In 2012, six in ten physicians owned or worked in private practices. Fast-forward to 2024, and that number has dropped to just 42.2%, according to the latest AMA survey. Behind this steep slide: low payment rates, rising resource costs, and relentless administrative burdens.
Specialties like ophthalmology and orthopedic surgery still show stronger private practice presence—but even here, the tide is turning. Most independent doctors now work in very small practices, while hospital- and private equity-owned groups grow larger and more dominant.
Doctors cite a common reason for selling: the power to negotiate higher payer rates and offload regulatory headaches. But with private equity reshaping care delivery and solo specialists becoming rare, one question remains: