We remain optimistic for a recovery in healthcare services deal activity in 2025 and 2026. In particular, we have been receiving a lot of inbound interest in the home and alternate site infusion space and in the behavioral health space. More specifically, in the behavioral health space, we have seen a sharp uptick in consolidation activity among autism therapy providers in recent quarters — with healthy valuation (EBITDA) multiples in the mid-teens.

Key Takeaways

• In May 2025, the House of Representatives passed a reconciliation bill that includes $723 billion of projected Medicaid spending reductions over the next ten years. This could negatively impact healthcare providers with a higher mix of Medicaid revenues, including those in behavioral health. The proposed bill now heads to the Senate, where we anticipate it may face significant edits.

• There are signs that changes may be coming to behavioral health “parity” regulations, which could lead to a volatile private health coverage environment for behavioral health providers. Recent court documents suggest that Trump administration may be considering a full re-write of behavioral health “parity” regulations. Given the Trump administration’s emphasis on deregulation, a re-write of “parity” rules could involve more flexibility being given to employers and health plans to offer less benefits for certain behavioral health conditions and substance use disorders.

• Recently released data from the Centers for Disease Control and Prevention shows that 32 out of 1,000 U.S. children (aged 4 to 8) now have an autism diagnosis. This is well more than double the prevalence of autism just a decade ago. This will almost certainly lead to more scrutiny from private and public payers on provider networks and fee-for-service payments for autism related services.

In the dynamic consumer health industry, staying ahead of trends is essential for informed decision-making and seizing opportunities. Bourne is active with multiple assignments across consumer health and other coverage areas. Please reach out to us for more information.

For more information on Healthcare Services, reach out to Aaron Olsen or Evan Goldstein.