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Bain Capital Expands its Pediatric Home Health Platform

by | Jan 18, 2017 6:28 pm | Home Health & Hospice, Private Equity

In less than a month, Bain Capital Private Equity has built a major pediatric home health care platform. It began on December 19,  2016, with Bain’s announcement that it was acquiring Dallas, Texas-based Epic Health Services, from Webster Capital. On January 17, 2017, the global private equity firm announced a deal for Atlanta, Georgia-based PSA Healthcare, sold by J.H. Whitney Capital Partners. Financial terms were not disclosed in either deal. J.H. Whitney acquired PSA Healthcare, then known as Pediatric Services of America, Inc., in March 2015, for an undisclosed price. PSA specialized in caring for medically fragile children at home, caring for more than 2,500 patients through 65... Read More »

December 2016 Didn’t Deliver a Year-End Boost

by | Jan 13, 2017 4:37 pm | Behavioral Health Care, Biotechnology, eHealth, Home Health & Hospice, Hospitals, Laboratories, MRI & Dialysis, Medical Devices, Pharmaceuticals, Physician Medical Groups, Private Equity, Rehabilitation

The final month of the fourth quarter is typically a busy one for deal makers in all industries. Last year, some health care deal makers apparently got a rest. Deal volume in December 2016 was an anemic 119 transactions, compared with 131 deals in November and 148 in December 2015. The Services sectors accounted for 55% of the deals in December, which is on the low side. Consider that, in November, Services accounted for 69% of the month’s transactions, and even 70% of the total in December 2015. Spending on those deals reached $15.4 billion, a relatively modest amount until it is compared with November’s $8.7 billion total (+78%) and December 2015’s $12.3 billion total (+26%). Suddenly,... Read More »

Good-Bye, ACA. Now What?

by | Jan 12, 2017 8:00 am | Biotechnology, eHealth, Home Health & Hospice, Hospitals, Long-Term Care

And so it begins. A new year, a new administration, and a foreboding that things can and will go wildly out of control in the healthcare industry, as the new administration dismantles the Affordable Care Act and doesn’t bother to replace it. Judging from the market’s behavior since the November 8 election, the notion that a Hillary Clinton victory was “baked in” to every healthcare deal doesn’t hold. Certainly some deals may have been put on hold following Donald Trump’s election, but 2016 ended with 1,536 deals, in our preliminary count. That’s 1% higher than 2015, which was the first year to break 1,500 transactions. Spending on deals in 2016, while not in record territory, was healthy.... Read More »

Outpatient Surgery Centers Take the Spotlight

by | Jan 10, 2017 5:52 pm | Other Services, Physician Medical Groups

After a record-setting year in 2016, the Physician Medical Group sector got off to a swift start in  2017, with a deal that is telling of changing healthcare paradigms, especially the shift from inpatient to outpatient care. Only two weeks into the new year, and seven transactions have been announced for physician practices and management companies. Envision Healthcare Corp. (NYSE: EVHC), the entity that officially combined Envision Healthcare Holdings and AmSurg Corp. (NASDAQ: AMSG) on December 1, 2016, announced three practice acquisitions in the first week alone. Privately held Dermatology Associates, Family Care Partners and Platinum Dermatology Partners announced one... Read More »

M and A Slows in Pharma Sector in 2016

by | Jan 9, 2017 5:16 pm | Pharmaceuticals

The pharmaceutical industry has been the behemoth of healthcare M&A, usually accounting for the largest dollar amounts spent in any given year and often one of the most active in terms of number of transactions. But since its record year in 2014, this sector has been on a slow decline. Big Pharma deal volume dropped 9% since 2015, from 171 that year to 156 deals in 2016. Dollars spent slid even further, down 39%, from $138.4 billion in 2015 to just $84.45 billion in 2016. The Pharma sector is notorious for its multi-billion dollar mega deals. The largest pharma deal in 2016 is a prime example, as it was also the largest deal of the year. That was Shire plc’s... Read More »

2016 Delivered on Health Care M and A

by | Jan 6, 2017 8:20 pm | Behavioral Health Care, Biotechnology, eHealth, Home Health & Hospice, Hospitals, Laboratories, MRI & Dialysis, Long-Term Care, Managed Care, Medical Devices, Other Services, Pharmaceuticals, Physician Medical Groups, Rehabilitation

As health care mergers and acquisitions go, 2016 lived up to the predictions that M&A activity would stay strong. Preliminary data for year-end totals shows 1,536 announced transactions across 13 healthcare sectors. The total represents a 1% increase in deal volume compared with 2015. (See chart below.) Spending on those deals was significantly lower than the previous year, at least for now. The combined total spending in 2016 now stands at $255.7 billion, down 36% compared with 2015’s $400.3 billion. Nearly $100 billion of that total now hangs in the balance, as two of 2015’s largest deals (Anthem/Cigna and Aetna/Humana) await decisions from a federal judge regarding... Read More »

PMG Sector Sets Record in 2016

by | Jan 6, 2017 8:12 pm | Physician Medical Groups, Private Equity

Mergers and acquisitions in the Physician Medical Group sector hit a record 119 transactions in 2016, up 19% over 2015’s previous record of 100 announced transactions. Consolidation was a big theme, as some of the top publicly traded companies either merged or were taken private. Another factor driving independent physician practices to team up was MACRA (the Medicare Access & CHIP Reauthorization Act of 2015), which gave smaller physician practices the option to stay with fee-for-service Medicare reimbursement, or to switch to value-based payment for treating Medicare patients. The best option for many groups was to join a larger practice or the local hospital. Despite the frenzy of... Read More »

Hospital Deals Dipped in 2016

by | Jan 6, 2017 1:39 am | Hospitals

What the Affordable Care Act gave to the hospital sector, in the form of millions of more insured patients, it slowly took away, in the form of declining inpatient visits and growing competition from freestanding emergency rooms, ambulatory surgery centers and urgent care clinics. The ACA’s beneficial effects were largely played out by the third quarter of 2015, and by 2016, the thrill was gone. Hospital M&A slid slightly in 2016, according to our preliminary year-end data. Eighty-nine hospital deals were announced, down 13% compared with 2015. Spending was far higher than a year ago, reaching nearly $14 billion, a figure 47% higher than 2015’s combined total of $9.5... Read More »