In 1988, 72.1 percent of medical practices were owned by physicians. The American Medical Association recently reported that 2018 was the first year in which more physicians were employees - 47.4 percent - than owners of their practices - 45.9 percent. Partly as a result of private equity purchases, many formerly doctor-owned practices no longer are. Private equity's purchases have included rural hospitals, physicians' practices, nursing homes and hospice centers, air ambulance companies and health care billing management and debt collection systems. In 2019, private equity's health care acquisitions reached $79 billion, a record, according to Bain & Co., a consulting firm. and Warburg Pincus have deployed more than $340 billion to buy health care-related operations around the world. Over the past decade, private equity firms like Blackstone, Apollo Global Management, The Carlyle Group, KKR & Co.
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