> So why aren't new doctors opening their own practices? For the same reason that nobody builds out a second set of power lines to compete with an incumbent po

> So why aren't new doctors opening their own practices? For the same reason that nobody builds out a second set of power lines to compete with an incumbent power utility. It's capital-intensive, the size of the medical market for the area is fixed, and you'll just be fighting the established practice for it in a zero-sum game. You can win, but it's going to be way more work for less reward than just finding a PE practice that's hiring/a traditional practice with spare space that's looking for a partner.