Physician & Clinical Services

Physician & Clinical Services covers the outpatient practices and clinics where most care is delivered — primary care and multispecialty groups, the full range of physician specialties (cardiology, dermatology, GI, orthopedics, oncology, urology, ophthalmology and more), ambulatory surgery centers, dialysis, imaging, infusion, and allied clinical services. It is the largest care-delivery category outside hospitals.

The MSO and private-equity roll-up of specialty physician groups is one of the biggest healthcare M&A themes of the era — dermatology, gastroenterology, orthopedics, cardiology, urology, and ophthalmology have all consolidated heavily — alongside the shift of procedures to lower-cost outpatient and ASC settings and the acquisition of primary care by payers (Optum, Amazon/One Medical, CVS/Oak Street).