Summary
Coming out of the 2026 JPMorgan Healthcare Conference, optimism is high: AI everywhere, capital returning, innovation accelerating. But the real story for 2026 is about the challenging road ahead, and how healthcare is not entering a rebound cycle; It’s entering a sorting cycle.
In this JPM Debrief, John P. Carter explains why the industry is shifting away from speculative growth and toward disciplined execution. Capital is flowing to proven operators, not big narratives. Cost inflation, tightening reimbursement, and impatient capital markets are forcing leaders to make hard choices about strategy, structure, and scale.
This is not a transformation decade, it’s an execution decade. The organizations that win will be the ones that finish what they start and allocate capital honestly.
Key Takeaways from the Conversation
- Healthcare has Entered a Sorting Cycle
The focus has shifted from bold vision to productivity, efficiency, and operational discipline. Sorting cycles reward execution. - Three Macro Forces are Reshaping Healthcare
Non-reverting cost inflation, real revenue pressure from Medicare Advantage and Medicaid, and a less patient capital market are redefining what success looks like. - Capital is Back, but It Favors Operators
Investors are underwriting platforms with real economics and operational discipline. Leaders must decide whether they are builders, partners, or sellers. - The AI Reality Check
AI is valuable for protecting margins, but most failures are governance failures. Technology only works when execution and workflow ownership are clear. - Outpatient is a Cost Strategy
Moving care outside the hospital is about fixing cost structure, not just chasing growth. Shrink what no longer works before scaling what does.
What You’ll Learn
01:00 — Why John thinks healthcare is entering a sorting cycle
02:15 — The macro pressures shaping 2026 strategy
03:30 — How deal flow and capital allocation is changing
04:30 — Where AI actually creates value
05:30 — How to scale outpatient care successful in a margin constrained environment
06:15 — Why this is an execution decade which will be the catalyst for transformation
