2025 was a year of restraint for healthcare provider M&A.

Hospital transactions slowed, while dental, behavioral health, and other practice specialties stayed active. Tight margins, labor pressures, and antitrust scrutiny pushed dealmakers toward mid-market and distress-driven transactions. Behavioral health and home/post-acute care drew consistent interest, while hospital systems prioritized financial stabilization, selective partnerships, and shedding non-core or rural assets.

In a conversation with Cassie McGrath, Managing Partner Michael Abrams shared that activity should pick up modestly in 2026 – but remain highly selective.

Read more about what Michael expects to see in M&A in the new year in Healthcare Brew.