You are grossly undervaluing the amount of money these deals are worth. You should at least double your figure. FEP, the Florida group had over 280,000 visits per year and 13 campuses. You can guestimate the cost of deal by estimating Accounts receivable for a few years. Say they collect 120/pt. 280k x 120 = 33.6 million. So you're looking ballpark at least ~75 million deal (I'd estimate closer to 100M, but whatever, let's go conservative). FEP had just a few Senior partners (<10) , despite having over a 100 physicians. The senior partners are getting multi-million dollar deals for selling ( groups much smaller than FEP have sold for ~30-40 million--if you have 5-7 partners....do the math). Junior partners, from what I heard, didn't get much more back than their buy-in, certainly not enough to justify selling to TH. Employees received a comical amount--we're talking not enough to buy an average luxury car, and that's after vesting (plus, taxes eat up 1/3 of that bonus, and you have to pay taxes UP FRONT in 2017 taxes to take the buyout.)
In the end, in these deals if you have a group of senior partner with majority shares, it makes them multi-millionares, a bunch of junior partners w/ 1-200k for going from independent group to TH, and sweat-equity employees (already getting paid less than CMG's in area in exchange for future promise of partnership) who get totally hosed. I can't
The secret in all of this is to create a time machine to the 90's to (a) become partner/invest in apple/google, or (b) slap the first line of EM physicians who started the selling to allow these big groups. It is what it is. Honestly if I was 50-something and having to deal with all the pain in the butt changes to health laws and administrators, I'd probably justify cashing-in for 5-7 million as well, and drown my guilt on my new yacht.