1、Healthcare ServicesReportPE trends and investment strategiesINDUSTRY RESEARCHQ42022ContentsQ4 2022 Healthcare Services ReportPG 2PublishingReport designed by Julia Midkiff Published on February 3,2023Rebecca Springer,Ph.D.Senior Analyst,Healthcare Lead Institutional Research Group AnalysisDataMatthe

2、w Nacionales Data AnalystPE activity3Healthcare services PE ecosystem market map10Healthcare services PE investor map12Q4 2022 timeline13Key regulatory developments14Segment data15Generalist providers16Multispecialty providers17PPMs18Skilled care and behavioral health21Spotlights23Rheumatology24VBC

3、enablers26Medicaid/CHIP pediatric dentistry27Appendix29Q4 2022 Healthcare Services Report PG 3PE activityThe healthcare services PE landscape closed out 2022 with a declining,but still healthy,level of deal activity.Firms announced or closed an estimated 863 deals in the year,making 2022 easily the

4、second-best year for PE healthcare services dealmaking,after 2021.However,quarterly trends show a steady decline throughout the year,especially in Q4,for which we estimate 158 deals,26.4%off Q3s figure.It is important to keep these numbers in perspective:Q4s dealmaking figure is entirely respectable

5、 by 2018-2019 standards.But it is also more than a third less than the average quarterly deal count in 2021.The industry is adjusting to a new normal.The end-of-year decline in deal activity can be attributed principally to two factors.First,the pace of PE dealmaking has slowed due to macroeconomic

6、uncertainty and rising capital costs.Buyers and lenders alike are more circumspect,and the risk of overleveraging a platform is top of mind.Sellers in some cases still expect 2021-level valuations and will need to accept the reality of multiples a couple turns lower than the peak.Weeks-long deal pro