As U.S. healthcare providers face rising costs and shrinking margins, technology is increasingly viewed not just as an enhancement but as a necessity for delivering care, managing operations, and driving long-term sustainability. Despite macroeconomic pressures, ranging from labor shortages to tighter reimbursement models, healthcare information technology (healthcare IT) has emerged as one of the most resilient and attractive segments for investors.
William Blair’s investment banking advisory work in the industry spans software and technology serving providers, payers, and life sciences organizations. We see continued strength across the healthcare IT market, driven by enduring demand, a U.S.-centric client base, and business models that solve real problems for stakeholders.
“Our team would describe the deal environment we’re seeing as ‘highly constructive,’” said William Blair’s Darren Benton, director, healthcare IT in Investment Banking. “There’s a lot of enthusiasm, and we may even see more capital flow into healthcare IT due to it being somewhat insulated from broader macroeconomic factors, like supply chain issues or cross-border risk."
Where Capital Is Flowing
A recent deal that demonstrates investor interest in healthcare IT is the $1.85 billion sale of CentralReach, a leading platform for autism care providers, to Roper Technologies. William Blair advised on the transaction.
“You can look at this deal as a bellwether,” said William Blair’s Andrew Holden, director, healthcare IT in Investment Banking. "CentralReach is highly specialized, purpose-built for a specific care setting, and deeply embedded into clinical, operational, and administrative workflows.”
CentralReach provides end-to-end software that supports the delivery of applied behavior analysis, speech, occupational, and related therapies for care at home, school, and work. The transaction also reflects several key investment themes, including a move toward narrower, verticalized platforms with embedded AI capabilities, growing interest in behavioral health, and software that combines clinical operations with revenue-cycle functionality.
“Helping providers get paid more efficiently is a huge driver,” Holden said. “Margins are tight, labor is expensive, and in many cases, reimbursement is either flat or declining. Providers seek partners who help them work smarter, not just harder.”
Strong Tailwinds in RCM
Revenue cycle management (RCM) is a process that healthcare organizations use to oversee financial operations, such as billing and collecting revenue for medical services. These platforms have become increasingly valuable as economic pressures mount across the healthcare system. Benton highlighted it as an area within healthcare IT with sustainable momentum.
“This is a market where you still have many providers doing things manually with internal labor,” Benton said. “Solutions that directly tie to return on investment—whether through automation, artificial intelligence, or outsourced services—are in strong demand.”
They’re looking for stability, defensibility, and tangible ROI, and that’s exactly where healthcare IT excels.
ANDREW HOLDEN, Director, Healthcare IT
That demand is amplified amid increasing concern around growing rates of denials and uncompensated care. As providers look for ways to protect margins and streamline operations, the need to secure reimbursement efficiently has become critical.
“You’re helping providers collect what they’re contractually owed,” Holden said. “That’s the foundation for sustainable operations in a difficult funding environment.”
Opportunities in 2026
Holden sees opportunities in areas where demand outpaces supply. These include autism care, behavioral health, substance abuse, and other care settings that are experiencing above-trend growth, such as ambulatory surgery centers.
“In behavioral healthcare specifically, you’ve got situations where millions of people need treatment, and there simply aren’t enough clinicians,” Holden said. “That creates structural growth, and technology is often the fastest way to scale access and efficiency.”
Other areas of investor focus include continued demand for RCM innovations, value-added technology in hospital operations, growing emphasis on workflow AI and ambient documentation, and early-stage life sciences IT.
Despite macro volatility, we believe healthcare IT remains an attractive corner of the market for private and institutional capital. William Blair’s team brings deep expertise across the healthcare IT landscape to help clients navigate regulatory complexity while accelerating their strategic goals.
“What we’re seeing is healthcare-first investors becoming technology investors by necessity,” Holden said. “They’re looking for stability, defensibility, and tangible ROI, and that’s exactly where healthcare IT excels.”