Private Equity in Behavior Analysis: A Reckoning
Private-equity owners can trade clinical quality for quick profit—learn the red flags before they hit your clinic.
01Research in Context
What this study did
Morris (2025) wrote a position paper, not a lab study.
He looked at what happens when private-equity firms buy ABA agencies.
The paper lists red flags you may see after a buyout.
What they found
Profit goals can clash with good clinical care.
Owners may cut supervision hours, raise billable quotas, or push group over 1:1 sessions.
The paper warns that quality safeguards can quietly vanish.
How this fits with other research
Capaldi (1992) first said ABA services should be shaped by their own contingencies; Morris shows money men can rewrite those rules.
Leaf et al. (2017) and Leaf et al. (2020) already feared the RBT credential could water down quality; Morris adds PE cost-cutting as a new threat.
Hartley et al. (2016) offered an apprenticeship model to save money while keeping standards; Morris implies such clever fixes will be needed once investors squeeze budgets.
Why it matters
If your clinic is shopping for buyers, watch for the warning signs: sudden staff cuts, bigger caseloads, or pressure to bill every minute. Speak up at staff meetings and document changes. Your ethical code still sits above the balance sheet.
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02At a glance
03Original abstract
Private equity (PE) refers to a financial investment model that involves investment firms pooling funds from multiple investors to acquire, manage, and resell companies for profit. PE firms have identified applied behavior analysis (ABA) service providers as a lucrative investment opportunity, leading to a surge of involvement within the industry. Although concern has been expressed about PE involvement in ABA, there are few resources available to behavior analysts interested in understanding its potential impacts. In this article, I will provide an overview of the risks and appeals of PE ownership and offer my reckoning of what may come of PE involvement in ABA.
Perspectives on Behavior Science, 2025 · doi:10.1007/s40614-025-00446-4