To the Editor: Private equity (PE) firms have invested in dermatology management groups (DMGs), which are physician practice management firms that operate and manage the administrative functions of dermatology clinics. DMGs commonly grow through acquisitions, in which physician-owned practices are purchased. However, by mid-2018, only half of dermatology clinics owned by DMGs with PE investment were associated with known acquisitions.1 This suggests that (1) many acquisitions may not be publicly disclosed and (2) organic growth, or the opening of new clinics, may play a substantial role in practice growth strategy.