Ideas and Opinions8 January 2019
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    Acquisition of physician practices by private equity firms has increased dramatically during the past few years (1). Such acquisitions are a significant phenomenon with unknown consequences for physicians and patients, although they have received little attention from researchers and policymakers.

    We describe this phenomenon and explore its implications, based on review of the gray literature and the very limited peer-reviewed literature. We interviewed 21 knowledgeable individuals around the United States, including consultants; attorneys; investment bankers; and leaders of private equity firms, physician practices, and health insurers.

    Private equity firms invest in many industries using capital provided by pension funds, sovereign ...