In 2024 and into 2025, a new wave of strategic buyers—pharmaceutical companies, insurers, and medical supply distributors—have entered the physician practice management (PPM) M&A space, reshaping the market after years of stagnation. These buyers are motivated by vertical integration, diversification, and a desire to control care delivery. Despite persistent headwinds such as regulatory scrutiny, rising interest rates, staffing challenges, and decreased Medicare reimbursements, strategic deals surged. Notable acquisitions include Cencora’s $4.6B purchase of Retina Consultants of America and Cardinal Health’s $2.8B investment in GI Alliance.
A New Buyer in Physician Practice M&A Emerges (VMG Health)
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