Private equity’s decade-long consolidation of anesthesiology has produced two documented outcomes: higher prices for payers and worse working conditions for physicians, according to a June 2026 white paper from AMGA Consulting.
The market share shift has been significant. A 2020 study published in JAMA Network found that roughly 20% of anesthesia practices had been acquired through PE physician practice buyouts. By 2024, that share had grown to approximately 33%, according to AMGA Consulting’s analysis.
The pricing effect followed quickly. Chicago Booth Review reported in 2025 that anesthesia prices rose 25% to 30% within two years of the uptick in PE acquisitions in the specialty.
The workforce consequences were less visible but equally significant. By 2023, anesthesiologists at PE-backed groups were regularly expected to work more than 80 hours per week, often with reduced compensation relative to what they had been promised at acquisition.
“The ability to offer stable employment, reasonable workloads, and meaningful compensation, without the extractive pressures of a PE ownership model, can be a compelling differentiator in recruitment,” the AMGA white paper said.
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