Where clinic rollups actually happen.
Last checked: November 2, 2026
A rollup is three stories at once: physicians leaving independent practice, sponsors paying for the practices they leave, and regulators deciding where consolidation becomes dominance. The links below cover all three — the ownership surveys that count the sellers, the deal reporting that prices the transactions, the antitrust coverage that marks the boundary, and the specialty evidence from radiology and dentistry, the two fields where the rollup has run longest.
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Ownership and consolidation data
Summary of the AMA survey: 42.2% of physicians in private practice in 2024, down from 60.1% in 2012; ownership stakes down to 35.4%; hospital-owned practices up to 34.5%; private-equity-owned practices up to 6.5%.
Long-running study of practice acquisitions: 82.0% of physicians employed by hospitals or corporate entities as of January 2026; 63.9% of practices owned; 85,000 additional practices acquired over eight years.
Coverage of the Government Accountability Office review of physician consolidation: at least 47% of physicians employed by or affiliated with hospital systems in 2024, up from under 30% in 2012.
Fifty statistics from 2025 studies, including the Health Affairs estimate that private-equity acquisitions of physician groups rose more than 600% from 2012 to 2021.
Deal economics and private equity
Bain & Company's Global Healthcare Private Equity Report 2026: record $191 billion in 2025 deal value, 445 buyouts, provider-services value up 57% to $62 billion, exit value $156 billion.
Physician-practice transaction counts (245 in 2019 to 535 in 2023, Irvin Levin data) and the Scope Research multiple sample (median 13.0x across 33 deals, May 2022–May 2024), with earnout and rollover structuring notes.
Dental rollup economics: DSO affiliation 16.1% in 2024, up from 7.2% in 2015; reported multiples 5–8x EBITDA for add-ons and 9–11x at platform level (FOCUS Investment Banking).
Dentistry as the most mature practice rollup: DSO affiliation, large-platform scale (Heartland Dental, over 1,960 locations), and 2026 acquisition expectations from DSO surveys.
Regulation and antitrust
The FTC's case against U.S. Anesthesia Partners: the 2023 rollup allegations, the separate Welsh Carson settlement, the April 2026 agreement in principle, and the 180-day implementation stay.
Five controversies in physician deals, led by the USAP settlement and its alleged 44%–70% Texas market shares, with the stealth-consolidation template regulators now apply.
The other side of the seller pipeline: younger surgeons growing skeptical of giving up practice control after a decade of private equity deals and consolidation.
Specialty evidence
Radiology rollup counts: 151 private-equity acquisitions from 2013 to 2023, and about 12% of radiologists in PE-backed entities by December 2023, up from 1% in 2013.
TUSK Practice Sales Q4 2026 Dental Market Report notes: DSO affiliation 7.2% to 16.1% since 2015, ownership down to 73%, and 26.5% affiliation among dentists up to 10 years out of school.
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Changelog
- November 2, 2026: Initial edition — ownership and consolidation data, deal economics and private equity, regulation and antitrust, and specialty evidence established (13 items, all verified November 2, 2026).