Physician practice bankruptcies climbed to their highest level in recent years in 2024 before dipping again in 2025, highlighting ongoing financial volatility for independent and small-to-mid sized physician groups, according to a report from Gibbins Advisor published Jan. 22.
The firm recorded 10 physician practice and clinic bankruptcy filings in 2024 — nearly double the total seen in 2023 and more than any year since at least 2019 — before filings fell to six in 2025.
Physician practice and clinic bankruptcies by year:
- 2019: 4
- 2020: 6
- 2021: 1
- 2022: 4
- 2023: 6
- 2024: 10
- 2025: 6
Liability ranges for physician practice and clinic bankruptcy cases from 2019 to 2025:
- $10 million to $50 million: 22
- $50 million to $100 million: 4
- $100 million to $500 million: 5
- More than $500 million: 5
Physician practice and clinic bankruptcies by quarter from 2024 to 2025:
- Q1 2024: 3
- Q2 2024: 2
- Q3 2024: 0
- Q4 2024: 6
- Q1 2025: 1
- Q2 2025: 0
- Q3 2025: 2
- Q4 2025: 3
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