OneOncology

Since the 2024 acquisition, AmerisourceBergen holds majority ownership and board control over OneOncology. Jeff Patton continues as CEO and leads day-to-day operations from Nashville. TPG holds a significant minority stake and board representation. The practice partners — the physician groups that make up the platform — retain minority equity and influence clinical governance at the local level, but major strategic and capital-allocation decisions now flow through AmerisourceBergen's corporate structure.

OneOncology sources through a dedicated business development team that targets independent community oncology practices typically with 10 or more providers and strong market share in their region. The firm relies on relationships with oncology physician networks, industry conferences, and referrals from existing partner practices. Unlike hospital systems, OneOncology does not require selling physicians to become employees — it markets the partnership-equity model and operational support as alternatives to full acquisition or hospital employment.

Yes, through its partner practices, OneOncology maintains extensive clinical trial operations. The platform's affiliated sites participated in hundreds of trials prior to the AmerisourceBergen deal, and the acquisition was partly motivated by AmerisourceBergen's interest in tying trial recruitment and real-world data capabilities to its pharmaceutical distribution business. Individual practices retain their own research divisions, which OneOncology supports with centralized trial-matching and administrative infrastructure.

AmerisourceBergen rebranded as Cencora in August 2023 just months before closing its acquisition of OneOncology. Cencora is the corporate parent, and OneOncology operates as a portfolio company within Cencora's strategic investments. The rationale for the deal centered on connecting drug distribution, specialty pharmacy, and provider services — making OneOncology a downstream channel for pharmaceutical products and a source of clinical data and trial infrastructure.

Optum employs physicians directly and manages their practices end-to-end under a corporate umbrella. Hospital-employed oncology groups typically become department employees within integrated delivery networks. OneOncology's model leaves practices as legally independent entities with their own governance boards, while the parent provides shared services, capital, and purchasing scale. Physicians become part-owners of the parent rather than salaried employees, a structure designed to preserve entrepreneurial incentives while delivering platform-level economics.

Participating practices contribute a portion of their equity to the parent company in exchange for operational support, growth capital, and an ownership stake in the broader OneOncology entity. Physician partners retain direct ownership in their local practice and indirect interest in the platform's aggregate value. When a liquidity event occurs — as with the 2024 AmerisourceBergen transaction — practice partners realize returns proportional to their ownership, which has historically made the model attractive compared to outright sale to a hospital.

OneOncology had added practices in multiple states across the Southeast, Midwest, and Northeast prior to the 2024 acquisition. Post-acquisition, Cencora indicated plans to continue scaling the platform through additional practice partnerships and potential new market entry. The oncology services market remains highly fragmented, and the platform has capacity to expand further into Western and Southwestern states if Cencora and TPG choose to allocate additional acquisition capital.