Minnesota Now with Nina Moini

Private equity tapping into popular autism therapy, report finds

A classroom sits empty and dark. Unused desks and cubbies are visible.
Education news site The 74 tracked Medicaid spending on autism therapy and found private equity has a growing role in the industry.
Jon Cherry | Getty Images file

Thursday will be a year since the first charges were filed in an investigation into fraud in autism therapy in Minnesota. It added fuel to calls for more oversight and accountability in state government.

A new report finds a different phenomenon in autism therapy nationwide: a treatment dominating the industry, driven partly by private equity. The education news site The 74 found that between 2019 and 2024, annual Medicaid billing for what’s called Applied Behavioral Analysis grew from $400 million a year to nearly $2 billion. Many of the largest providers were backed by private equity firms.

Beth Hawkins, the Minnesota-based senior writer and national correspondent for The 74, reported the story with data journalist Nicholas Perez.

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