First Research Published from Physician 6(b) Study

We are excited to announce the publication of the first peer-reviewed journal article coming out of the FTC’s Physician 6(b) study.

The paper, published in the May 2025 issue of Health Affairs Scholar, provides an overview of the merger activity within 15 states between 2015 and 2020 (inclusive). 

The study identifies approximately 2,000 physician mergers during that period and characterizes the mergers in several ways, including:

• 38% of doctors worked for a group that acquired other doctors;
  • the typical merger involves a much larger firm acquiring a much smaller one;
  • 40% of mergers involve a hospital system;
  • most acquirers engage in just one acquisition of a firm in the same specialty;
  • we find a number of serial acquirers, many of whom are health systems; and,
  • 42% of mergers had some degree of competitive overlap between the parties, as measured by diversion ratios of above 5%.

This study builds on a strong tradition of Bureau of Economics research that informs the Commission and public about competition in healthcare markets. We look forward to disseminating more research based on the Physician 6(b) study data in the future.

The paper is available at: Physician mergers involve 38% of doctors, substantial health system participation, and frequent serial acquisition