician-owned, and physician-operated. It was founded by Dr. Jeffrey H. Miller and is the largest multi-site vein clinic in Michigan that is not owned by private equity.

How can I tell if a medical practice is owned by private equity?

It is not always obvious, because many practices keep their original name after they are acquired. Check the practice’s “About” page for a parent company or management group, search the practice name together with “acquired” or “partners with,” or simply ask the front desk who owns the practice.

Are private equity clinics bad?

Not necessarily. Good clinicians work in every type of practice. However, private equity ownership introduces investor goals and a planned future sale, which can create pressure around volume, pricing, and procedures. Knowing who owns a practice helps you ask the right questions about your care.

Does a physician-owned vein clinic cost more?

Not typically. Costs depend on your diagnosis, treatment, and insurance plan rather than ownership alone. Miller Vein accepts more than 700 insurance plans, and our team can help you understand your coverage before treatment.

What makes Miller Vein different from other vein clinics?

Miller Vein focuses exclusively on vein care, puts diagnosis before treatment, and promises never to recommend unnecessary procedures. With eight Michigan clinics and over 20 years of experience, our board-certified specialists offer non-surgical, in-office treatments with a patient-first approach.

Choose Vein Care That Puts You First

Your vein care should be guided by your needs, not by an investor’s timeline. At Miller Vein, the doctors who treat you are the doctors who run the practice, and every decision starts with what is right for the patient. Call Miller Vein today at (877) 432-2184 to schedule a consultation with a board-certified vein specialist at the location nearest you.

Sources: American Medical Association, Physician Practice Benchmark Survey (2024 data); U.S. Government Accountability Office, “Health Care Consolidation: Published Estimates of the Extent and Effects of Physician Consolidation” (GAO-25-107450).