Indiana
What the auditors found in this state's Medicaid autism-therapy spending, and who owns the clinics here. The two are shown side by side and are not joined.
This audit blames no owner, and neither does this page
The report audits Indiana's Medicaid program, not any company. It names no provider and no ownership type, and the findings apply across every ABA provider billing the state. Nothing below should be read as saying private equity caused any part of it. The two facts are published together because they describe the same market, not because one explains the other.
The audit
Indiana Made at Least $56 Million in Improper Fee-for-Service Medicaid Payments for Applied Behavior Analysis Provided to Children Diagnosed With Autism
U.S. Department of Health and Human Services, Office of Inspector General · report A-09-22-02002 · issued 2024-09-01 · payments examined: 2019-2020
- Every one of the 100 sampled enrollee-months contained at least one improper or potentially improper claim line.
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Who owns the clinics in Indiana
| Brand | Owner | Clinics |
|---|---|---|
| Hopebridge | Arsenal Capital Partners | 21 |
| Behavior Analysis Center for Autism | Gryphon Investors | 10 |
| Centria | Thomas H. Lee Partners | 5 |
| Caravel Autism Health | GTCR | 2 |
| Action Behavior Centers | Charlesbank | 2 |
| Total Spectrum Autism Services | Gryphon Investors | 1 |
Measured against the federal registry, private equity holds 2.8% of Indiana's 397 ABA locations. That share is a floor, for the reasons in the methodology.
Of the 41 clinics above, the federal provider registry can see 11. The rest appear only in the operators' own published directories. An auditor or a regulator working from federal data alone would not know the others exist, which is the practical case for ownership transparency and is documented in full on the reconciliation page.
The first in the series, and the report that established the sampling design the later audits reuse.