The article analyzes the transformation of American medicine by private capital (private equity, PE) and its implications for health equity. PE investments lead to changes in the workforce, increased costs and utilization of services, mixed effects on quality of care, and a lower discharge rate for Medicare patients, suggesting an increase in higher paying privately insured patients. PE serves as a source of capital to expand practices, invest in electronic health records, and hire staff in a competitive environment. PE is accelerating the consolidation of healthcare, where larger entities dominate and corporate influence grows. In some regions, PE is more concentrated due to state regulations supporting investments. The American Medical Association (AMA) has expressed concern for residents in PE-dominated hospitals; in 2019, more than 570 residents lost their liability insurance or position after a PE hospital closed in Pennsylvania. Physicians perceive PE negatively in relation to physician welfare, health care spending, and equity.