Private Equity in Primary Care: Costs, Care, and Impact

Why It Matters

PE‑driven consolidation is altering primary‑care utilization and staffing, with potential cost and quality consequences that policymakers must monitor.

Key Takeaways

• Private equity now owns ~2% of US primary care practices.
• In some states, PE penetration exceeds 20‑40 percent.
• Acquired practices see 17% more physicians and 40% more APPs.
• Patient visits and preventive services rise after PE acquisition.
• No change in patient risk scores suggests utilization increase isn’t illness‑driven.

Summary

The Health Affairs podcast discusses a new study by Dr. Yasha Sweeney Singh examining private‑equity (PE) acquisitions of primary‑care practices from 2016 to 2022. The research identifies roughly 225 PE deals, representing about 2% of U.S. primary‑care sites overall, but with regional concentrations where ownership exceeds 20‑40 percent.

Key findings show that after acquisition, practices experience higher productivity: physicians bill for more services and see more patients, while patients receive more preventive care such as Medicare annual wellness visits and routine labs. Workforce composition shifts dramatically, with a 17% rise in physician staff and a 40% surge in advanced practice providers (nurse practitioners and physician assistants). Importantly, patient risk scores (HCC) remain unchanged, indicating the utilization boost is not driven by sicker panels.

The authors highlight two quantified mechanisms—expanded clinician teams and unchanged patient complexity—and propose a third, unmeasured factor: PE‑backed administrative support that eases the paperwork burden of Medicare‑required preventive services, potentially spilling over into traditional Medicare. Dr. Singh notes that PE firms may also target Medicare Advantage populations where risk‑adjusted payments incentivize higher coding intensity.

These dynamics suggest PE is reshaping primary‑care delivery by increasing service intensity and workforce reliance on APPs, while also raising questions about cost implications, quality outcomes, and the need for nuanced regulation. The study calls for further research on Medicare Advantage spillover effects and broader assessments of PE’s long‑term impact on access and value in primary care.

Original Description

Health Affairs Publishing’s Rob Lott speaks to Yashaswini Singh of Brown University about her recent paper that explores how private equity acquisitions in primary care ( https://www.healthaffairs.org/doi/10.1377/hlthaff.2025.01703?utm_medium=podcast&utm_source=a+health+podyssey&utm_campaign=june+2026+issue ) are associated with changes in utilization, spending, and workforce composition.

Order the June 2026 issue of Health Affairs ( https://www.pubservice.com/backissue/subbi.aspx?CO=PJ&PC=HR&BI=HRI&utm_medium=podcast&utm_source=A+health+podyssey ).

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A Health Podyssey

Episode 268

June 9, 2026

★ Episode details: https://share.transistor.fm/s/88ce29ae

★ Additional episodes: https://www.healthaffairs.org/podcasts