AXIOS July 21, 2025
Hospitals are steadily buying small physician practices and, in the process, driving up the price of care, a new National Bureau of Economic Research study shows.
Why it matters: It’s the latest evidence of consolidation in health care that’s left more than three-quarters of U.S. doctors employed by health systems or corporations.
- The pace has quickened in recent years, driven by factors like declining reimbursements for some specialties and expenses like electronic health record systems that have left small independent practices struggling.
- But that’s brought a decline in competition that raises antitrust concerns.
“These are thousands and thousands of very small transactions and the question is: What do you do about them?” said Yale economist and study co-author...
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