Who Owns My Doctor?

A plain-language explainer from a family physician who still owns her practice. Written by Maryal Concepcion, MD, FAAFP, founder of Chief Complaint Coffee & Tea and host of the My DPC Story podcast.

Part one: fewer than half

For the first time on record, fewer than half of American physicians work in a practice owned by physicians. That is not a talking point; it is the finding of the American Medical Association's own Physician Practice Benchmark Survey, which has tracked practice ownership for over a decade. The rest work for hospitals, health systems, insurers, staffing companies, and increasingly, investment firms. When you call your doctor's office, the person who decides how long your visit is, what it costs, and whether the practice stays open may have never met a patient.

Part two: what changes when a firm buys the practice

A private equity firm typically buys a practice to grow its revenue and sell it within a few years. The doctor usually stays; the ownership, the schedule, and the incentives do not. State attorneys general and researchers have documented the pattern closely enough that legislatures are now acting on it: dozens of state bills now address private equity in healthcare, deal oversight has tightened in multiple states, and in Washington, legislation has been introduced to bar private equity ownership of medical practices outright, including the Stop Corporate Takeovers of Physicians Act. We name bills on this page, never companies; the bills are public record and speak for themselves.

Part three: what you can actually do

Ask three questions at the front desk: who owns this practice, has it been sold in the last five years, and does my doctor set their own schedule. The answers are usually given honestly and they tell you almost everything. If you want a doctor who answers only to you, physician-owned practices still exist in every state, and independent physicians will tell you plainly that they are. I practice in a model called Direct Primary Care, where patients pay their physician directly and no one stands in the middle of the visit; it is the model I advocate for, alongside practice autonomy for physicians of every kind. You can learn more about caring directly at caringdirectly.com.

Why a coffee company is telling you this

Chief Complaint Coffee & Tea exists because humor keeps people in the conversation longer than outrage does. Every bag is named for something people in healthcare say out loud, the shop is physician owned with no board and no investors, and our standing joke is also our position: roasting private equity, one cup at a time. If you want the flagship statement in a box, it is NO ROOM FOR PRIVATE EQUITY, THE SET. If you want the weekly letter that follows the bills and the ownership data in plain language, THE CHIEF COMPLAINT, you can join from the signup at the bottom of any page.

Frequently asked questions

What is private equity in healthcare?

Private equity firms pool investor money to buy companies, grow their revenue, and sell them, typically within three to seven years. In healthcare that has come to include physician practices, emergency departments, hospices, and nursing homes. The concern regulators cite is the mismatch between a short-term sale timeline and long-term patient care.

How do I find out who owns my doctor's practice?

Ask the practice directly, check the practice website's about page, and search your state's business registry for the practice name. If the owner is a management company or a fund rather than the physicians, you have your answer.

What laws are being proposed?

As of late 2026: federal legislation to restrict or bar private equity ownership of medical practices, and dozens of state bills adding transaction review, ownership transparency, and limits on corporate control of medical decisions. See the sources linked above; this page cites bills and public reporting, never individual companies.

What is Direct Primary Care?

Direct Primary Care, or DPC, is a membership model where patients pay their physician directly for primary care, without insurance in the middle of the visit. It is the model our founder practices and advocates for.

Is this medical advice?

No. This page is about who owns medical practices, not about any condition or treatment. For medical advice, see your doctor. Ideally one who owns the door.