Should We Be Angry at Doctors Who Sell Their Practices to Private Equity?
If not, then where should we point our fingers?
In recent years, the growing presence of private equity (PE) in healthcare has stirred significant debate and unease. Many are alarmed by the increasing influence of financial interests in a sector that, by its very nature, should prioritize patient care over profit. One of the most contentious aspects of this trend is the role of physicians who sell their practices to private equity firms. It's easy to feel anger toward these doctors—they appear to be trading their commitment to patient care and the medical profession for personal financial gain. But should we be angry at them?
To answer this, we must first recognize that the decision to sell to private equity does not happen in a vacuum. It is not simply a matter of greed or betrayal; it is the result of a broader systemic crisis in healthcare that has made the profession increasingly unsustainable for many doctors. While there is legitimate cause for concern about the consequences of these sales, placing blame solely on individual physicians overlooks the deeper forces driving this troubling trend. It is these forces that deserve our true anger and attention.
The healthcare system in the United States has been under siege by market forces for decades. Physicians, once regarded as stewards of patient well-being and medical ethics, are now caught in a maelstrom of administrative burdens, shrinking reimbursements, and ever-rising costs of maintaining independent practices. The pressures of running a medical practice have become nearly insurmountable for many senior doctors. From dealing with endless insurance paperwork to complying with ever-changing regulations, doctors are spending more time managing bureaucracy than caring for their patients. Meanwhile, reimbursement rates from insurers have stagnated or even declined, making it increasingly difficult for independent practices to stay afloat.
This unbearable pressure creates an environment where selling to private equity can seem like the only viable option for senior physicians who are burned out and financially strained. Private equity offers what appears to be a lifeline—a way to offload the crushing administrative burden while securing their financial futures. For many physicians nearing retirement, this option can be particularly attractive. It allows them to exit the profession with some degree of financial security after years of struggle.
However, this decision comes at a cost. When private equity takes control of a medical practice, the focus inevitably shifts from patient care to profit maximization. Staffing is reduced, patient loads are increased, and the personal, compassionate care that once defined these practices is often sacrificed on the altar of efficiency. Junior doctors are left in precarious positions, dealing with heavier workloads, fewer resources, and diminished opportunities for mentorship and growth. Patients, too, are caught in the crossfire, receiving care that is increasingly transactional and depersonalized. The long-term consequences of these sales can be devastating for the profession as a whole, contributing to the further financialization of healthcare.
Given these outcomes, it's understandable why many people feel anger toward the physicians who make the choice to sell. After all, these doctors are the ones signing the contracts, seemingly trading their professional integrity for personal gain. They are actively participating in a system that degrades the quality of care and exploits their colleagues. But while anger is a natural response, it may not be entirely fair to direct it solely at these individual physicians.
The reality is that many of these doctors are victims of the same broken system that they appear to be perpetuating. The conditions that drive them to sell are not of their own making; they are the result of decades of healthcare policy that has prioritized market efficiency over patient care. Physicians today are caught in a system that has made it increasingly difficult to practice medicine in the way it was meant to be practiced—with compassion, attention, and a focus on the well-being of patients. The decision to sell to private equity is often made out of desperation, not greed.
Moreover, focusing our anger solely on individual physicians allows the real culprits—the architects of our market-driven healthcare system—to evade responsibility. The intrusion of private equity into healthcare is symptomatic of a larger trend toward the financialization of every aspect of American life. Healthcare has been transformed from a public good into a commodity, and physicians are just one more piece of the puzzle. Blaming doctors for selling their practices ignores the structural forces that have made such sales so appealing, if not necessary, for many of them.
So, should we be angry at doctors who sell to private equity? The answer is both yes and no. On the one hand, their decisions do have real, harmful consequences for patients and the medical profession. These physicians are complicit in a system that prioritizes profit over care and that is gradually eroding the core values of medicine. However, on the other hand, they are also trapped in a system that gives them few other options. They are being pushed to the brink by a healthcare system that is fundamentally broken and that prioritizes market efficiency over the health and well-being of both patients and doctors.
The true target of our anger should be the system itself—the policies, the incentives, and the financial forces that have allowed private equity to take root in healthcare. We should be angry at the policymakers who have enabled this financialization to continue unchecked. We should be angry at the insurance companies that have driven down reimbursements and created administrative nightmares for doctors. And we should be angry at the private equity firms that view healthcare as just another sector to exploit for profit, regardless of the human cost.
Ultimately, the focus should be on fixing the system rather than vilifying individual physicians. This means pushing for policies that restore medicine to its rightful place as a profession rooted in care and ethics, rather than profit. We must advocate for reforms that alleviate the financial pressures on independent practices, such as better reimbursement models, reduced administrative burdens, and stronger regulations on private equity in healthcare. Only by addressing the root causes of this crisis can we hope to stop the trend of physicians selling out to private equity—and ensure that healthcare remains focused on what truly matters: the well-being of our patients.
