March 17, 2026 (Memphis, TN) — Cardiovascular care is seeing rapid consolidation as data suggest more than 70% of cardiologists are employed by hospitals or health systems. Private equity-backed rollups also continue to expand across the specialty—a 2024 MedAxiom survey found that nearly 50% of all private practice groups were part of a private equity portfolio.
Many cardiovascular practices would prefer to remain independent, but practice leaders face significant financial pressures, including declining reimbursement rates and rising operational costs, coupled with intense administrative burdens.
Atria Health provides an alternative private equity model designed to build and grow independent practices, providing the capital, expertise and innovation to scale.
Stern Cardiovascular, based in Tennessee, inked a strategic partnership with Atria Health to help accelerate its growth while remaining independent.
A 106-year-old, physician-led cardiovascular group, and one of the largest in the U.S., Stern Cardiovascular aims to work with the healthcare services company to support a multiphase growth plan that will expand access to advanced cardiac diagnostics, rehabilitation and specialty care across the mid-South, executives at both companies said. The cardiovascular group currently operates 21 clinic locations across Tennessee, Arkansas and Mississippi.
Philadelphia-based Atria Health launched nationwide a year ago to partner with leading independent cardiology practices that want to grow thoughtfully and sustainably, Atria Health CEO and co-founder Matthew Eakins, M.D., told Fierce Healthcare. The business is nearly 40% physician-owned, he said.
"These high-performing independent cardiology practices, like Stern, are the ones that are able to deliver exceptional care at a sustainable cost. It's about supporting their ability to do that in an environment that has increasing operational complexity, a lot of administrative burden and even just capital requirements to delivering the service lines and programs that get more patients access to care closer to their community," Eakins said in an interview.
Stern Cardiovascular previously was a part of Memphis-based Baptist Memorial Health Care, but, in January, the organizations changed their working relationship when Stern transitioned to an independent clinic model.
Steven Gubin, M.D., Stern Cardiovascular cardiologist and president, noted that the practice had a good working relationship with Baptist Memorial for more than a decade but wanted to accelerate growth and its geographic reach.
"We know that we can provide even better care for our patients if we have the resources. We didn't want to do the traditional private equity. We've been around for 106 years, and what we've done well in the past, we wanted to continue to do. This Atria model allows that to happen," Gubin said.
Rather than acquiring practices or taking a stake in cardiology groups, Atria invests in independent practices, providing capital, operational infrastructure and growth support. Under the partnership, Stern Cardiovascular will continue to operate as a fully independent, physician-led practice.
"I think that the only way that we deliver great healthcare is by putting doctors back in charge. If doctors are employed by a hospital or employed by a private equity group, it really doesn't matter, but they're employed. I think empowering them to lead the decisions clinically, but also for the business, will make sure that we get to the best outcomes. The physician leadership has to have the hand on the wheel," Eakins said.
Through the partnership, Stern aims to expand advanced cardiac services across Tennessee, Mississippi, Arkansas and surrounding regions. The cardiovascular group plans to offer the first cardiac PET/CT imaging in Memphis while opening new clinical locations, including planned expansion into Collierville, Tennessee. Stern also will launch intensive cardiac rehabilitation in the Memphis area, a service not currently available in the market.
The group plans to roll out cardiac PET/CT imaging in Oxford and DeSoto counties and will add new clinicians to its Mississippi practices.
These initiatives will help improve early detection and continuity of care for patients with complex cardiovascular conditions while keeping advanced care close to home, executives said.
The collaboration brings together Stern’s clinical leadership and Atria Health’s operational expertise to support Stern's expanded services, new location and physician recruitment, executives said.
"Atria wants to grow as fast as we want to grow and provide great care, so we're super excited about this partnership," Gubin said.
Supporting recruitment efforts is a key part of the partnership with Atria as the cardiovascular group aims to build out its clinical team, according to Stern Cardiovascular CEO Debbie Eddlestone.
"It's important that the partnership helps to create a landscape and an environment where these younger physicians want to practice. Somebody coming out of the cardiology side of med school now they're looking for the structure and the environment to which they can grow," she said. "We have a robust structural heart program. That's something that's very important to people being able to have access to advanced technology to treat their patients. They want to be in an environment that gives them future growth opportunities. They're not looking to come to Stern and 10 years later go somewhere else."
Cardiovascular disease remains the leading cause of death in the U.S., and demand for advanced diagnostics, rehabilitation and longitudinal cardiac care continues to rise, particularly in regions facing access gaps and rising costs.
"With Atria as a partner, we're able to serve the communities that we're in, but at a much higher level, with more advanced technology while keeping care in our communities. Our patients won't have to travel far to get services that we weren't able to provide before. We can continue to grow into the areas that don't have easy access and expand our footprint," Eddlestone said.
The planned expansion will help meet growing regional care needs as demand for specialty care is on the rise. There can be long wait times for patients to get access to cardiac rehab and other cardiovascular procedures, Gubin noted.
"Folks are having six-month wait times when critical access to care is needed. [Meeting that need] is an important vision for us. Stern and Atria, in general, have made it a priority to be in network with all insurance payers, so making sure that every patient is able to come see a stroke provider in that market is a big access advantage," he noted.
Working with AMS Cardiology in Pennsylvania, Atria Health's inaugural partner, the healthcare services company helped the practice build a new ambulatory surgery center that performs low-risk outpatient procedures. The facility became the first ASC ever to perform a coronary angioplasty with stent placement in Pennsylvania, according to the company.
"With a track record of success, a large partner like Stern can be confident in working very closely with Atria," Eakins said.
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