Physician-led model vs corporatization

Administrative burden drives physician attrition. Hospital M&A rebounds (40 deals H1 2026). Privia Health shows negative returns on capital. Physician independence via MSOs/ASCs grows. Trust gap in tech tools amplifies payer complexity. New unionization effort at Banner Health adds labor dimension. Physician-owned real estate offers value lever (cap rate gap). Growing ambulatory investment is formalizing chief ambulatory officer roles, signaling strategic importance of outpatient infrastructure.