I referred to indirect ownership through owning stakes in the private investment fund(s) that owns their own practice.

Most states require that a dentist own the practice so PE essentially splits the business in 2 where a dentist (maybe the original owner, maybe a new dentist brought in by the PE) own hiring any dentists and the patient records, while an MSO owns the building, all other staff, contracts and cash flow rights. So sure on paper a dentist "owns" the practice, but in reality the PE firm owns everything that makes it a business and exerts a ton of control.

But sure, keep imagining PE is pumping money into the industry to buy nothing.