The Private Practice Resurgence
Data-driven insights into physician practice ownership, consolidation trends, and the emerging opportunity for independent practices
For the better part of two decades, consolidation has been a defining force in healthcare. Private equity firms rolled up practices, health systems absorbed independent physicians, and the share of physician-owned practices declined steadily. But the story is beginning to change.
Between 2019 and 2023, the share of independent physician practices owned by hospitals, health systems, or corporate entities jumped from 39% to 59%. This represented the consolidation peak. Now, as the honeymoon with private equity ends and physicians experience the realities of corporate ownership, a resurgence of independent practice is underway.
Key Finding
The share of physicians working in private practice fell to 42.2% in 2024, down from 60% in 2012. But this decline is slowing, and in primary care, independent models are accelerating.
Opportunity
Physicians are actively seeking independence. The market is shifting away from consolidation toward practices that offer autonomy, better economics, and meaningful decision-making authority.
Challenge
Inadequate CMS reimbursement rates create economic pressure that forces even successful practices into employment models. Operational efficiency and margin recovery are now existential.
Ready to Build an Independent Practice?
The data shows that independent practices outperform on physician satisfaction and retention. But independence requires operational excellence, margin recovery, and strategic systems. That's where we come in.