PitchBook：2025年四季度医疗保健服务公共报表和估值指南报告（英文版）

The year 2025 in the healthcare services sector was defined by a stark bifurcation in performance between providers and payers, driven by a combination of elevated utilization trends, Medicaid acuity shifts, and shifting reimbursement landscapes. While provider shares, particularly hospitals and post-acute facilities, experienced significant tailwinds, the payer sector faced a “hydraulic press” on margins due to tightened Medicaid eligibility and sicker-than-expected risk pools. By the end of