PwC’s 2026 Healthcare Investment Outlook: Where Capital Is Moving and Why
PwC’s 2026 healthcare investment outlook projects a more consistent year for private equity deal activity, supported by lower interest rates, available dry powder, and LP pressure for liquidity after a backlog of delayed transactions from the 2018–22 cycle. Strategy is shifting away from traditional roll-ups toward assets with durable revenue and operational efficiency levers — particularly revenue cycle management, patient access optimization, and infrastructure. Early signs of transaction activity are returning to dermatology, orthopedics, behavioral health, women’s health, and dental. In healthcare IT, AI-driven bolt-on tools for prior authorization, coding, and denials management are the primary M&A path in RCM, while specialty and ambulatory EHRs are attracting platform-level investment through product expansion and workflow automation rather than roll-ups. Persistent valuation dislocation from prior cycles and policy uncertainty around reimbursement may still constrain mid-market deal flow.
For operators and PE sponsors navigating 2026, PwC’s read on where capital is concentrating — and why — matters for both growth strategy and exit planning. The shift toward RCM efficiency, patient access, and operational margin over pure network scale reflects a durable change in how healthcare assets are being valued and transacted.
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