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Clinics

The sector at a glance

Outpatient medicine is care delivered outside the hospital bed: primary care and family medicine offices, multispecialty physician groups, urgent care and occupational health, single-specialty practices in gastroenterology, orthopedics, dermatology, oncology, ENT and ophthalmology, dental practices, behavioral health and counseling practices, ambulatory surgery centers, federally qualified health centers, and the fast-growing direct primary care and concierge membership models. It is a business governed as much by law as by medicine: the corporate practice of medicine doctrine dictates who may own a practice, state medical board advertising rules dictate what it may claim, and the Anti-Kickback Statute, Stark Law and HIPAA dictate how it may market and to whom. Revenue arrives through a payer, not a customer, so coding accuracy, credentialing, prior authorization and denial management determine whether care delivered becomes cash collected. Buyers are practice administrators, managing partners, physician owners, medical group CFOs and marketing directors, all measuring against panel size, third next available appointment, no-show rate, days in AR and cost per new patient. Austin is the anchor market: a large physician-led multispecialty group, an unusually strong FQHC safety net, and a metro whose population growth has outrun its primary-care supply.

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