Last updated: November 2, 2026
Clinic rollups and physician consolidation, by the numbers
Healthcare private equity deal value, physician-practice transaction counts and multiples, ownership shifts, specialty rollup evidence, and the antitrust record, from published sources.
Three different kinds of number sit behind this name, and they must not be mixed. The first kind measures deal flow: how much capital sponsors deploy into healthcare, how many physician practices change hands, and at what multiples. The second kind measures the seller base: how many physicians still own their practices, and how fast that share is falling. The third kind measures the limit: where consolidation produced a dominant local position, and what regulators did about it. The first kind tells a reader the market is active. The second tells a reader why it stays active. The third tells a reader where it stops.
What the latest numbers show is a market that has come back to record scale after a two-year slowdown, fed by a seller base that keeps shrinking: 2025 healthcare private equity deal value set a record at $191 billion, provider-services deals jumped 57%, and exit value nearly tripled from 2024 — while the share of physicians in private practice fell to 42.2%, and more than four in five physicians now work for hospitals or corporate entities.
The figures
| Figure | Value | Trend vs prior period | Source |
|---|---|---|---|
| Global healthcare private equity deal value, 2025 | $191 billion, a record surpassing the 2021 peak; 445 buyouts, second-highest count on record | ▲ Up Prior peak 2021; 2025 estimate based on data through November 30, 2025, annualized | Bain & Company, Global Healthcare Private Equity Report 2026 (January 2026), as reported by Healthcare Dive |
| Provider and related-services deal value, 2025 | $62 billion, up 57% year over year; healthcare IT within the segment doubled to about $32 billion | ▲ Up Provider deal volume flat; the value jump came from larger transactions | Bain & Company, Global Healthcare Private Equity Report 2026, as reported by Healthcare Dive |
| Healthcare private equity exit value, 2025 | $156 billion, second-highest ever, up from $54 billion in 2024 | ▲ Up Driven by sponsor-to-sponsor deals: more than 150 deals, over $120 billion, both records | Bain & Company, Global Healthcare Private Equity Report 2026, as reported by Healthcare Dive |
| Physician-practice transactions, publicly announced | 245 deals in 2019 rising to 535 deals in 2023, with only a slight decline in 2023 | ▲ Up Counts cover publicly announced deals only; unannounced small deals are excluded | Irvin Levin, 2024 Health Care Services Acquisition Report, as summarized by Health Value Group |
| Median EBITDA multiple, physician practices | 13.0x across 33 completed transactions, May 2022 to May 2024 | ● Baseline Banker sample of announced deals, not a national average; larger deals skew the median upward | Scope Research transaction summary, as summarized by Health Value Group |
| Dental multiples, add-on vs platform | 5–8x EBITDA for add-on deals; 9–11x at platform level | ● Baseline Reported 2026 ranges; the spread illustrates the platform premium in the most mature rollup specialty | FOCUS Investment Banking 2026 figures, as reported by Dental Practice Insider |
| Physicians in private practice | 42.2% in 2024, down from 60.1% in 2012 | ▼ Down About 80,000 fewer physicians in private practice than in 2012 after accounting for workforce growth | American Medical Association, Physician Practice Characteristics in 2024 (Policy Research Perspective, June 2025) |
| Physicians holding any ownership stake | 35.4% in 2024, down from 53.2% in 2012 | ▼ Down Down from an estimated 76% in the early 1980s | American Medical Association, Physician Practice Characteristics in 2024 |
| Physicians in private-equity-owned practices | 6.5% in 2024, up from 4.5% in 2022 | ▲ Up Fastest-growing ownership category in the survey; 38% of physicians in PE-owned practices reported acquisition within the past five years | American Medical Association, Physician Practice Characteristics in 2024 |
| Physicians in hospital-owned practices | 34.5% in 2024, up from 23.4% in 2012 | ▲ Up Hospitals remain the largest acquirers of independent practices | American Medical Association, Physician Practice Characteristics in 2024 |
| Physicians in practices of 10 or fewer doctors | 47.4% in 2024, down from 61.4% in 2012 — below half for the first time | ▼ Down Specialties with the highest private-practice shares: ophthalmology 70.4%, orthopaedic surgery 54% | American Medical Association, Physician Practice Characteristics in 2024 |
| Physicians employed by hospitals or corporate entities | 82.0% as of January 1, 2026; 63.9% of practices owned (157,200 practices) | ▲ Up 85,000 additional practices acquired 2018–2026; corporate ownership 33.2% now outweighs hospital ownership 30.6%; 253,000 additional physicians became employees over the eight years | Physicians Advocacy Institute and Avalere Health, Report on Physician Employment Trends and Practice Acquisitions 2018–2026 |
| Growth in private-equity acquisitions of physician groups | Up more than 600% from 2012 to 2021 | ▲ Up Private-equity involvement exceeds 30% in gastroenterology, dermatology, and ophthalmology | Health Affairs analysis, as compiled by Becker's ASC (50 stats, 2025) |
| Radiology: private-equity acquisitions and penetration | 151 practices acquired 2013–2023; about 12% of radiologists in PE-backed entities as of December 2023, up from 1% in December 2013 | ▲ Up High-water mark 26 acquisitions in 2019; at least one acquisition in 34 states and Washington, D.C.; authors caution smaller or undisclosed deals may be missed | Singh and Khunte, American Journal of Roentgenology research letter, as reported by Radiology Business |
| Dental: DSO affiliation | 16.1% of U.S. dentists affiliated with a DSO in 2024, up from 7.2% in 2015; 26.5% among dentists up to 10 years out of school; top 10 DSOs support about 7,800 offices | ▲ Up Practice ownership fell from 85% of dentists in 2005 to 73% in 2024, a 20-year low | American Dental Association Health Policy Institute, via TUSK Practice Sales Q4 2026 Dental Market Report, as reported by Becker's Dental Review |
| USAP alleged Texas anesthesia market shares | About 44% to 70% in Houston, Dallas, and Austin, as alleged in the FTC's 2023 complaint | ● Allegation Allegations, not findings: USAP denied wrongdoing; agreement in principle announced April 23, 2026; court stay May 26, 2026; 180-day implementation; terms confidential | FTC complaint against U.S. Anesthesia Partners, as reported by Becker's Physician Leadership (October 2026) |
How to read these numbers
Included: Bain's 2025 healthcare private equity totals; Irvin Levin's announced physician-practice deal counts; Scope Research's 33-deal multiple sample and FOCUS's dental multiple ranges, both labeled as samples and ranges rather than market averages; AMA 2024 ownership shares; PAI-Avalere 2018–2026 employment and acquisition totals; Health Affairs' 2012–2021 growth estimate; the radiology and dental specialty counts; and the FTC's USAP allegations, labeled as allegations. Excluded: any single count of "clinic rollup platforms" as a category — no published source counts platforms that way, so none is presented here; any whole-market rollup price index, which does not exist in published form; and undated practitioner claims presented as dated figures.
Multiples from announced-deal samples skew toward larger transactions and are labeled as such wherever they appear. Ownership shares from different surveys are never averaged: the AMA survey and the PAI-Avalere study use different methods and populations, and their figures are reported side by side, not combined. Forecasts and planning targets are labeled as forecasts and targets, not actuals.
Disclaimer: Figures on this page are aggregated public estimates assembled for information only. They are not investment advice, legal advice, or a professional opinion on any specific case, claim, project, or purchase. Original reporting and the underlying surveys remain the work of the sources linked above; this page summarizes their published figures with attribution and adds no proprietary dataset.
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Changelog
- November 2, 2026: Initial edition — Bain 2025 healthcare private equity totals, Levin physician-practice deal counts, Scope and FOCUS multiple samples and ranges, AMA 2024 ownership shares, PAI-Avalere 2018–2026 employment and acquisition totals, Health Affairs growth estimate, radiology and dental specialty counts, and the FTC USAP allegations established.