Becker's Healthcare December 19, 2025
Physician practice consolidation continues to accelerate as hospitals, insurers and private equity firms expand their footprints across the U.S. healthcare system.
Here are 50 statistics from 2025 studies that illustrate how physician M&A is reshaping care delivery, competition and physician economics.
1. In 2024, 42.2% of physicians worked in private practice, down from 60.1% in 2012, according to the American Medical Association’s Physician Practice Benchmark Report.
2. Private practice now represents less than half of physicians in most medical specialties.
3. Private practice participation ranges from 30.7% in cardiology to 46.9% in radiology.
4. Nearly half of physician practices were hospital-owned by 2016, according to a National Bureau of Economic Research study. Hospital ownership reached 47.2% of all physician...
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