Good morning. It’s Thursday. We’re diving into the strength of military healthcare, the rise of diagnostics-driven partnerships in digital health, and two decades of steady growth in U.S. healthcare construction.

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Military Healthcare: A Lifeline of Stability for Those Who Serve

While civilian healthcare continues to wrestle with rising costs and patchy access, military healthcare has quietly remained one of the most stable coverage systems in the U.S. Over the past decade, military insurance programs like TRICARE have insured between 3.4% and 4.7% of Americans, weathering political swings, economic cycles, and pandemic pressures with only a modest dip in 2017.

TRICARE doesn’t just serve active-duty members, it extends care to retirees, survivors, reserve families, and even overseas personnel, making it one of the most far-reaching government-backed health systems in the world. In fact, retired beneficiaries now outnumber active-duty users, a stat that reflects how much value the system places on lifelong coverage for those who served.

The data also speaks volumes: while 11.1% of nonveterans are uninsured, that figure drops to just 4.7% among veterans. That’s not a fluke, that’s a case study in how centralized, well-funded healthcare can work.

And yet, as millions of military families rely on both military-run clinics and private-sector partnerships, the challenge isn’t just coverage—it’s scale, efficiency, and prescription access. With over 101M outpatient visits annually and prescription fulfillment failures topping 1.6M, even the strongest systems need tuning.

Bottom line: Military healthcare isn’t just a benefit, it’s proof that universal access with broad reach is achievable. And for investors eyeing government health contracts, veteran services, or infrastructure in adjacent sectors, this system offers more than just care, it’s a model.

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Healthcare Construction Spending Hits New Heights

Healthcare construction spending in the U.S. has skyrocketed from $18.4B in 2000 to $54.2B in 2025, growing at a steady 4.4% CAGR. The drivers? Expanding hospitals, new outpatient clinics, and upgrades to aging infrastructure.

Spending surged post-2020 as demand for modernized facilities, medical office buildings, and specialized care centers (think: outpatient surgery, cancer treatment, and behavioral health) intensified. The rapid rise in telehealth didn’t slow down brick-and-mortar investment—it simply shifted the focus to tech-enabled and flexible care spaces.

With an aging population and shifting care models, expect construction dollars to keep flowing. The question is: will funding keep up with demand?

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Apple's New Smart Display Confirms What This Startup Knew All Along

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HealthTech’s Big Bet: Diagnostics Dominate

When it comes to digital health partnerships in 2024, medical diagnostics is leading the charge, accounting for 35% of global collaborations. Health management solutions (14%) and patient solutions (11%) trail behind, while categories like telemedicine (4%) and wellness (4%) surprisingly remain in the single digits.

Why it matters: The emphasis on diagnostics highlights the industry’s push toward earlier disease detection and precision medicine. Meanwhile, lower investment in telemedicine and wellness raises questions—have they hit a plateau, or is a new wave of innovation on the horizon?

One thing is clear: The future of healthtech is being written in the lab, not just the app store.

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*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
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The Doctors Company Acquires ProAssurance in $1.3B Prescription for Scale

In a high-stakes move straight from the malpractice playbook, The Doctors Company is acquiring ProAssurance in a $1.3 billion all-cash deal, taking the specialty insurer private at a healthy 60% premium. Once finalized, the combined entity will boast $12B in assets and a beefed-up national footprint in medical liability and risk coverage.

Why it matters: With malpractice claims on the rise and healthcare teams growing larger and more complex, this deal isn’t just about scale—it’s about survival at the edge of a liability cliff. The Doctors Company, already a heavyweight in physician-owned insurance, is now arming itself with broader reach and deeper reserves.

Call it consolidation with a mission: both firms trace their roots to the med-mal crisis of the 1970s, and now they’re uniting under a shared belief, defend good medicine, profitably.

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Healthcare PE in APAC: India, Japan & Korea Take the Lead

The numbers tell the story—APAC healthcare buyouts have been on a 21% CAGR run since 2016, but China is no longer the automatic frontrunner. India now leads by deal volume (26%), while Japan’s aging population and regulatory reforms are creating new PE carve-out opportunities. South Korea is capitalizing on medtech momentum, with foreign investors eyeing high-growth niches like aesthetic devices and digital health. Meanwhile, Southeast Asia and Australia remain strong for carve-outs and infrastructure deals. The takeaway? PE firms are diversifying across APAC, and China’s dominance is officially up for debate.

"If you can find a big, hairy deal with solvable problems, that’s where the real money is"

Brad Jacobs