The buyer map has changed — and physician practices are running out of exits (Becker’s Healthcare)

Physician practice consolidation continues to reshape the U.S. healthcare landscape, with Becker’s tracking more than 33 physician practice transactions in the first quarter of 2026. Today, only 18% of physicians remain in physician-owned practices, compared with 60% in 2012. As the pool of independent practices shrinks, acquisition activity is becoming increasingly focused on high-value specialties such as gastroenterology, cardiology, ophthalmology, orthopedics, and interventional pain, where strong outpatient procedure volumes and favorable reimbursement continue to attract investors.