2016 was a busy year for deals in the U.S. health services sector, with $71.7 billion worth of deals completed in total. Of the 939 health services deals completed throughout the year, 119 occurred in the physician medical group sub-sector, according to a recently published report from global accounting firm PwC.

The average value of physician medical group deals has risen enormously since 2015. In fact, in terms of deal value, physician medical groups represented 2016’s most-rapidly growing health services sub-sector at 384.6%, the report indicates.

The 119 physician medical group deals in 2016 were worth approximately $13.26 billion. The 89 hospital deals in 2016, meanwhile, were worth about $13.95 million.

Source: PwC

Additionally, there were 14 health services mega-deals in 2016 worth $42.5 billion, the report says. Three of these mega-deals—collectively worth $13.8 billion—took place in the physician medical group sub-sector.

Written by Mary Kate Nelson