医疗IT PE更新（英）2026

INDUSTRY RESEARCHH2 2025 HealthcareIT PE Update Institutional Research Group Brian WrightLead Research Analyst,Healthcarebrian.wright@pitchbook.com pbinstitutionalresearch@pitchbook.com PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Published on March 10, 2026 Contents Key takeaways1PE update2Appendix5 Key takeaways •Healthcare IT PE deal flow continued to be strong in H2 2025 with solid deal countsand larger deal sizes. The estimated deal count for the second half of 2025 was up15.9% from the prior-year period, and deal value was up 14.3%. The projected TTMdeal count was up 2.1%, and TTM deal value was up 23.9%. •AI was a factor in the second half of 2025, but to a significantly lesser extent thanin the first half, as the proposal to spin out New Mountain Capital’s healthcare ITassets in December did not meet our criteria to be included in the year’s data. Thelargest transaction in the second half of 2025 was the $2.6 billion LBO of Premier, ahealthcare supply chain and data analytics company, by an affiliate of Patient SquareCapital. The second-largest transaction was the $1.1 billion LBO of AGS Health, anend-to-end RCM vendor, by Blackstone for an 18.3x 2025 EV/EBITDA multiple. Itwill be interesting to see what the “SaaS-pocalypse” will mean for PE-backed RCMvendor valuations in 2026 and beyond, especially with CommonSpirit Health payingTenet Healthcare $1.9 billion to get out of its RCM contract with Tenet’s subsidiaryConifer Health Solutions. CommonSpirit Health will transition its RCM functionsto Midstream Health, an AI RCM vendor backed by CommonSpirit and AndreessenHorowitz. The collection-rate economics should be watched closely. •The analytics & value-based care segment led deal count growth for the healthcareIT vertical in 2025 at 109.1%, driven by robust H2 deal activity, though there wasa void of value-based care deals amid substantial activity in population health &clinical analytics as well as point-of-care tools and social determinants of health& high-risk care. Provider operations activity slowed in the second half of 2025,though deal value in this category grew 12.5% in 2025 on strong first-half activity. •Valuation levels for deals moderated in the second half of 2025 amid fewerexceptional growth assets with native AI capabilities, with EV/EBITDA multiples inthe high teens to low 20s. This is consistent with valuation levels seen in 2024, withlarger-scale, higher-quality assets in the high-20s range. The take-private of Premierwas at the low end of the range in the low double digits, given its growth profile. •Our “healthcare IT deal of the year” went to Clearlake Capital’s $5.3 billionacquisition of ModMed from Warburg Pincus in March, as the Rule of 40 companyexpects to be a Rule of 50 company in the near future and leads peers in BlackBook’s specialty EHR rankings. The technology-forward company should not onlysurvive but also thrive in the AI-native future. ModMed’s product offerings spanEHR, practice management, RCM, analytics, patient communications, and paymentprocessing. ModMed’s platform has focused on automation of PPM workflows,and recent product expansions include AI workflow agents and its own integratedambient AI scribe tailored to medical specialties. One interesting aspect ofModMed’s scribe is that it downloads to a local device, reducing latency. PE update Healthcare IT PE deal count increased 2.1% in 2025 with estimated H2 deal count15.9% above H2 2024 levels. The total transaction value in 2025 of $43.4 billion wasa massive 23.9% higher than 2024’s total, making it the second-highest on record,behind only the post-pandemic free-money-bubble peak of $68.8 billion in 2021. Thesecond-half transaction value of $22.4 billion increased 14.3% from the second halfof 2024. Exit activity was strong in 2025 with exit count up 7.7% and exit transactionvalue up 48%. However, exit activity moderated in the second half of 2025 with exitcount down 20% on difficult comparisons with the back half of 2024. AI remained an important, albeit more measured, theme in healthcare IT PE in thesecond half of 2025 compared with the AI-driven enthusiasm seen earlier in the year.While December discussions around a potential spinout of New Mountain Capital’shealthcare IT assets signaled continued strategic repositioning around AI-enabledplatforms, the transaction did not meet our criteria to be included in the year’s data.Instead, second-half activity was defined by large-scale buyouts with embeddedAI and automation exposure rather than pure-play AI bets. The $2.6 billion LBO ofPremier by an affiliate of Patient Square Capital and the $1.1 billion acquisition of AGS Health by Blackstone at an 18.3x 2025 enterprise value (EV)/EBITDA multipleunderscored sustained sponsor appetite for data-enabled assets and scaled revenuecycle management (RCM) businesses. However, forward-l