Physician practice consolidation is showing no signs of slowing in 2026 — in the last 20 days, at least five physician groups have changed hands, underscoring the continued shift away from independent practice and toward system and investor-backed ownership.
Between 2019 and 2023, the share of independent physician practices owned by hospitals, health systems or other corporate entities jumped from 39% to 59%. Over the same period, physician employment by these entities rose from 62% to 78%, according to a December 2025 report from the Progressive Policy Institute.
Here are five physician practice and group acquisitions in the last 20 days;
1. Austin, Texas-based St. David’s HealthCare, part of Nashville, Tenn.-based HCA Healthcare, acquired Cardiothoracic and Vascular Surgeons Feb. 15. The acquisition brings the cardiothoracic and vascular physician group’s clinic operations under St. David’s.
2. Humana is in talks to acquire Sarasota, Fla.-based MaxHealth, a primary care network owned by private equity firm Arsenal Capital Partners’ Best Value Healthcare, Bloomberg reported Feb. 12.
3. Southlake, Texas-based Retina Consultants of America has acquired Montana Retina Consultants, a Bozeman-based retinal care practice that treats retinal diseases including diabetic retinopathy, macular degeneration, macular edema, retinal detachment and vein occlusion
4. Vision Innovation Partners acquired Ophthalmic Associates of Alexandria (Va.). Founded in 2010, Ophthalmic Associates of Alexandria, led by Jacob Clark, MD, provides eyecare and related medical treatments in the Alexandria area.
5. Dayton (Ohio) Children’s Hospital will acquire Mercy Health’s pediatric practice and its rehabilitation services in early March, with both locations to be renamed Dayton Children’s as part of the agreement.
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