Physician practice M&A activity in the U.S. remains strong in 2025, despite elevated interest rates and the continued normalization from the 2021–2022 peaks. Private equity and strategic consolidators remain active, particularly in high-growth specialties where scale and ancillaries create significant value. While aggregate multiples have eased from the highs of 2024, competition for well-run specialty groups continues to drive double-digit pricing across key segments. Practices that demonstrate growth potential, diversified payor mix, and advanced operational infrastructure consistently attract premium valuations.
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Source: https://focusbankers.com/physician-practice-ma-multiples/