Post-pandemic: The New Healthcare

https://theleadleft.com/wp-content/uploads/2026/06/cropped-THE-LEAD-ICON.png
Content hub / Article / Post-pandemic: The New Healthcare

Healthcare has been ground zero for the worst pandemic of the modern era. How the industry has reacted and how credit and equity providers are dealing with this new world order, is the subject of our new special series.

“Physician practice management companies were the first and worst hit,” one banker reported. “Procedure volume dropped precipitously with COVID. One anesthesia practice that serves surgery centers and hospitals saw Ebitda go from $100 million to zero.

“Most of these orthopedic, cardio, and GI procedures were elective. It’s a great franchise, he said. They haven’t lost a single doc. Procedures now appear to be rebounding. EBITDA has only begun to lift, but lenders believe a recovery is inevitable.”

Interestingly the business was purchased in the teeth of COVID. So the sponsor was able to buy it on the cheap. As ugly as things look right now, investors are taking the long view. So lenders are willing to stand behind them.”…

▶︎ Read June 22 2020 newsletter: here

▶︎ Chart of the Week: here (by Refinitiv LPC)

Business development companies and the rise of balance sheet financing vehicles

Podcast

Business development companies and the rise of balance sheet financing vehicles

Fitch's Deb Murnin and Chelsea Richardson discuss the growing use of off-balance-sheet JVs and finance companies among BDCs, exploring the drivers, leverage impacts, portfolio risk profiles, and potential rating implications for Fitch-rated BDCs.
Listen
Private Debt Investor New York Forum

September 15-16, Hudson Yards, New York

Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.
Learn more
US Private Credit League Tables H1'26

Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
Download
PitchBook's Q2 2026 US PE Breakdown

Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
Download
Making sense of private credit defaults

Webinar

Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.
Register

Latest news

    High-Yield Bond Statistics

    Read More

    Software, consumer-related direct lending deals fell in H1'26

    The software and technology sector, the second-most-active sector in 2025 at 17% of total deal activity, slid to fifth place in the first half of 2026.

    Read More

    Unconquered Territory

    With most of the map still unexplored, there’s room for a sequel.

    Read More