Historically, dermatology has been a key sector in the physician practice management (PPM) space for private equity (PE) firms, largely because the dermatology industry is characterized by diversity in payor and service mix, low concern from a cost management perspective, and favorable reimbursement variability. During COVID-19, investor interest in PPMs diminished due to utilization and revenue pressure, staffing shortages, and regulatory oversight of investment activity under the Biden administration. However, as we progress into the second Trump administration, PPMs are positioned for a reemergence in healthcare. Dermatology is well suited for this reemergence, as the sector is established, meaning it is not risky to be a first mover in, but does not see stagnation in development and demand. In this piece, Marwood explores the outlook for the dermatology PPM market, and why opportunities still exist for investors to add value.