Private Equity Kills Almost Everything It Touches and DPC is No Exception

Posted on by

I have long discussed the risk of private equity salivating over Direct Primary Care. It has mostly failed (Forward) so far, but they keep trying. Remember, they want to make money and usually 10 times their investment. My future prediction is they want to get rid of doctors altogether in their DPC bastardized model and use nondoctors plus AI, but time will tell. All I know is that once they get involved, quality goes down. I was recently reminded of this when this story came out about Buffalo Wild Wings:

In 2017, Arby’s Restaurant Group—majority-owned by Roark Capital—bought Buffalo Wild Wings for $2.9 billion, folding it into Inspire Brands alongside Arby’s, Sonic, and others. Customers blame the private equity owners for changes like cheaper chicken suppliers, stricter labor controls, tiny sauce cups, and extras like 50-cent ranch or separate wing flats and drums. While sales rose 2.4% in 2024 thanks to digital orders and new formats, fans share stories of missing wings in to-go bags and overall letdowns, with some switching to Costco or Domino’s.

This story is going around the interwebs as I write this. I do not know if it is true, but I have a hunch it is.

It’s a tale as old as time.

PE = parasites.

Why am I telling you this? Well, don’t be a sellout. Do your job. Be great at it. Help people. Make a good living. Don’t be greedy.

It’s that simple.

9

About Douglas Farrago, MD

Dr. Farrago is a retired family physician based in Forest, Virginia. Since 2021, he has run DPCnews.com, a leading resource for the Direct Primary Care (DPC) movement. He is the author of three best-selling books on Direct Primary Care: The Official Guide to Starting Your Own Direct Primary Care Practice The Direct Primary Care Doctor’s Daily Motivational Journal Slowing the Churn in Direct Primary Care (While Also Keeping Your Sanity) In 2016, Dr. Farrago conceived the idea for the Direct Primary Care Alliance and co-founded the organization alongside other pioneering DPC physicians. He is widely recognized as a leading expert in the DPC model and frequently lectures to medical students, residents, and practicing physicians on how to successfully start and run their own DPC practices.Dr. Farrago sold his Direct Primary Care practice in October 2020 but continues to receive care there as a patient.