Winning investors will fine-tune their playbook to target recession-resilient themes.

Healthcare providers have historically underspent on information technology, but macroeconomic and secular trends are spurring investment in key areas.

Corporations took a hiatus from healthcare mergers and acquisitions, but excess cash and the need to buy growth should lead to a rebound in activity.

Tight credit and depressed valuations shift exit strategies and holding periods.

More funds are on the hunt, but a small group of dealmakers account for most of the activity.

Value-based care adoption increases across a growing spectrum of payment models.

Securing large-check financing grew more difficult as the year wore on.

Activity flagged in the latter half of the year in the face of macro woes.

Total disclosed regional deal value maintained 2021’s record pace.

Large buyouts in the first half of 2022 overcome the second-half slowdown.

Activity sputtered in the third quarter but recovered by year-end.

Transactions targeted specialty physician practice management platforms, targeted care, and services that let providers “do more with less.”

Despite a decline in volume, the long-term trend in transactions continues to be healthy.

But payer services and technology, along with continued corporate deal activity, will lead to opportunities.

Dealmaking got off to a bang but settled down as macroeconomic factors weighed in.