Home · Healthcare M&A · Sell an Orthopedic Practice in NJ
Specialty Practice M&A · 2026
Orthopedic surgery is among the most actively-consolidated specialties in NJ in 2026, driven by PE-backed MSK (musculoskeletal) platforms and hospital systems competing for site-of-service shifts to outpatient surgery centers. NJ orthopedic groups with ASC ownership, multi-specialty MSK service lines, and strong commercial-insurance payer mix command premium multiples. Sports medicine, total joints, and spine subspecialties trade at the highest end given outpatient surgery volume.
NJ orthopedic practices typically sell at 5×–8× EBITDA. The high end is driven by ASC ownership stake, multi-physician groups, outpatient total joints capability, sports medicine and spine specialization, in-office MRI, physical therapy integration, and clean commercial payer mix.
| Sub-specialty / Category | Typical Multiple |
|---|---|
| General orthopedics | 5×–7× EBITDA |
| Sports medicine | 6×–8× EBITDA — premium for outpatient procedure volume |
| Total joints (hip/knee) | 6×–8× EBITDA — outpatient TJR drives material multiples |
| Spine | 5×–7× EBITDA — high reimbursement but payer-mix sensitive |
| Hand surgery | 5×–7× EBITDA |
| Foot and ankle | 5×–6× EBITDA |
| Pediatric orthopedics | Hospital-system MSO targets primarily |
Orthopedic M&A in NJ runs through standard CPOM compliance. The ASC component is significant: NJ ASCs operate under NJ Department of Health licensure with detailed change-of-ownership reviews. NY orthopedic practices with ASCs require PHHPC CON for any 10%+ ownership change — adding 6–12 months. Stark Law applies to physician self-referrals to in-office ancillaries (PT, imaging) and to ASC referral patterns — the deal structure must include FMV documentation. Federal in-office ancillary services exception (Stark) protects properly-structured in-house imaging and PT.
NJ orthopedic practices typically sell at 5×–8× EBITDA. ASC-linked groups with sports medicine and outpatient total joints trade at the high end (7×–8×). General orthopedics without ASC trades at 5×–7×. Spine trades at 5×–7× with more payer-mix sensitivity.
OrthoAlliance (Revelstoke Capital), U.S. Orthopaedic Partners (FFL Partners), HOPCo, and regional Northeast MSK platforms. Hospital system MSK MSOs (HSS, NYU Langone, RWJBarnabas) compete for academically-affiliated practices.
Materially. ASC ownership stake adds 1×–2× EBITDA above non-ASC counterparts. Outpatient total joints at owned ASCs produces facility-fee revenue at high margins. PE platforms specifically target ASC-owned orthopedic groups. If you don't currently have ASC stake, consider whether timing supports adding before sale.
Typical NJ orthopedic practice sales close in 9–14 months. Multi-physician groups take longer (12–18 months) due to surgeon comp negotiation. ASC-included transactions add facility licensure transition. NY Article 28 ASC transactions add PHHPC CON timeline.
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