Key Takeaways
- • Health Management Associates (HMA) survey of physicians across 28 states, conducted with polling firm SERMO, found physicians with firsthand private equity experience reported more favorable outcomes for their practices and patients, according to an op-ed by Jamal Hagler, Senior Vice President of Research at the American Investment Council.
- • About two-thirds of physicians in PE-backed practices reported improved patient access, citing better care coordination, shorter wait times and more efficient scheduling.
- • Three-quarters of PE-backed physicians reported adding or expanding medical services, with maternal and behavioral health cited most often.
- • Four-fifths of PE-backed physicians reported improved operational capacity, and most reported stable staffing with expansion of clinical and non-clinical staff.
- • The op-ed argues that states, with at least 25 scrutinizing or restricting PE healthcare investment, should weigh physician perspectives before enacting further limits.
Summary
Jamal Hagler, Senior Vice President of Research at the American Investment Council, published an op-ed in RealClearHealth on October 27, 2026, highlighting a new survey by Health Management Associates (HMA), a healthcare consulting firm. The survey, conducted in partnership with independent polling firm SERMO, captured views of physicians across 28 states, spanning primary and specialty care and divided between practices backed by private equity and those that are not. The op-ed characterizes it as the first survey of its kind.
Hagler writes that at least 25 states are scrutinizing or restricting private equity investment in healthcare, with Vermont joining the list over the summer. Physicians without PE experience expressed concerns about reduced patient access, curtailed autonomy, staffing cuts and limits to operational capacity. According to the op-ed, physicians with direct experience reported the opposite, with more favorable outcomes in every category surveyed.
According to the piece, about two-thirds of PE-backed physicians said private investment improved patient access in their communities, pointing to better care coordination, shorter wait times and more efficient scheduling. A similar share reported an improved ability to interact with patients and to make independent clinical decisions. Three-quarters reported adding or expanding services, with maternal and behavioral health frequently cited. Four-fifths reported improved operational capacity, including strengthened staffing, new facilities and technology such as telehealth. Most reported stable staffing and growth in clinical and non-clinical roles.
Hagler also cites a May 2026 Brown University study that tracked primary care practices acquired by private equity and found they saw more patients, increased service lines and hired more staff after acquisition. The op-ed acknowledges that bankruptcies and reduced services can occur, but describes them as exceptions. Hagler concludes that physician perspectives deserve greater weight in shaping PE healthcare policy.
Hagler writes that at least 25 states are scrutinizing or restricting private equity investment in healthcare, with Vermont joining the list over the summer. Physicians without PE experience expressed concerns about reduced patient access, curtailed autonomy, staffing cuts and limits to operational capacity. According to the op-ed, physicians with direct experience reported the opposite, with more favorable outcomes in every category surveyed.
According to the piece, about two-thirds of PE-backed physicians said private investment improved patient access in their communities, pointing to better care coordination, shorter wait times and more efficient scheduling. A similar share reported an improved ability to interact with patients and to make independent clinical decisions. Three-quarters reported adding or expanding services, with maternal and behavioral health frequently cited. Four-fifths reported improved operational capacity, including strengthened staffing, new facilities and technology such as telehealth. Most reported stable staffing and growth in clinical and non-clinical roles.
Hagler also cites a May 2026 Brown University study that tracked primary care practices acquired by private equity and found they saw more patients, increased service lines and hired more staff after acquisition. The op-ed acknowledges that bankruptcies and reduced services can occur, but describes them as exceptions. Hagler concludes that physician perspectives deserve greater weight in shaping PE healthcare policy.
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