Q3 2023
Healthcare Services Report
November 7, 2023
This report was reuploaded on November 20, 2023, to update a chart on page 24.
On shaky ground, PE taking no risks in healthcare services
The pace of PE dealmaking in healthcare services fell again in Q3—down 28% from the prior quarter and roughly half from the market’s peak. Lenders have been stingier on financing, and few PE firms are willing to make big bets. The data from our latest Healthcare Services Report shows investors are focused on smaller deals, existing platform growth, and restructuring deals.
The report spotlights our new subcategory data, which enables even more granular insights within the segments of clinical staffing, dental, dermatology, home-based care, mental health, musculoskeletal, and primary care.
Table of contents
| PE activity | 3 |
| Healthcare services PE ecosystem market map | 10 |
| Healthcare services PE investor map | 12 |
| Q3 2023 timeline | 13 |
| Key regulatory developments | 14 |
| Segment data | 15 |
| Generalist & multispecialty providers | 16 |
| Ancillary & outsourced services | 17 |
| Physician practice management companies (PPMs) | 19 |
| Skilled care & behavioral health | 22 |
| Spotlight | 23 |
| New subcategory data | 24 |
| Appendix | 28 |