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Healthcare Services Report

Q4 2022

Healthcare Services Report

February 3, 2023

This report was reuploaded on February 16, 2023, to remove a sponsor and on May 9, 2023, to correct data in a table.

Healthcare services deal activity continues to slip in Q4

While 2022 was the second-best year on record for PE investment in healthcare services, dealmaking declined throughout the year and rounded out Q4 at pre-pandemic levels. 

And PitchBook analysts don't see a rebound on the horizon quite yet. The staffing crunch, liquidity constraints and a rocky fundraising market will likely continue to drag deal count down in the first half of 2023.

Our Q4 2022 Healthcare Services Report breaks down recent PE trends, investment strategies and key regulatory developments in the healthcare services market. The report also spotlights opportunities in rheumatology, value-based care enablers and Medicaid/CHIP pediatric dentistry.


Table of contents
PE activity 3
Healthcare services PE ecosystem market map 10
Healthcare services PE investor map 12
Q4 2022 timeline 13
Key regulatory developments 14
Segment data 15
       Generalist providers 16
       Multispecialty providers 17
       PPMs 18
       Skilled care and behavioral health 21
Spotlights 23
       Rheumatology 24
       VBC enablers 26
       Medicaid/CHIP pediatric dentistry 27
Appendix 29