Physicians are flocking to employed models, whether that be hospitals, health systems, private equity groups or payers.
From 2012 to 2022, the share of physicians who were self-employed dropped from 53% to 42%. During that time, employed physicians grew from just under 42% to almost 50%, according to a 2023 American Medical Association news release.
Here are five major players employing physicians:
CVS Health
As of 2023, CVS Health employed more than 40,000 physicians, pharmacists, nurses and nurse practitioners. The company has 1,100 MinuteClinic locations in 36 states and Washington, D.C.
Although CVS Health is one of the biggest players in the battle to acquire physicians, it is facing a possible split amid major financial struggles. CVS Health spent $10.6 billion to acquire primary care company Oak Street Health in 2023, which has since been a "money losing asset," according to The Wall Street Journal.
CommonSpirit Health
Chicago-based CommonSpirit Health has 15,019 physicians spread across 147 hospitals.
Dan Morissette, CFO of CommonSpirit Health, said on the company's Oct. 4 investor call that the system added 56 ambulatory care sites across the country in 2024.
In September, Kaiser Permanente and CommonSpirit Health expanded their partnership through a long-term agreement to share a fully integrated EHR system in Colorado. The deal also integrated Kaiser employees and physicians into four CommonSpirit hospitals in the state.
HCA Healthcare
Nashville, Tenn.-based HCA Healthcare supports 38,000 physicians. The healthcare giant consists of 184 hospitals and about 2,000 care sites, including ASCs.
HCA Healthcare Surgery Ventures, the company's ASC arm, employs more than 3,400 physicians at its more than 150 ASCs.
HCA, which has grown by seven hospitals from 2019 to 2023, is set to expand further in 2024. Targeted acquisitions and outpatient development are part of HCA's strategy.
Optum
As of 2023, Optum, parent company of ASC chain SCA Health, has more than 90,000 physicians either employed or affiliated.
The UnitedHealth Group subsidiary operates the largest physician network in the country, with 2,200 primary and specialty care offices in 16 states.
The company quietly purchased at least two cardiovascular providers in 2023, National Cardiovascular Partners and Pivotal Healthcare. National Cardiovascular Partners comprises 21 cardiac catheterization and vascular labs.
Kaiser Permanente
Oakland, Calif.-based Kaiser Permanente boasts a portfolio of around 24,605 physicians, according to its website.
The health system also has 73,618 nurses, and 75,000 allied health professionals across 40 hospitals and 614 medical facilities.
In June, Kaiser's nonprofit Risant Health entered a definitive agreement to acquire Greensboro, N.C.-based Cone Health. In March, Washington-based Risant Health, part of Kaiser Permanente, acquired Danville, Pa.-based Geisinger Health.