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Table of contents
Q4 2023
Healthcare Services Report
February 8, 2024
A frosty winter for private equity in healthcare services
PE dealmaking in healthcare services declined an estimated 16.2% year-over-year in 2023, while platform deals hit a seven-year low as acquirers reeled from high interest rates and a prolonged labor crunch. Healthcare services companies made up 20% of leveraged loan default value in 2023, and large deals remain difficult to finance, according to our Q4 2023 Healthcare Services Report.
In 2024, rainmakers will be closely following interest rate cuts and antitrust scrutiny targeted at PE healthcare services as they wait for more favorable exit opportunities.
Table of contents
| PE activity | 3 |
| Healthcare services PE ecosystem market map | 12 |
| Healthcare services PE investor map | 13 |
| Q4 2023 timeline | 14 |
| Segment data | 15 |
| Generalist & multispecialty providers | 16 |
| Ancillary & outsourced services | 17 |
| Physician practice management companies (PPMs) | 19 |
| Skilled care & behavioral health | 22 |
| Spotlights | 24 |
| 2023’s top three categories | 25 |
| Obstetrics & gynecology | 29 |
| Direct primary care | 33 |
| Appendix | 38 |