ArticleHealth affairs scholar2024
Life cycle of private equity investments in physician practices: an overview of private equity exits.
Article in Health affairs scholar, 2024. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 12 papers.
What it found
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The abstract states no effect estimate the extractor could read, or names no intervention and outcome on the map, so this paper lights no cell and moves no belief. It is still indexed, cited and linked below.
The trial behind it
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Who cites it
12 citing papers in PubMed.
- Ten high-priority areas for health policy research in 2026-2027.Health affairs scholar · 2026Article
- Private Equity Acquisition in Primary Care and Avoidable Hospitalizations.JAMA health forum · 2026Article
- Private Equity-Acquired Residential Treatment Facilities vs Other For-Profit Facilities.JAMA health forum · 2026Article
- The Implications of Private Equity Investment in Emergency Medicine.Journal of the American College of Emergency Physicians open · 2026Article
- Private equity acquisitions of hospitals and the changing landscape of care for patients with gastrointestinal cancer.Journal of gastrointestinal oncology · 2026Article
- Private Equity's Opportunities and Challenges in North Carolina's Health Care Ecosystem.North Carolina medical journal · 2025Article
- Sale of Private Equity-Owned Physician Practices and Physician Turnover.JAMA health forum · 2025Article
- Increases In Physician Professional Fees In Private Equity-Owned Gastroenterology Practices.Health affairs (Project Hope) · 2025Article
- Growth of Private Equity and Hospital Consolidation in Primary Care and Price Implications.JAMA health forum · 2025Article
- Acquisitions of behavioral health treatment facilities from 2010 to 2021.Health affairs scholar · 2024Article
- Trends in Private Equity Consolidation in Cardiovascular Care.JAMA health forum · 2024Article
- Article
Corrections and comments
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Authors and funding
3 authors.
Funding
Abstract
Private equity (PE) firms acquire and grow physician practices through add-on consolidation, generating outsized returns on the sale of the acquisition in 3-8 years ("exit"). Private equity's abbreviated investment timeline and exit incentives may deter long-term investments in care delivery and workforce needed for high-quality care. To our knowledge, there has been no published analyses of the nature or duration of PE exits from physician practices. We address this knowledge gap by using novel data to characterize PE exits from dermatology, ophthalmology, and gastroenterology, physician specialties with the largest number of acquisitions between 2016 and 2020. Of 807 acquisitions, over half (51.6%) of PE-acquired practices underwent an exit within 3 years of initial investment. In nearly all instances (97.8%), PE firms exited investments through secondary buyouts, where physician practices were resold to other PE firms with larger investment funds. Between investment and exit, PE firms increased the number of physician practices affiliated with the PE firm by an average of 595% in 3 years. Findings highlight the rapid scale of ownership change and consolidation under PE ownership and motivate evaluations by policymakers on the effects of PE ownership over the life cycle of PE investments.
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Registered trials
Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.