Q4 2025 Highlights:
• Deal volume hit multi-year highs for the full year—but slowed sharply in Q4 as buyers turned cautious.
• Private capital is still flowing—but selectively, with outpatient mental health and autism platforms pulling ahead while safety-net providers fall further behind.
• Facility closures accelerated nationwide, cutting inpatient and residential capacity as Medicaid and federal funding tightened.
• Policy volatility is now an operating risk—January’s SAMHSA grant whiplash froze planning and investment for community providers.
• Telehealth survived the rollback (for behavioral health), quietly reinforcing its role as core infrastructure.
• Workforce shortages and burnout are worsening, even as demand keeps rising.
