A couple of years ago in these pages, there appeared an article that addressed the question asked above, “Should you sell your practice or consolidate with a larger group?” That article was not written by a disinterested party. It was written by a senior member of an anesthesia group that had taken on a venture capital partner and was embarking on a campaign to buy other anesthesia groups. Not surprisingly, the conclusion reached in that article was “every anesthesia practice that … is considering a consolidation transaction, has strong reasons for doing so.”

As a part of the leadership team of a small group practice, I took offense at that conclusion and to the fact that no counterpoint was offered. I sat down to write a reply, giving the reason that keeping one’s own revenue and independence was a...

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