A therapist meets with her female client in her office.

Article - May 14, 2025

Behavioral Health: Greater Need for Care, Rising M&A Momentum

Diagnosis of behavioral health conditions and awareness of treatment options are increasingly common across age groups. Meanwhile, the destigmatization of behavioral health challenges is further boosting demand for a wider range of services in a variety of care settings.

These trends are driving a greater need for access to care, while leading behavioral health to become one of the most active areas of healthcare services investment over the past several years. Harris Williams has played a meaningful role in this M&A momentum, working with a variety of clients that exemplify the sought-after traits of differentiated behavioral health businesses.

Below, members of our Healthcare & Life Sciences Group discuss how behavioral health providers are making a difference and recent clients illustrating the segment's opportunity.

Expanding Access, Demonstrating Outcomes

Although more people require behavioral health services, a growing number of would-be patients are living without treatment. “There’s a significant opportunity to expand access to high-quality behavioral and mental healthcare, particularly for vulnerable populations like adolescents and seniors,” says Andy Dixon, a managing director.

Many leading companies in these areas offer a diverse set of specialized treatment programs across a variety of care settings. “Demand for more behavioral health treatment options has risen substantially over the past decade,” adds James Clark, a managing director. “Best-in-class providers are crucial to filling gaps in care within these underserved communities.”

Autism spectrum disorder, for instance, is one of the fastest-growing developmental disorders in the U.S., affecting as many as one in 31 children.¹ With long wait times for access to therapy, innovative autism services providers and their investors can positively impact people’s lives while growing in-demand businesses.

Caravel Autism Health is an exemplar of such businesses. With more than 50 locations across eight U.S. states, Caravel is one of the nation’s largest and most advanced autism therapy providers. “Caravel emphasizes clinical standards, outcomes data gathered by proprietary technology, and operational excellence,” notes Taylor Will, a director.

Meanwhile, with behavioral health conditions becoming more prevalent, school systems are increasingly seeking outside assistance to offer specialized services to their students. This dynamic is also creating an opportunity for forward-thinking providers, with a prime example being Unison Therapy Services.

“Providers like Unison Therapy Services are partnering with school districts to best serve students through clinical support delivered in the school, which is often legally required,” adds Will. “And since they’re typically contracted by school systems for the entire academic year, these types of providers have long-term revenue visibility and favorable reimbursement dynamics.”

Across many behavioral health opportunities, tracking outcomes is increasingly important as payers continue to focus on building value-based care models. This gives sophisticated providers the chance to further differentiate themselves.

“Value-based healthcare is a growing area of investor interest, encompassing a variety of models that focus on quality of care, provider performance, and patient outcomes,” explains Michael Mahoney, a director. “Among these models, provider groups that pair preventive care with support for underserved patient populations offer especially strong investment opportunities.”

Embodying this potential is Eventus WholeHealth, a leading provider of value-based primary care and mental health services for medically vulnerable patients residing in long-term care facilities. Through its proven care model, sophisticated technology solutions, care management capabilities, and clinician-driven culture, Eventus delivers top-quality care to this population in need.

In addition, effective management of behavioral health is critical for value-based care providers taking full cost-of-care risk. “Eventus’ care model utilized psychiatrists and psychotherapists to improve patients’ mental health and appropriately reduce medication dosage, which yielded better outcomes by reducing falls and keeping patients out of the hospital,” says Mahoney.

Making a Difference

Within behavioral health, the gap between those who require care and those able to get it continues to widen. The companies best positioned to support this underserved patient population will offer an extensive suite of inpatient and outpatient treatment services and have the capacity to meet unmet demand across a wider geographic footprint.

“Behavioral health businesses that can provide better treatment options to more people are highly appealing for M&A investors looking to build scaled, professionalized platforms in this fragmented market,” says Dixon. “It's an area where thoughtful investments and operational expertise can unlock substantial value while generating better health outcomes for those in need.”

To further discuss behavioral health M&A, please contact our senior professionals.

  1. CDC