Although physician medical group transaction volume declined by approximately 20% in 2024 compared to 2023, according to VMG Health, several high-profile acquisitions still took place.
In its 2025 Healthcare M&A Report, released on April 22, VMG highlighted eight of the most significant physician group deals of the year.
1. In January 2024, private equity firm Albaron Partners sold Albaron Podiatry Holdings, which operates as Beyond Podiatry, to CUC for $87 million. Beyond Podiatry employs over 200 people and operates more than 30 locations across the region.
2. In March 2024, Cardinal Health acquired Specialty Networks, a multispecialty group purchasing organization, for $1.2 billion in cash. According to VMG Health, the acquisition enhanced clinical and economic value for approximately 11,500 specialty providers, including over 7,000 physicians in 1,200 independent practices.
3. In August 2024, McKesson entered an agreement to acquire a controlling interest in Community Oncology Revitalization Enterprise Ventures, a business and administrative services organization founded by Florida Cancer Specialists & Research Institute. The deal, valued at approximately $2.49 billion in cash, will give McKesson a 70% ownership stake.
4. In October 2024, Rural Healthcare Group acquired Steward Medical Group and Steward Health Care Network for $245 million. According to VMG Health, RHG plans to invest significantly in Steward’s infrastructure following the acquisition.
5. Also in October 2024, University of Iowa Health Care announced a partnership with Mission Cancer + Blood, a physician-owned oncology practice with 21 clinics across Iowa. The deal, valued at $280 million, aims to establish a comprehensive cancer care network in the state.
6. In November 2024, Cencora reached a definitive agreement to acquire Retina Consultants of America from Webster Equity Partners for $4.6 billion in cash. Upon closing, Cencora will hold approximately 85% ownership in RCA, which includes nearly 300 retina specialists across 23 states.
7. In November 2024, Astrana Health announced a definitive agreement to acquire Prospect Health in a transaction valued at $745 million.
8. Also in November 2024, Cardinal Health acquired a majority stake in GI Alliance for $2.8 billion, one of the largest transactions in the gastroenterology space in recent years.
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