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Tracking M&A Trends, Deals, and Market Dynamics in 2026

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The medical practice M&A market remains highly active in 2026. Private equity continues to deploy capital aggressively in physician practice management, with dermatology, ophthalmology, and gastroenterology leading deal volume. For physicians considering an exit, understanding the current market landscape is essential for timing and positioning your practice sale.

2026 Market at a Glance

Healthcare services M&A has remained resilient despite broader economic uncertainty. PE-backed platforms continue to acquire practices at attractive multiples, with particular focus on specialties with predictable revenue, ancillary opportunities, and fragmented markets ripe for consolidation.

Current M&A Activity by Specialty

Deal flow and valuations vary significantly across physician specialties. Here's what we're seeing in the 2026 market:

Specialty M&A Activity Level 2026 Multiple Range Market Trend
Dermatology Very High 7-12x EBITDA Continued consolidation; cosmetic upside drives valuations
Ophthalmology Very High 5.5-8.5x EBITDA ASC integration key; aging demographics drive demand
Gastroenterology High 4-7x EBITDA Colonoscopy economics attracting PE; ASC ownership critical
Orthopedics High 4-7x EBITDA Surgical subspecialties (spine, sports) in demand
Cardiology Moderate-High 4-6x EBITDA Hospital relationships complicate some deals
Urology Moderate-High 4-6x EBITDA In-office procedures driving value; ancillary focus
Primary Care Moderate 3-5x EBITDA Value-based care positioning key to premium valuations

Key M&A Trends Shaping 2026

1. Private Equity Remains Dominant Buyer

PE-backed platforms continue to represent the majority of physician practice acquisitions. Despite rising interest rates affecting leveraged buyouts in some sectors, healthcare services—with its defensive characteristics and growth tailwinds—continues to attract significant capital:

2. Rollover Equity Expectations Holding

Most PE deals continue to require 20-40% of proceeds as rollover equity. Sellers should expect this structure and evaluate the platform's growth prospects carefully—the rollover can represent significant upside or downside depending on execution.

3. Multi-Site Practices Commanding Premiums

The valuation gap between solo practices and multi-provider groups continues to widen. Practices with 3+ physicians and established management teams command 1-2x EBITDA higher multiples than their solo counterparts.

4. ASC Ownership Increasingly Valuable

For surgical specialties, ownership or partnership in an ambulatory surgery center is becoming a near-requirement for premium valuations. Platforms are prioritizing practices that bring ASC economics to the deal.

5. Geographic Premiums Persist

California, Texas, and Florida continue to command premium multiples (8-15% above national averages) due to population growth, payer mix, and competitive buyer activity in these markets.

Recent Notable Transactions

While specific transaction terms are often confidential, several notable platform-level developments are shaping the market:

Dermatology

Ophthalmology

Gastroenterology

Orthopedics

What This Means for Sellers

The active M&A environment creates opportunity—but preparation and timing matter significantly. Practices that go to market well-prepared, with strong financials and growth trajectories, are capturing premium multiples. Practices that wait until decline or burnout are seeing discounted valuations or difficulty finding buyers.

M&A Market Outlook

Factors Supporting Continued Activity

Potential Headwinds

How to Stay Informed

For physicians tracking the M&A market, several resources provide ongoing intelligence:

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