2025年第三季度医疗服务报告

INDUSTRY RESEARCH Healthcare ServicesReport PE trends and investment strategies Contents PE activity3 Institutional Research Group Healthcare services PE ecosystem market map9 Analysis Healthcare services PE investor map10 Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com Segment data11 Generalist & multispecialty providers12 Data Ancillary & outsourced services13 Physician practice management companies (PPMs)15 pbinstitutionalresearch@pitchbook.com Skilled care & behavioral health18 Publishing Healthcare services PE league tables20 Report designed byJenna O’MalleyandAdriana Hansen Published on November 18, 2025 PE activity systems, though admittedly a subsector with a small numberof deals, deal activity is on pace to eclipse 2024 totals by122%. Intellectual & developmental disability (IDD) practicesare on pace for an 113% increase over 2024 levels in 2025.Other areas of strength that we expect to continue into 2026include multispecialty practices and oncology, each on paceto rise 33% in 2025. Challenging operating environments forhospital systems could continue to drive deal activity in 2026.Multispecialty practices combined with ambulatory & surgicalcenters should drive continued deal strength in 2026. Wewould expect some mean reversion in SNF activity growthlevels in 2026. assets (with over 70% of the PE inventory currently held for morethan seven years) should result in a substantial upturn in activityin 2026 as valuation gaps between buyers and sellers converge. Clickhereto download our 2023 taxonomy report, which includesdefinitions, key investment drivers, and risks by segment. Healthcare services deal activity declined in Q3 2025, with anestimated 161 deals announced or closed, down 13% from theprevious quarter. However, Q1 and Q2 activity rerated a bithigher than initial estimates suggested. YTD, deal activity inhealthcare services is on track to just modestly surpass 2024levels, and we believe Q3 will represent a near-term trough. TheQ3 decline in deal count is primarily attributable to PPMs, wherethe market may have temporarily paused to assess the impact ofincreased regulatory burdens for PE ownership of PPM assets instates such as California. Highlighted deals The most financially notable transaction in Q3 was ShieldsHealth Solutions’ $3.5 billion acquisition by Cigna’s subsidiaryEvernorth Health Services. Evernorth stated that the $3.5 billionsum would provide growth capital for the specialty pharmacycompany in its sale by Walgreens Boots Alliance,1whichacquired the asset in October 2021 at a $2.2 billion post-moneyvaluation. The $2.4 billion LBO of Dentalcorp at a $3.3 billionpost-money valuation was the second-largest exit in the sectorin the quarter. The transaction equates to a 17x EV/EBITDAmultiple on a trailing-12-month (TTM) basis. The third-largesttransaction by deal value was the $2.2 billion LBO of the homeinfusion provider, KabaFusion. Areas with frostbite Medicaid cuts, stricter eligibility rules, and the pendingelimination of premium rebate tax credits under the OneBig Beautiful Bill Act, which passed in June, had participantsrecalculating the revenue and profit profiles of their existingassets as well as potential acquisition targets. With those re-evaluation exercises in the rearview mirror and regulatoryassessments of recent state actions indicating no significantlong-term impact on healthcare services PE deal activity, wesee Q3 2025 as a likely bottom of deal activity. Going forward,additional rate cuts and extended PE holding periods for PPM Gastroenterology has seen no deal activity in 2025, as thespecialty has been particularly impacted by the effects of GLP-1drugs, though prescription-level growth has flattened out in theUS pending oral formulations hitting the market and the TrumpAdministration’s announcement for partial coverage of GLP-1 drugs by Medicare in 2026. Obstetrics & gynecology is onpace to end the year down 33% from 2024. Dermatology hasbeen similarly depressed with 2025, on track to be down 29%from 2024. We expect GLP-1 headwinds to continue to impact Pockets of deal count activity Skilled nursing facilities (SNFs) are on pace to see dealcounts in 2025 148% above 2024 levels. Surprisingly, the nextlargest increase in activity has been in hospitals and health PPMs Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 2025 Source: PitchBook • Geography: US and Canada • As of September 30, 20