Title: Surge in Physician Employment by Health Systems and Corporations Threatens Independent Practices
Summary:
A recent study sponsored by the Physicians Advocacy Institute reveals that 74% of U.S. physicians are now employed by hospitals, health systems, or corporate entities as of January 1, 2022, marking a significant increase from the previous year’s 69%. The COVID-19 pandemic has accelerated this trend, with over 100,000 physicians becoming employees since January 2019, and 76% of them making the shift during the pandemic. Corporate entities, including private equity firms and health insurers, are major drivers of this surge, with an 86% increase in practice acquisitions and a 43% rise in physician employment. The study highlights the strain on physicians, leading many independent practitioners to sell their practices. The Physicians Advocacy Institute emphasizes the need to preserve the patient-physician relationship and clinical autonomy, supporting policies that enable physician-owned practices to compete with corporate and hospital-owned entities.