The share of U.S. radiologists working for practices owned by private equity has skyrocketed over the past decade, from 1% in 2013 to 12% in 2023. That’s according to a new study in AJR that documents the growing trend of PE ownership in medical imaging.
As we reported recently, the growing number of private equity acquisitions in healthcare has raised questions about PE’s impact on patient care.
- In radiology, some industry observers worry that PE acquisitions are changing the specialty in fundamental ways, turning radiologists from owner-stakeholders into corporate employees.
The new study analyzed PE acquisitions from 2013 to 2023, with a specific focus on geographic variations.
- Researchers found 151 PE acquisitions of radiology practices in the U.S. over the 11-year study period, through December 2023.
Key findings were broken down as follows…
- The share of radiologists working for PE practices boomed (12% from 1%).
- PE-acquired practices were associated with 16% of all U.S. radiology locations.
- The states with the highest shares of PE-employed radiologists were Nevada (47%), Arizona (44%), Alaska (29%), Texas (27%), and Florida (24%).
- Companies accounting for the largest number of PE-employed radiologists were Radiology Partners (70%), LucidHealth (8%), and U.S. Radiology Specialists (7%).
The new findings echo previous research showing PE’s geographic penetration to be greatest in the West and Southeast.
- They also underline the extent to which Radiology Partners dominates PE acquisitions as it brings independent imaging practices under its umbrella.
The Takeaway
The new study – along with other recent research – demonstrates the extent to which private equity acquisitions are changing the face of radiology. Researchers should take the next step and investigate PE’s impact on radiologists’ career satisfaction, and by extension, patient care.
