Private equity investment in medical practices is resurging, but the era of simple “buy-and-build” roll-ups is giving way to a more operationally focused model.
According to Bain & Company’s 2026 healthcare PE report, investors are now prioritizing operational excellence over pure scale — emphasizing workflow redesign, access optimization, physician alignment, analytics, and AI-enabled efficiency.
Specialties drawing attention include:
- Oncology, neurology, and urology, where specialty drug economics benefit from scale discipline
- Cardiology and orthopedics, tied to value-based care shifts
- Gastroenterology and dermatology, where ancillaries and diagnostics strengthen economics
- Fragmented specialties still early in consolidation cycles
Healthcare private equity hit a record $191 billion in deal value globally in 2025, with healthcare IT and AI playing a major role in value creation strategies.
The bottom line for physician groups: buyers are still active — but they’re looking for operational sophistication, data maturity, and sustainable organic growth, not just footprint expansion.