Healthcare mergers and acquisition activity returned in full force in 2021 amidst a broad economic recovery, even as the healthcare industry continued to respond to the evolving COVID-19 pandemic. In 2021, healthcare M&A volume and value both exceeded pre-pandemic levels. The main catalyst for transactions continued to be a focus on building scale and cost efficiencies. Insatiable demand and limited supply of acquisition targets drove healthcare deal multiples to the highest levels seen in decades. As of the writing of this report, macroeconomic factors have impacted the economic recovery that fed deal volume and values in 2021.

Leveraging VMG Health’s expertise as the leading provider of healthcare transaction and valuation services, this annual report examines the healthcare M&A landscape in 2021 and the 2022 outlook. We analyze transaction activity, regulatory changes, reimbursement outlook, M&A outlook, and other industry dynamics driving M&A across several prominent healthcare verticals. Namely:

  • Ambulatory Surgery Centers
  • Diagnostic Imaging Centers
  • Acute Care Hospitals
  • Physician Medical Groups
  • Post-Acute
  • Behavioral Health
  • Urgent Care
  • Dialysis
  • Oncology