Private equity in local health care, by the numbers
How much of US dentistry, eye care, dermatology and GI is affiliated with private equity, state by state, plus the biggest PE-backed groups and the firms behind them. Data as of 2026-10-31.
- 6.9% of the 174,378 US dental practices in the national provider registry are affiliated with a PE-backed or lender-controlled group.
- 6.2% of 69,695 eye care practices are, 10.8% of 14,833 dermatology practices and 3.8% of 12,026 GI practices.
- 15.8% of 49,472 physical therapy clinics are. That likely undercounts Select Medical, whose clinics we match only by their registry names and signers, not a location list.
- The states with the highest dental share: Texas (12.7%), Florida (11.9%) and Wisconsin (11.3%).
- We track 553 groups: 275 PE-backed, 10 now controlled by lenders, 70 corporate-owned and 177 owned by their own clinicians.
- 246 investment firms are named as backers.
Map
Pick an industry, then click a state to see its cities.
By state
Share of each state’s dental, eye care, dermatology, GI and physical therapy practices affiliated with a PE-backed or lender-controlled group, highest dental share first. Vets are PE-backed locations of the chains we track. Download as CSV.
| State | Dental practices | PE share | Eye care | PE share | Dermatology | PE share | GI | PE share | Physical therapy | PE share | PE-backed vet locations |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Texas | 15,762 | 12.7% | 5,747 | 7.1% | 1,127 | 9.1% | 925 | 0.0% | 3,156 | 16.1% | 624 |
| Florida | 11,169 | 11.9% | 4,984 | 6.2% | 1,567 | 22.0% | 1,099 | 11.1% | 3,986 | 8.1% | 454 |
| Wisconsin | 2,588 | 11.3% | 1,125 | 1.9% | 217 | 0.0% | 123 | 0.0% | 649 | 23.6% | 145 |
| Georgia | 4,327 | 11.2% | 1,862 | 9.9% | 351 | 17.4% | 326 | 20.6% | 1,370 | 22.3% | 247 |
| Colorado | 3,605 | 9.8% | 1,500 | 9.3% | 300 | 17.0% | 187 | 2.1% | 1,223 | 5.0% | 236 |
| South Carolina | 2,501 | 9.6% | 974 | 8.4% | 192 | 10.9% | 167 | 0.0% | 815 | 23.3% | 127 |
| Arkansas | 1,338 | 9.3% | 592 | 1.2% | 75 | 0.0% | 80 | 0.0% | 526 | 3.4% | 52 |
| Arizona | 3,718 | 9.2% | 1,353 | 15.5% | 343 | 14.0% | 280 | 1.1% | 1,251 | 15.0% | 212 |
| Virginia | 4,542 | 8.9% | 1,604 | 10.8% | 342 | 9.4% | 267 | 8.2% | 1,223 | 23.7% | 238 |
| Tennessee | 3,010 | 8.8% | 1,295 | 3.2% | 214 | 3.3% | 190 | 3.7% | 937 | 25.1% | 170 |
| Oklahoma | 1,951 | 8.6% | 914 | 3.6% | 143 | 2.8% | 102 | 0.0% | 565 | 30.8% | 56 |
| Indiana | 3,005 | 8.2% | 1,577 | 11.2% | 210 | 1.9% | 179 | 1.7% | 847 | 28.0% | 144 |
| Minnesota | 2,607 | 7.9% | 1,123 | 5.8% | 150 | 3.3% | 77 | 0.0% | 415 | 2.7% | 120 |
| Missouri | 2,542 | 7.8% | 1,183 | 11.6% | 243 | 7.0% | 182 | 0.0% | 742 | 16.0% | 119 |
| Alabama | 1,961 | 7.7% | 1,032 | 7.5% | 175 | 12.6% | 138 | 8.7% | 599 | 22.5% | 71 |
| North Carolina | 5,049 | 7.6% | 1,754 | 12.0% | 420 | 9.5% | 381 | 0.3% | 1,451 | 19.6% | 290 |
| Iowa | 1,321 | 7.0% | 681 | 3.1% | 116 | 6.9% | 57 | 0.0% | 326 | 18.4% | 57 |
| Maryland | 3,198 | 6.5% | 1,453 | 10.5% | 368 | 17.1% | 436 | 3.0% | 1,595 | 20.5% | 148 |
| New Mexico | 913 | 6.1% | 339 | 3.2% | 76 | 14.5% | 41 | 0.0% | 261 | 5.4% | 31 |
| Michigan | 5,674 | 6.0% | 2,244 | 9.6% | 442 | 9.3% | 289 | 3.5% | 1,754 | 17.6% | 151 |
| Ohio | 5,052 | 6.0% | 2,514 | 10.4% | 463 | 14.0% | 398 | 9.8% | 957 | 15.0% | 223 |
| Illinois | 7,589 | 6.0% | 2,794 | 8.4% | 512 | 3.9% | 431 | 0.0% | 2,271 | 29.2% | 264 |
| New Hampshire | 768 | 5.9% | 238 | 7.6% | 57 | 15.8% | 38 | 0.0% | 267 | 6.4% | 70 |
| Kentucky | 1,904 | 5.7% | 885 | 12.4% | 134 | 0.7% | 173 | 2.9% | 699 | 17.9% | 68 |
| Nevada | 1,530 | 5.7% | 616 | 4.7% | 127 | 20.5% | 82 | 0.0% | 416 | 10.1% | 35 |
| Connecticut | 2,137 | 5.2% | 793 | 3.2% | 197 | 5.6% | 149 | 0.0% | 523 | 12.2% | 95 |
| Vermont | 314 | 5.1% | 120 | 2.5% | 23 | 17.4% | 19 | 0.0% | 144 | 0.0% | 21 |
| Mississippi | 1,162 | 5.0% | 530 | 0.2% | 88 | 1.1% | 85 | 5.9% | 440 | 16.4% | 41 |
| Oregon | 2,250 | 4.9% | 788 | 4.1% | 161 | 14.3% | 74 | 0.0% | 801 | 12.7% | 120 |
| Kansas | 1,316 | 4.8% | 730 | 12.2% | 90 | 4.4% | 56 | 0.0% | 404 | 23.3% | 57 |
| Idaho | 999 | 4.7% | 410 | 3.7% | 74 | 4.1% | 46 | 0.0% | 409 | 5.6% | 47 |
| Louisiana | 1,791 | 4.7% | 695 | 4.0% | 188 | 5.3% | 142 | 0.0% | 616 | 9.7% | 73 |
| Rhode Island | 476 | 4.6% | 226 | 0.4% | 62 | 6.5% | 70 | 0.0% | 199 | 35.7% | 29 |
| Nebraska | 983 | 4.6% | 470 | 4.7% | 58 | 0.0% | 29 | 0.0% | 291 | 9.6% | 41 |
| Pennsylvania | 6,414 | 4.5% | 2,843 | 7.9% | 545 | 5.5% | 438 | 0.0% | 1,851 | 24.1% | 236 |
| California | 25,200 | 4.4% | 7,630 | 3.3% | 1,858 | 10.4% | 1,408 | 3.3% | 3,785 | 9.6% | 497 |
| Massachusetts | 4,906 | 4.3% | 1,478 | 2.1% | 379 | 10.6% | 284 | 1.8% | 950 | 25.5% | 166 |
| Washington | 4,373 | 4.3% | 1,430 | 3.0% | 295 | 15.3% | 185 | 4.3% | 1,175 | 15.5% | 198 |
| Hawaii | 673 | 3.9% | 319 | 0.0% | 71 | 5.6% | 59 | 0.0% | 262 | 0.0% | 15 |
| North Dakota | 348 | 3.4% | 201 | 2.5% | 28 | 0.0% | 24 | 0.0% | 111 | 4.5% | 7 |
| New Jersey | 5,740 | 3.2% | 2,014 | 2.4% | 439 | 8.4% | 527 | 11.2% | 2,659 | 16.4% | 159 |
| Maine | 636 | 3.1% | 260 | 2.3% | 40 | 5.0% | 41 | 0.0% | 258 | 11.6% | 65 |
| Utah | 1,665 | 3.1% | 607 | 2.8% | 152 | 3.3% | 77 | 0.0% | 347 | 1.4% | 68 |
| New York | 10,770 | 3.0% | 4,814 | 2.0% | 1,294 | 10.6% | 1,234 | 2.5% | 4,549 | 11.4% | 327 |
| Delaware | 351 | 2.6% | 169 | 15.4% | 40 | 7.5% | 44 | 0.0% | 200 | 43.0% | 9 |
| West Virginia | 742 | 2.4% | 363 | 3.6% | 71 | 16.9% | 75 | 0.0% | 197 | 23.4% | 25 |
| Washington, DC | 464 | 2.4% | 158 | 9.5% | 56 | 12.5% | 36 | 0.0% | 110 | 5.5% | 18 |
| South Dakota | 429 | 2.3% | 215 | 1.9% | 32 | 0.0% | 20 | 0.0% | 123 | 4.9% | 9 |
| Wyoming | 302 | 2.0% | 141 | 0.0% | 26 | 34.6% | 8 | 0.0% | 140 | 1.4% | 8 |
| Alaska | 437 | 1.1% | 172 | 0.0% | 35 | 5.7% | 22 | 0.0% | 145 | 1.4% | 14 |
| Montana | 524 | 1.0% | 237 | 0.0% | 46 | 13.0% | 30 | 0.0% | 289 | 4.8% | 24 |
| Puerto Rico | 964 | 0.0% | 671 | 0.0% | 116 | 0.0% | 188 | 0.0% | 168 | 0.0% | 0 |
Largest PE-backed groups
Firms with the most locations
| Firm | Groups | Known locations |
|---|---|---|
| Ontario Teachers' Pension Plan | 3 | 5,125 |
| KKR | 4 | 5,119 |
| Charlesbank Capital Partners | 3 | 3,608 |
| Gryphon Investors | 10 | 3,223 |
| Leonard Green & Partners | 7 | 2,966 |
| Partners Group | 4 | 2,789 |
| American Securities | 2 | 2,615 |
| Ares Management | 2 | 2,615 |
| Goldman Sachs Alternatives | 3 | 2,298 |
| Cohesive Capital Partners | 1 | 2,240 |
| BDT & MSD Partners | 1 | 2,095 |
| Thomas H. Lee Partners | 2 | 1,713 |
| Waud Capital Partners | 2 | 1,503 |
| Warburg Pincus | 3 | 1,366 |
| Shore Capital Partners | 4 | 1,326 |
All 246 firms · Practices that kept a local name · Recent ownership changes
How we count
Dental, eye care, dermatology and GI: every practice in the national provider registry (NPI), checked against the groups we track. A practice counts once per address. Practices listed only under an individual dentist’s or doctor’s NPI are included, so totals run higher than counts of open offices. Vets aren’t in the registry, so for vets we count the locations of the chains we track, not every practice. You can use these figures with a link to peornot.org/stats/. How we label · Download the data