Market size — primary care first
Physicians, groups & the PCP wedge
REV starts where the visit mix is narrow and automatable: independent primary care. The market is large, fragmented, and consolidating — and the plan captures a fraction of a percent of it. This is runway, not a share-grab.
The market at a glance
Built from the cited figures (AAMC/HRSA/AMA): PCP share ≈ 280k of 1.03M active physicians; ownership per AMA 2024; specialty split approximate.
The independent slice — and the 1–4 doctor wedge
Of the ~866,460 physicians in direct patient care, the share still in independent, physician-owned practices is large but shrinking — and inside it, roughly half work in 1–4 doctor practices. That sub-slice is the part every incumbent ignores, and it is exactly where REV starts.
| Independent practice size | Share of physician-owned | Physicians (≈) |
|---|---|---|
| Solo (1 physician) | ~13–15% | ~47,000–55,000 |
| 2–4 physicians | ~33–35% | ~120,000–127,000 |
| 1–4 subtotal — the wedge | ~48–50% | ~174,000–182,000 |
| 5–10 physicians | ~20–22% | ~73,000–80,000 |
| 11–24 physicians | ~12–14% | ~44,000–51,000 |
| 25–49 physicians | ~7–8% | ~25,000–29,000 |
| 50+ physicians | ~10–11% | ~36,000–40,000 |
Practice-size distribution within physician-owned practices (AMA 2024 Benchmark Survey; ranges reflect rounding across cuts). ~68% of physicians practice in single-specialty groups.
| Setting | Share | Physicians (≈) |
|---|---|---|
| Hospital / health-system | ~47% | ~407,000 |
| Corporate (PE, insurers, pharmacy) | ~23% | ~199,000 |
| Independent / physician-owned | ~42% | ~363,000 |
503,113 physicians were employed by hospitals or corporate entities as of Jan 1, 2024; ~6.5% are in PE-owned practices (PE share exceeds 30% in GI, dermatology, and ophthalmology). Ownership and employment are reported on overlapping AMA cuts, so the shares are directional, not additive.
TAM → SAM → SOM
| Layer | Definition | Size |
|---|---|---|
| TAM | All US PCPs (~280,000) × blended ~$4,898/provider/mo platform revenue | ~$16.4B / yr |
| SAM | Independent / small PCP groups reachable via the partner-acquisition channel (the ~42% physician-owned slice, skewed to PCP) | ~$4–6B / yr |
| SOM (this plan) | 866 providers at exit = ~0.3% of PCPs | $50.9M ARR |
TAM math: ~280,000 PCPs × $4,898/mo × 12 ≈ $16.4B/yr. The plan's exit ARR is ~0.3% of TAM and a low-single-digit share of even the independent-PCP SAM — the model never assumes meaningful market share.
PCP breakout
Primary care = internal medicine + family medicine/general practice + pediatrics (the three largest active-physician specialties). Approximate counts; the platform's narrow-E/M economics apply across all three.
| Primary-care specialty | Approx. active physicians |
|---|---|
| Internal medicine (general) | ~110,000 |
| Family medicine / general practice | ~115,000 |
| Pediatrics (general) | ~60,000 |
| Total primary care | ~280,000 |
Counts are approximate (rounded from AAMC specialty data); the headline ~280,000 PCP figure is the sourced total.
Why fragmentation is the opportunity
~136,000 group practices, ~42% still physician-owned and shrinking, means a long tail of independent PCP groups under consolidation pressure — exactly the networks the partner channel acquires and places on REV. Fragmentation + consolidation is the tailwind, and the platform is the system those consolidated networks run on.
Sources
- US active physicians (1,032,365; 866,460 direct patient care, 2024): AAMC — 2025 Key Findings / US Physician Workforce Data Dashboard.
- Primary-care physician count (~280,000; ~⅓ of physicians): AAMC specialty data + HRSA — State of the Primary Care Workforce, 2025.
- ~136,000 physician group practices: Definitive Healthcare.
- Practice ownership (~42% physician-owned; ~77.6% employed, Jan 2024): AMA — Physician Practice Characteristics 2024.
- Practice-size distribution & hospital/corporate employment (503,113 employed by hospitals/corporate, Jan 1 2024; ~6.5% PE-owned): AMA 2024 Physician Practice Benchmark Survey; Fierce Healthcare; Becker's ASC Review.