2026年一季度医疗服务报告（英）2026

Healthcare ServicesReport PE trends and investment strategies Contents PE activity3 Institutional Research Group Healthcare services PE ecosystem market map7 Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com Healthcare services PE investor map8 Adi George Associate Data Analystpbinstitutionalresearch@pitchbook.comPublished on May 7, 2026 Segment data Generalist & multispecialty providers Ancillary & outsourced services PPMs13 Skilled care & behavioral health References18 PE activity Clickhereto download our 2023 taxonomy report, which includes definitions, key investment drivers, andrisks by segment. In Q1 2026, healthcare services deal activity decreased 16% YoY with 79 deals announced or closed.Andrew Kadar, a managing director at L.E.K. Consulting, attributed the dip to robust Q1 2025 dealactivity levels that “set a high YoY comparison bar.” He further noted that “the sentiment at theMcDermott Will & Schulte Healthcare Private Equity (HPE) Miami Conference in March was positivethis year.”1 The decline in deal count in Q1 was seen across most segments, including generalists & multispecialtyproviders, physician practice management companies (PPMs), and skilled care & behavioral health.The PPM deal count in the quarter is projected to be roughly in line with the lackluster Q4 2025 count(down 16.5% YoY). Healthcare services deal value in Q1 2026 was 23.3% lower YoY despite severalmegadeals during the quarter. PE exit count increased 6.7% YoY while PE exit value decreased 17.9%. Highlighted deals Elder and disabled care drove high-profile deals in the quarter. The largest transaction was GeneralAtlantic’s $3 billion LBO acquisition of TEAM Services Group. The next-largest deal was the $1.2 billiontake-private LBO of Enhabit Home Health & Hospice by Kinderhook Industries in February at a 13.3xenterprise value (EV)/trailing 12-month (TTM) EBITDA multiple. Strength in the elder care category willlikely continue as demographics support these investments and the sector sees strong interest fromstrategic acquirers. Broad weakness across segments and categories, though activitypersists in certain areas Even with the inherent quarterly volatility and the depressed activity levels in Q1, certain categoriessaw continued activity, including home-based care, mental health, skilled & behavioral care, andoccupational & correctional healthcare. PPM subsegments that saw solid activity included dental,dermatology, musculoskeletal (MSK), and vision. Areas seeing the strongest interest for strategic exitswill likely continue to be the most favored, as strategic exits have historically been the more significantforce in PE exits. This could challenge returns for large-scale dental assets with no clear-cut strategicacquisition options. Aged inventory The areas with aged inventories of PE-backed companies (excluding add-ons) include dental, mentalhealth, home-based care, MSK, veterinary, dermatology, clinical staffing, and vision, with each categoryhaving at least 25 companies with holding times of at least five years. We note that this quarter’s dataremoves some formulaic anomalies that were introduced in past years’ data pulls; as such, the holding-period data will not correspond to that of past reports and is a more accurate reflection of the market. Source: PitchBook • Geography: US and Canada • As of March 31, 2026 PE ACTIVITY Since the release of first-quarter earnings reports, valuations have improved for payers. Results werenot as bad as feared as utilization trends were softer than anticipated and winter weather impactedtrends favorably for payers and unfavorably for providers. We believe enhanced AI-based revenue cyclemanagement capabilities at providers and AI-induced healthcare utilization will lead to continued cost-trend pressures for payers as 2026 progresses. Valuations Public company valuation multiples for hospitals are now just below long-term averages (10x EV/TTMEBITDA), with providers’ shares largely unchanged at quarter-end despite expectations for a modest3.9% increase in EBITDA in 2026. The payer subsector’s median YTD return of -21.7% reflected broad-based declines, with names that have greater exposure to Medicaid and Medicare reimbursementpressures seeing the greatest impact on their stock prices. UnitedHealth Group (-18%) also continuedto weigh on sector sentiment as management guided adjusted earnings per share to greater than$17.75 for 2026, reflecting at least 8.6% growth but well below the company’s historical trajectory. Healthcare services PE ecosystem market map This market map is an overview of PE-backed companies ranked by total capital raised.Click to view the full map on the PitchBook Platform. Healthcare services PE investor map Investor map is a representative overview of active investors in global buyouts and growth equity. Investors are classified by the size of the fund out of which they primarily invest inhealthcare services. Segme