The GW Law Health Law and Policy Program convened economists, investors, physicians, attorneys, and policymakers at the Private Equity Investment in Physician Practices roundtable on May 12, 2026.
Panelists, speakers, and attendees examined private equity’s growing presence in physician practices and the implications for patient care, clinician autonomy, and the health care industry overall. Across five panels, participants assessed the state of empirical research, the legal architecture enabling private equity investment, the perspectives of investors and physicians alike, and the policy interventions that may lie ahead.
Panel One: Economics Research and Price/Quality Concerns
Vivian Ho, James A. Baker III Institute chair in health economics at the Baker Institute for Public Policy at Rice University, moderated the first panel, examining economics research regarding price and quality concerns. She was joined by Dr. Zirui Song, associate professor of health care policy and medicine at Harvard University; Richard Scheffler, distinguished professor of economics and director of the Nicholas C. Petris Center at UC Berkeley; and Ryan McDevitt, professor of economics at Washington University’s Olin School of Business and Public Health.
The panelists discussed empirical findings related to patient outcomes associated with private equity investment in healthcare, specifically private equity investment-related patient outcomes regarding adverse events, staffing reductions, and increased mortality in emergency department settings.
Panel Two: A Crash Course: The Corporate Practice of Medicine, Its Historic Loopholes, & Its Recent Resurgence
Jonathan Henderson, health care mergers & acquisitions co-chair at Polsinelli Law Firm, moderated the second panel featuring Bill Hoffman, health care alignment and organization co-chair at Polsinelli, and Jamie Ostroff, chief legal officer and general counsel at the California Medical Association.
The panelists examined the historical background and legal framework surrounding the Corporate Practice of Medicine (CPOM) and Fee-Splitting Prohibitions. The panelists explained that CPOM and fee-splitting prohibitions provide a legal basis for structuring medical services organizations (MSOs) and allow private equity investors to exercise operational control over physician practices.
Panel Three: Investor Perspectives, Priorities, and Incentives
David Reintjes, shareholder at Polsinelli, moderated the third panel, which featured Richard Dutton, chief quality officer at US Anesthesia Partners; Gordon Maner, partner at Frontline Healthcare Partners; Todd Rudsenske, managing director at Cain Brothers; and Tae Kim, CEO at AllerVie Health, who presented their perspectives on investing in physician practices.
The four panelists defined common characteristics or criteria used by investors to determine if a potential acquisition is suitable for investment by private equity firms. These included fragmented markets, opportunities for growth, physician alignment, and patient quality-driven models. The presenters argued that these factors make sense both from an ethical perspective and a financial perspective – “good medicine is good business.” Additionally, the panelists discussed private equity's ability to negotiate against insurers regarding prior authorization claims and claim denials, a structural advantage for physicians.
Panel 4: The Current Challenge of US Physicians
Moderated by Michael Suk, immediate past chair at the American Medical Association and featuring Jason Sharp, board of director and director-at-large at Texas Radiology Associates; Yoav Hahn, managing partner at Dallas Ear Institute; and Benjamin Lowentritt, urologist and senior vice president of practice development at Chesapeake Urology Associates & United Urology Group, the fourth panel addressed doctors' current engagement in private equity. The panelists described scrutiny from insurers, an increasing administrative burden, difficulty hiring and retaining new and recent graduates in the face of growing financial incentives, and a roughly 20 percent drop in physician compensation in the past 20 years.
Doctors highlighted some metrics by which they track changes in quality of care, such as referral patterns from other doctors, the usage of specialty services within their own practice, and direct patient feedback. Doctors also identified gaps in understanding the right metrics to track changing quality.
Panel 5: Next Steps: Innovative Strategies for Research, Collaborations, & Systemic Improvements
In the last panel, three speakers, Molly Reese, attorney at the American Medical Association; Tim Attebery, CEO at Cardiovascular Associates of America; and Alex Kinnebrew, principal at Commence, moderated by Professor Barak Richman, the Alexander Hamilton professor of business law and co-director of the Health Law & Policy Program, at GW Law, discussed how the field can move forward. All three speakers stated there is a need for impartial comparison data regarding the quality of care provided by privately owned medical practices sponsored by private equity, hospital-owned medical practices, and independently owned medical practices. Panelists also noted that a more logical and productive inquiry would involve determining what specific behavior from an owner constitutes harm rather than generalizing an owner type as harmful, a major shift in viewpoint.
As state legislatures, federal agencies, and courts continue to grapple with private equity’s role in healthcare delivery, GW Law’s Health Law and Policy Program remains committed to advancing the research and convening the expertise necessary to inform sound and evidence-based policy.
