> But why should an owner of a practice sell to their junior staff when PE is there offering 2, 3, 5x as much? The better question is, why does a medical pract

> But why should an owner of a practice sell to their junior staff when PE is there offering 2, 3, 5x as much? The better question is, why does a medical practice have a moat? What exactly is the PE firm buying? When the senior doctor retires, what stops the junior one(s) from renting their own offices and taking their patients with them? The answer is presumably something like, non-compete agreements, or vendor lock-in from EMR systems, or some kind of insurance or regulatory bureaucracy. So then we need to identify what it actually is and do away with it so the next generation's juniors don't have to outbid Wall St to acquire it.