Facing increasing obstacles to access economies of scale, including rising practice costs and decreasing reimbursement, physician groups are increasingly consolidating.
Here are 20 physician group deals shaping the industry since 2022:
American Shared Hospital Services
In November 2023, American Shared Hospital Services acquired a 60% majority equity interest in two cancer centers.
Amazon:
In 2023, Amazon completed its $3.9 billion acquisition of virtual and in-person primary care company One Medical, giving Amazon access to more than 200 brick-and-mortar physicians offices.
AmSurg
After physician services company Envision filed for Chapter 11 bankruptcy, its former ASC arm AmSurg purchased all ASCs held by Envision for $300 million in May 2023.
Ascend Capital Partners
Private equity company Ascend Capital Partners acquired a majority stake in Seoul Medical Group, an independent physician association.
ASG Eye Hospital:
In March 2023, ASG EYE Hospitals acquired Chennai-based eyecare chain Vasan Eye Care for $64 million.
Consensus Health Medical Group:
Consensus Health Medical Group added five New Jersey-based independent medical practices, which added eight physicians and six locations to its network.
CVS Health
CVS Health in 2023 acquired primary care company Oak Street Health for $10.6 billion, giving CVS access to more than 160 clinics in 21 states.
Also in 2023, CVS Health completed its $8 billion acquisition of Signify Health, adding more than 10,000 clinicians.
GI Alliance
In 2022, Southlake, Texas-based GI Alliance completed its physician-led buyout facilitated by a $785 million investment from private equity firm Apollo Hybrid Value.
Health Network One:
In January 2023, Health Network One acquired Premier Eye Care, which has a network of more than 20,000 eyecare providers across 37 states.
INVO Biosciences
In August 2023, INVO Bioscience closed its $10.5 million acquisition of Madison-based The Wisconsin Fertility Institute.
OneOncology:
In April 2023, TPG and AmerisourceBergen acquired OneOncology, a network of 700 independent community oncologists, for $2.1 billion.
Optum:
In 2023, Optum's $1.51 billion acquisition of EMIS Group, a health technology firm, was approved by the U.K. Competition and Markets Authority.
In 2023, Optum merged with Amedisys, a home health and hospice provider, in a deal valued at $3.26 billion.
In 2023, Optum acquired multispecialty physician group Crystal Run Healthcare.
Optum acquired Houston-based Kelsey-Seybold for around $2 billion in 2022. Kelsey-Seybold is a multispecialty physician group with cancer and women's health centers, two ASCs and a sleep center.
Also in 2022, Optum acquired Auburndale, Mass.-based Atrius Health for $236 million.
In 2022, Optum acquired home healthcare business LHC Group for around $5.4 billion. Lafayette, La.-based LHC Group offers in-home health and hospice care from 964 locations in 37 states.
United Digestive:
In March 2023, private equity firm Kohlberg & Company acquired United Digestive for $500 million from Frazier.
Walgreens
In January 2023, Walgreens-backed VillageMD acquired the physician group Summit Health-CityMD and its roughly 400 primary care and urgent care clinics for $8.9 billion.
In March, VillageMD acquired a 30-location physician group, Rocky Hill, Conn.-based Starling Physicians, one of the state's largest physician groups.