The offer was impossible to ignore: a lucrative buyout from a private equity firm, a clear exit strategy, and the promise of a lighter workload. For Drs. Benjamin Maser and Steven Bates, two acclaimed plastic surgeons at Reveal Plastic Surgery in Silicon Valley, it was the kind of deal that could have set them up for life. But they said no.
They believed in a different path, one that traded short-term profit for long-term autonomy and exceptional patient care. Their story is a powerful counter-narrative in an era when private equity firms are rapidly acquiring physician practices, turning independent clinics into corporate assets. Today, just 2 in 5 U.S. physicians remain in a doctor-owned private practice. Maser and Bates chose to be two of them.
Leaving corporate medicine behind
Both surgeons began their careers inside a large, corporate-run health care system. For years they honed their skills, but they also watched as the business of medicine steadily eclipsed the practice of it. Patient visits were timed, treatment decisions were scrutinized by nonclinical managers, and even simple things like hiring their own staff were out of their hands.
“We weren’t practicing medicine,” Bates recalls. “Our years of training and expertise were being overridden by efforts to ‘streamline’ everything.”
The breaking point came when they realized that profit had taken the top spot in the organizational hierarchy. “Patients and doctors had fallen to the bottom,” Maser says. “That’s when we knew we needed to leave.”
The temptation of the payout
After purchasing their own private practice, Maser and Bates were quickly approached by private equity with a familiar proposal. The upfront cash was significant, and the pitch promised operational help and a smooth future. Yet as they dug into the details, it became clear the deal came with a price they knew too well: control.
Much of the so-called “upfront” money would be reinvested, their roles would shift from partners to employees with production targets, and once again, decisions about everything from staffing to clinical care would be made by outsiders.
“We saw too many parallels with what we’d just left,” Maser says. They spoke with other surgeons who had taken similar deals and found many felt overworked, underpaid and stripped of their professional autonomy. Patients noticed too. Appointments got shorter, and the pressure to upsell was obvious.
Instead of cashing out, they doubled down on independence. They brought in a seasoned business manager to fortify their operations; Maser’s wife, a former CFO, helped implement financial discipline and growth strategies. Her guiding principle became their philosophy: “Put the patient first, and the money will follow.”
What autonomy means for patients
For Reveal Plastic Surgery, independence isn’t just a business distinction; it’s the foundation of their patient care. While many practices now rely heavily on nurses or physician assistants for post-op care, Bates and Maser are hands-on from the initial consultation through to the six-month follow-up.
Each case is a genuine partnership. “The most rewarding part of our practice is seeing happy patients post-surgery; we would hate to be pressured, for financial reasons, into subcontracting that care to others,” says Maser. If complications arise, they remain personally engaged not because it’s profitable, but because it’s the right thing to do.
This patient-first mindset also shapes their approach to technology. Instead of running every investment through a profit-and-loss lens, they assess new tools based on one metric: outcomes. If it improves recovery, reduces discomfort or enhances results, they move forward.
When asked what truly sets Reveal apart, Bates puts it simply: “We have the freedom to care deeply and the time to do it right.”
A more human future for medicine
Maser and Bates are candid about the challenges of going independent, but they believe it remains not only viable but deeply fulfilling for surgeons willing to invest in themselves.
“You learn so much about business, marketing, and leadership,” Maser says. “We’ve built a team we love, created a culture we believe in, and our names are on the door. It’s our small slice of the business world, and we get to make a living by bringing excellent care to people and helping them feel more confident. That means something.”
At a time when private equity is buying up practices at a record pace, Reveal Plastic Surgery is proving that there’s still room in the market for something more human, rewarding and ultimately, lasting for everyone involved.
