1、Healthcare ServicesReportPE trends and investment strategiesINDUSTRY RESEARCHQ32022Sponsored byLaunchREPORTContentsQ3 2022 Healthcare Services ReportPG 2PublishingReport designed by Joey Schaffer and Drew Sanders Published on November 14,2022Rebecca Springer,Ph.D.Senior Analyst,Healthcare Institutio

2、nal Research Group AnalysisDataMatthew Nacionales Data AnalystSponsored byVertical overview4PE activity7Healthcare services PE ecosystem market map10Healthcare services PE investor map12Q1 to Q3 2022 timeline13Key regulatory developments14A word from UnitedHealthcare15Segment overview17Generalist pr

3、oviders18Multispecialty providers25Physician practice management companies(PPMs)32Skilled care and behavioral health41Appendix50Q3 2022 Healthcare Services Report PG 4Sponsored byVertical overviewHealthcare services is the largest vertical within PE healthcare investing,accounting for roughly 10%of

4、PE buyout and growth deals overall in the US in 2022.The vertical includes traditional healthcare providers that offer medical treatment in hospitals,clinics,residential facilities,and homes.As one of the oldest PE buy-and-build plays,healthcare services continues to attract investor interest due to

5、 its favorable demographic trends,acyclical characteristics,and consolidation opportunities.According to Centers for Medicare&Medicaid Services(CMS)data,US healthcare services care expenditures reached$2.9 trillion in 2020 and is projected to exceed$4 trillion by 2027.This figure includes government

6、 and commercial payer reimbursement and out-of-pocket spending on care categories excluding retail prescriptions and medical products.1 We estimate that US PE firms currently have$62.0 billion in dry powder available to deploy in healthcare services,which translates to roughly$150 billion in cumulat