Nearly three in four doctors now work for a hospital, health system, or corporate entity, according to new data from Avalere, Forbes reports. That’s a 7% increase from a year ago—and an almost 20% jump since 2019.
In other words, the independent physician is becoming an endangered species. The corporatization of medicine is sapping competition in the healthcare marketplace. And that’s leading to higher prices for patients—and lower pay for providers.
The pandemic accelerated the longstanding trend of greater consolidation in medicine. Large health systems acquired more than 36,000 physician practices between January 1, 2019—the year before the pandemic began—and January 1, 2022. That represents a 38% increase in the share of practices that are corporate-owned. Read more.
