The physician market has been undergoing rapid consolidation, with health systems, private equity and other healthcare players competing to expand their reach.
Here are 14 deals disrupting the physician market since November 2024:
1. In September, HonorHealth signed an agreement to acquire Evernorth Care Group from Cigna. Evernorth Care Group operates 18 clinics in the greater Phoenix area and provides integrated primary care services to nearly 80,000 patients.
2. In August, Optum acquired a 200-provider medical group in Kingsport, Tenn.Holston Medical Group has more than 70 locations in Northeast Tennessee and Southwest Virginia.
3. In July, Winter Haven, Fla.-based Bond Clinic, a 90-provider physician group, was acquired by AdventHealth. Altamonte Springs, Fla.-based AdventHealth purchased the group’s 28-specialty assets and care sites located throughout Polk County. The deal brings the physician group under AdventHealth, which comprises more than 4,000 employed physicians and advanced practice providers.
4. South Bend, Ind.-based Beacon Health System has acquired Ascension Southwest Michigan. Locally-owned, nonprofit Beacon signed a definitive agreement to acquire ASM’s four hospitals, 35 outpatient clinics and an ASC in early April. Ascension Southwest Michigan is a regional subsidiary of St. Louis-based Ascension.
5. Ascension entered into a definitive agreement June 17 to acquire AmSurg, a move set to significantly scale its ASC presence across the U.S. AmSurg, headquartered in Nashville, Tenn., partners with around 2,000 physicians and operates 250 ASCs, making it the second-largest ASC chain nationally, trailing only Tenet’s United Surgical Partners International.
6. Grass Valley, Calif.-based Dignity Health Medical Group—Sierra Nevada, a service of Dignity Health Medical Foundation, has acquired Sierra Nevada Gastroenterology, also based in Grass Valley. The clinic will close June 9 and reopen June 16, rebranded as Dignity Health Medical Group—Sierra Nevada.
7. In April, Gainesville-based Northwest Georgia Health System signed a definitive agreement to acquire Longstreet Clinic, also in Gainesville, but the deal has since been paused due to an unspecific number of Longstreet physicians being under investigation by the Justice Department.Longstreet Clinic employs more than 200 physicians and advanced practice providers across 20 specialties in nine northeast Georgia cities.
8. Optum subsidiary SCA Health, one of the largest ASC chains in the country, acquired Exton, Pa.-based U.S. Digestive Health from Amulet Capital Partners in January.
9. Also in January, Optum agreed to acquire infusion network FlexCare Infusion, an ambulatory infusion network based in Oklahoma City. According to the company’s website, FlexCare has 30 clinic locations across Alabama, Arizona and Oklahoma.
10. In December, Optum also acquired OrthoAlliance. Private equity-backed, Sharonville, Ohio-based OrthoAlliance, which has partnered with more than 200 physicians across all orthopedics and sports medicine specialties, joined SCA Health on Nov. 1.
11. Charlotte, N.C.-based OrthoCarolina, one of the nation’s largest independently owned orthopedic practices, sold its physical therapy business. The deal resulted in PT Solutions Physical Therapy partnering with Winston-Salem, N.C.-based Novant Health to acquire OrthoCarolina’s physical therapy practice for an undisclosed amount.
12. In November, Dallas-based GI Alliance entered a definitive agreement with Dublin, Ohio-based pharmaceutical distributor and healthcare services company Cardinal Health in which Cardinal will acquire a majority stake in GI Alliance. Cardinal Health would take over a 71% stake valued at $2.8 billion from a combination of physician owners and funds managed by affiliates of Apollo Global Management.
13. New York City-based NYU Langone Health and NYU Langone Orthopedics announced the acquisition of Rothman Orthopaedics of Greater New York, and in New York City, which expanded the system’s orthopedic care in the city.
14. In November, drug distributor Cencora purchased Retina Consultants of America from Webster Equity Partners in a $4.6 billion deal. RCA is a management services organization that operates a network of retina specialists.
