Cain Brothers

Proud of Cain Brothers' collaboration with ArchCare and the Archdiocese of New York. Humbled by the honor to receive the ArchCare Partnership Award. KeyBanc Capital Markets

We have another conference recap out this morning - a triple-header with the Cain Brothers Private Company Healthcare Conference, McDermott Will & Emery's Hospitals and Health Systems Summit, and MWE's HPE NYC. Read the full report here: https://lnkd.in/gV6wRXx7 The PPM dislocation is in such full force that some are referring to specialty physicians as a “contrarian play.” For this to be feasible, sellers would need to capitulate to lower multiples than those they paid at entrance. Instead, we feel that the best “value” to be had right now is in add-ons, both in provider categories that have become less competitive and in healthcare IT, where VC-backed companies are increasingly willing to contemplate PE exits Current leveraged loan spreads are in the vicinity of 525 basis points for the lower middle market and as low as 450 for the upper middle market, down around 100 basis points from the beginning of the year. HoldCo PIK and preferred equity structures are increasingly being used to bridge valuation gaps. Our favorite panelist quote regarding AI across the three conferences: “Building tools is easy; the hard part is implementation.” Our runner-up favorite: “The fewer mentions of AI in a CIM, the better.” As health systems continue to move in the direction of outsourcing and seeking capital partners to support development, and as PE sponsors seek differentiated value-creation strategies, we may see novel collaborations emerge beyond the traditional three-way ASC joint venture. Opportunity areas include specialty/340B pharmacy, infusion, and clinical trials. In the report, we also include notes on high-risk care management, AI, remote patient monitoring, and revenue cycle management. Thanks to Wyatt Ritchie, Krist Werling, James Ravitz, Emily Cook, Adam Rogers, Dale Van Demark, and Jeff Elton for sitting down with me during the events to share their insights.

Industry Insights is now available. Inside this week, Keith Hollihan of 4sight Health provides a recap of Cain Brothers' 11th Annual Private Company Healthcare Conference, held last week. #CainBrothers #IndustryInsights #Healthcare #InvestmentBanking

Thanks to the more than 80 healthcare company leaders and 350 investors who attended our 11th Annual Cain Brothers Private Company Healthcare Conference at the iconic Lotte New York Palace. Your participation made for a thought-provoking and highly engaging event. Over two days, attendees engaged in a dynamic exchange of relevant ideas and observations on the healthcare sector through keynote addresses, presentations, and 600+ unique meetings. #KBCM #CainBrothers

Cain Brothers House Calls is now available. What’s Happening to Medicare Advantage? A Panel Discussion Medicare Advantage (MA), a once highly attractive, fast-growing market, now shows signs of distress. In this panel discussion, Cain Brothers head Wyatt Ritchie talks to Managing Directors Mike Elizondo and Stacy Guffanti along with thought-leadership partner Dave Johnson of 4sight Health about the decisions stakeholders across the healthcare industry face over the coming year. Listen to our accompanying podcast on Apple Podcasts at: https://lnkd.in/eTBitvBs

After moderating the keynote panel at the Cain Brothers Private Company Healthcare Conference, Managing Director Matthew (Matt) Margulies shares his predictions about the rapid pace of change in the healthcare industry. #KBCM #CainBrothers

Anna Haghgooie, Managing Director of Valtruis, participated in a private equity panel at our conference this week. Hear her thoughts about the recovering M&A markets and her perspective about the healthcare industry for 2025. #KBCM #CainBrothers

Our President of Key Institutional Bank & KeyBanc Capital Markets, Randy Paine, summarized the sentiment of the 11th Annual Cain Brothers Private Company Healthcare Conference. The conference brings together hundreds of leaders in healthcare and private equity. #KBCM #CainBrothers