Hanger Orthopedic Group

Hanger operates as a vertically integrated orthotic and prosthetic services company. It runs the largest network of O&P patient-care clinics in the United States — over 900 locations — and complements this with a products division that manufactures and distributes custom prosthetic components and orthotic devices to both its own clinics and external practitioners. The dual structure allows the firm to capture margin on both clinical services and product sales.

Hanger was publicly traded on the New York Stock Exchange until October 2022, when it was acquired by Patient Square Capital, a healthcare-focused private equity firm, in a deal valued at approximately $1.25 billion (per Reuters, 2022). Patient Square Capital is led by Jim Momtazee, a former KKR healthcare investment head. The firm now operates as a private company.

Hanger Clinic serves a broad patient base, but government payors form a significant portion of its reimbursement mix. The company holds a major contract with the U.S. Department of Veterans Affairs, providing prosthetic care to veterans with limb loss. Medicare and Medicaid reimbursements also constitute a meaningful share of revenue. Patient volume is driven by its dense national clinic footprint and established relationships with referring hospital systems.

Historically, Hanger has pursued a combination of organic growth and acquisitions to expand its clinic network. Its acquisition strategy typically targets independent orthotic and prosthetic practices that can be integrated into the Hanger Clinic brand and operational infrastructure. Under private equity ownership by Patient Square Capital, the firm is expected to continue this playbook of consolidating the fragmented O&P clinic market.

The Hanger Institute for Clinical Research and Education is the company's dedicated research division. It conducts outcomes-based clinical studies on prosthetic and orthotic technologies, often publishing peer-reviewed data on mobility outcomes and device performance. The institute serves a dual role: advancing clinical science and providing evidence that supports reimbursement negotiations. It is a structural asset not commonly found at smaller independent O&P clinics.