Photo of Cory S. Capps, PhD

Selected Expertise

  • Antitrust analysis
  • Applied econometrics
  • Healthcare economics
  • Industrial organization
  • Joint ventures
  • Market definition
  • Market power
  • Price-fixing

Cory S. Capps, PhD


Cory Capps has 20 years of experience as an economist specializing in industrial organization, empirical methods, and antitrust, with a focus on the healthcare industry. He frequently advises and offers expert testimony on behalf of private firms and government agencies on issues relating to market power and competition in the healthcare sector, and he has experience analyzing mergers, joint ventures, price-fixing and market allocation, and exclusionary conduct. Prior to joining Bates White, Dr. Capps was a Staff Economist at the Antitrust Division of the US Department of Justice (DOJ), where he concentrated on the analysis of competition in healthcare markets, including merger and civil non-merger investigations of health insurers, hospitals, physicians, nurses, home health agencies, and ambulatory surgery centers. Since 2012, Dr. Capps has been selected by Global Competition Review for inclusion in its annual International Who’s Who of Competition Economists.

In addition to Dr. Capps’ broad healthcare experience, he has conducted economic analysis for investigations and cases involving a variety of industries such as airlines, semiconductors, newspapers, online content providers, and agriculture. Dr. Capps has also provided economic consulting services to corporations on business and strategy issues.

Dr. Capps’ academic career includes professorships at the University of Illinois at Urbana-Champaign and at Northwestern University’s Kellogg School of Management. He has published widely in academic journals, including RAND Journal of Economics; Journal of Economics and Management Strategy; Journal of Health Economics; Antitrust Bulletin; Health Affairs; and Health Economics, Policy and Law. Dr. Capps is currently also a technical advisor to the Health Care Cost Institute.

Selected Experience

  • Provided expert analysis on behalf of the Federal Trade Commission in its proceedings seeking to block Cabell Huntington Hospital’s acquisition of St. Mary’s Medical Center in Huntington, WV. Analysis showed that the proposed acquisition would substantially lessen competition in general acute care inpatient hospital services and outpatient surgical services in the four-county area around Huntington and would likely result in higher costs and lower quality for patients. Also explained why certain proposed behavioral remedies would not offset the harms from lessened competition. 
  • On behalf of Humana in connection with its proposed merger with Aetna, provided support with responses to the Department of Justice's second request, analyzed likely competitive effects and barriers to entry and exit in the sale of Medicare Advantage products, and analyzed likely competitive effects in the sale of individual health insurance on public exchanges.
  • Working on behalf of the Federal Trade Commission, supported lead expert in analyzing the competitive effects of a Texas Medical Board rule requiring that physicians meet face to face with patients before offering certain services such as prescribing medication via telemedicine. The FTC closed its investigation after the State of Texas enacted a law that overrode the Texas Medical Board’s restrictive rules.
  • In In re WellPoint, Inc. Out-of-Network “UCR” Rates Litigation, lead the team that supported the expert work of Dr. Eric M. Gaier on economic issues associated with class certification including ascertainability of the putative classes, identification and measurement of economic harm, and reliability of class-wide damages methodologies on behalf of defendant WellPoint in connection with alleged underpayment of out-of-network benefits associated with alleged violations of Employee Retirement Income Security Act (ERISA), California Unfair Competition Law (UCL), breach of warranty, and breach of implied covenant of good faith obligations. The court denied plaintiffs’ motion for class certification.
  • Provided detailed analysis on behalf of McKesson Corporation in connection with its $2.1 billion acquisition of PSS World Medical Inc. The analysis, which was presented to the FTC, showed that the proposed merger of the two medical and surgical supplies distributors was unlikely to lead to any anticompetitive effects. After McKesson pulled and re-filed its HSR filing, the FTC granted early termination of the waiting period and approved the merger without issuing a second request for additional information to the parties.
  • In Federal Trade Commission v. St. Luke’s Health System, Ltd., lead the team that supported the expert work of Professor David Dranove on behalf of the FTC and the State of Idaho. The agency, along with Idaho Attorney General and rival hospitals, challenged the acquisition of Saltzer Medical Group by St. Luke’s Health System. Provided economic analysis support on issues of market definition, competitive effects, and efficiencies. Judge B. Lynn Winmill, of the US District Court in the District of Idaho, ordered St. Luke’s to divest Saltzer Medical Group.
  • Provided economic analysis of the likely competitive effects of UnitedHealth Group’s proposed acquisition of XL Health, an innovative provider of Medicare Advantage plans that focus on better coordinating care for seniors with chronic conditions. Assisted counsel for UnitedHealth and XL Health in preparing analyses that highlighted the limited direct competition between the two health insurers and the broad scope for post-merger efficiencies. The arguments were presented to the DOJ, which allowed the transaction to close without a second request.
  • Assisted Vermont-based Fletcher Allen Partners (FAP) in securing FTC clearance for FAP’s proposed affiliation with New York-based Community Providers, Inc. (CPI). Performed analyses that demonstrated a high degree of complementarity between FAP’s and CPI’s service offerings and minimal head-to-head competition. After presentation using our analyses, the FTC permitted the waiting period to expire without further investigation.
  • In In the Matter of OSF Healthcare System, a corporation, and Rockford Health System, retained as a testifying expert on behalf of the FTC to analyze the competitive effects of OSF Healthcare System’s proposed acquisition of Rockford Health System in Rockford, Illinois. Provided written, deposition, and hearing testimony. After US District Judge Frederick Kapala found the FTC had demonstrated a likelihood of success on the merits and granted the FTC’s request for a preliminary injunction, the parties abandoned the merger.
  • In United States and State of Texas v. United Regional Health Care System, retained as a testifying expert on behalf of DOJ to analyze the competitive effects of United Regional’s exclusionary contracts with health insurers. DOJ reached a settlement with United Regional that prohibits the hospital from entering into contracts that improperly inhibit commercial health insurers from contracting with United Regional’s competitors.


PhD, Economics, Northwestern University

BA, Economics, University of Texas at Austin