Physician practice management M&A activity remained steady in 2025, with dental platforms leading activity throughout the year, according to a report from VMG Health.
Major transactions throughout the year included acquisitions of large physician groups, multispecialty practices and management services organizations as health systems, insurers and private equity-backed platforms continued expanding their physician networks.
Here’s a breakdown of the biggest PPM deals, according to the report.
1. In January 2025, New York City-based NYU Langone Health and NYU Langone Orthopedics acquired Rothman Orthopaedics of Greater New York. NYU Langone now operates out of Rothman’s three existing practice locations in the city and in Westchester, N.Y. The practices join more than 300 existing outpatient locations at NYU Langone. As part of the acquisition, NYU Langone Orthopedics will add 13 orthopedic leaders who specialize in sports medicine, rehabilitation medicine, and spine and joint care.
2. Also in January, Charlotte, N.C.-based OrthoCarolina announced plans to sell its physician therapy business to Atlanta-based PT Solutions Physical Therapy.
3. In March, CVS Health sold its Medicare share savings program business to Wellvana. The acquisition is an all-stock transaction, giving CVS Health a minority stake in Wellvana. The move is an “intersection of physician group and practice management and services,” according to VMG Health. Nashville, Tenn.-based Wellvana provides administrative services for providers participating in CMS Medicare shared savings and accountable care organization realizing equity, access and community health, or ACO REACH, programs. With the acquisition of CVS Health’s shared savings business, the company has providers in 40 states serving around 1 million Medicare beneficiaries, according to the release.
4. 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.
5. In August, Optum acquired a 200-provider medical group in Kingsport, Tenn., to strengthen its multispecialty network in the Northeast and Southwest. Holston Medical Group has more than 70 locations in Northeast Tennessee and Southwest Virginia.
6. Also in August, Dublin, Ohio-based Cardinal Health, the majority stakeholder of GI Alliance, announced plans to acquire Solaris Health, a urology management services organization, for $1.9 billion in cash. The acquisition went through Cardinal Health’s multi-specialty MSO organization, The Specialty Alliance.
7. 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. The clinics joined HonorHealth upon close of the transaction in January.
8. In October, Newton, Mass.-based Atrius Health, a subsidiary of Optum, announced plans to acquire Acton Medical Associates, a 45-provider primary care group serving the Boston area. Acton comprises 45 providers and serves nearly 37,000 patients. Atrius was purchased by Optum in 2022 and serves more than 749,000 patients across 29 locations.
9. In December, Conshohocken, Pa.-based pharmaceutical services company Cencora said it plans to acquire the majority of the outstanding equity interests it does not already own in OneOncology from TPG for about $3.6 billion, with OneOncology’s affiliated practices and management retaining a minority stake.
