alt Hacker NewsI suppose they mean private equity in the boogeyman sense, which today is divorced from the plain definition "privately owned" and instead refers to the kind of private ownership that is focused on trimming the fat / squeezing the orange through enshittification as in cory doctorow.
An individual practice is highly unlikely to ever be listed on a major stock exchange.
OTOH once in the hands of some private equity funds, they can pretty much do that to one of their properties whenever they feel like it, or even decide to take the whole PE group public if they get a wild hair.
All it takes is a little paperwork for them (the kind they are much more self-interested in compared to most decent medical professionals) perhaps including some bank notes.