A new analysis from the Physicians Advocacy Institute shows that physician independence in the U.S. continues to decline rapidly, with just 18% of doctors now practicing in physician-owned settings.
According to the report, 82% of physicians are now employed by hospitals or corporate entities, reflecting a major acceleration in healthcare consolidation since 2018. Hospitals drove most of the physician employment growth, while corporate entities—including private equity firms, insurers, and pharmacy chains—continued aggressively acquiring practices. Rural markets were not spared, with more than 80% of rural physicians now working under hospital or corporate ownership.
The findings also highlight growing concerns around physician autonomy and patient care. Survey data cited in the report suggest many employed physicians believe ownership changes negatively affect clinical decision-making and practice independence, reinforcing broader debates about how consolidation is reshaping the future of medicine.