The care of complex consumers—through in-person as well as virtual service delivery modalities—remains an attractive business proposition for private equity. In 2020, notwithstanding the pandemic, 97 transactions were reported in behavioral health mergers and acquisitions (M&A). This was comparable to 2019 (97 transactions) and 2018 (100 transactions). In 2021, private equity investments in behavioral health are expected to continue at the same rapid pace. And, provider organizations offering care for addiction disorders, autism, intellectual and developmental disabilities, and mental illness are expected to at the top of private equity’s target list (see Behavioral Health . . .

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