Physicians are increasingly moving to employed models – from 2019 to 2021, more than 108,700 physicians left private practice for employment opportunities, according to a report from Avalere.
Of that number, 58,200 physicians joined hospitals, with the others joining corporate entities. Alongside this migration comes the increasing consolidation of physician groups, as a large number of independent groups sell to hospitals and other entities.
Here are three major physician deals to know in the last three years:
1.In May, CVS Health completed its $10.6 billion acquisition of primary care company Oak Street Health. The deal gives CVS access to the Chicago-based company's value-based primary care network with more than 160 clinics in 21 states that focus on Medicare beneficiaries.
2. In April, Optum, the largest employer of physicians in the U.S., acquired Middletown, N.Y.-based Crystal Run Healthcare, a multispecialty physician group. The move added more than 400 providers across more than 30 locations.
3. In February, Amazon completed its $3.9 billion acquisition of virtual and in-person primary care company One Medical. The acquisition gave Amazon access to more than 200 brick-and-mortar physicians offices, along with roughly 815,000 One Medical members.