Becker Private Equity & Business Podcast

Episode: JPM Healthcare Conference Insights with Amber Walsh of McGuireWoods LLP
Date: January 15, 2026
Host: Scott Becker
Guest: Amber Walsh, Partner at McGuireWoods LLP

Episode Overview

This episode features a conversation between host Scott Becker and returning guest Amber Walsh, a partner at McGuireWoods LLP, discussing the notable themes, trends, and shifts emerging from the 2026 JPMorgan Healthcare Conference—the industry's most influential event at the crossroads of healthcare and private equity. Amber shares her observations from afar, providing insight into participant shifts, increased dealmaking optimism, and the often-unofficial side of the conference. The discussion centers around AI adoption in healthcare, the strategic move toward outpatient care, and unique partnerships signaling larger market shifts.

Key Discussion Points & Insights

1. The Atmosphere and Structure of the JPMorgan Healthcare Conference

• Amber Walsh's Experience as a Remote Observer
  • Amber was not onsite in San Francisco this year, but monitored trends via industry blogs, presentation clips, and contact with colleagues on the ground.
  • The conference features both highly public formal presentations (by health systems, key industry figures, etc.) and numerous private, dealmaking meetings that drive much of the value.
  • "What goes on and where the learning comes from is the official and the formal and very much the informal." (Amber Walsh, [02:56])

2. Why 2026’s Conference Felt So Active and Crowded

• Record Interest and a Return to In-Person Energy
  • Both Scott and Amber noted increased energy and participation this year.
  • Possible drivers:
    • Post-pandemic normalization—people want to be together and do deals face-to-face again.
    • Dealmaking lagged in 2023-2024 due to uncertainty, but is rebounding in 2025-2026 as regulatory environments stabilize.
    • San Francisco has made it easier and more attractive for large gatherings.
  • Shift in participant mix:
    • Notably reduced presence from major payer organizations due to both regulatory/accounting restrictions and internal tragedies.
    • Increase in health system (especially nonprofit) participation and visibility.
  • "There's a general sense, I think, that deals are going to happen this year, investors are ready and as it has always been, it's the place to be to kick off the year." (Amber Walsh, [05:43])

3. Major Themes: AI’s Central Role in Healthcare Investment and Operations

• Artificial Intelligence Leading the Conversation
  • AI is at the forefront of nearly every discussion—strategy, investment, risk mitigation, and opportunity.
  • Faster adoption rate in healthcare than most other industries: about 27% of health systems have integrated AI as a significant component of their operations.
  • The conversation is not just about deploying AI, but also about managing the systemic risks and disparities it can introduce.
  • Scott cites Cedars Sinai’s initiative to train thousands in AI as evidence of this major organizational commitment.
  • "You can't have a conversation about any investment opportunity, about any healthcare strategy... without incorporating AI into the conversation." (Amber Walsh, [08:14])
  • "The number you frequently see... is 27% of health systems have adopted AI as a significant part of their solution, which dramatically outpaces the rest of the economy." (Amber Walsh, [08:34])

4. "Back to Basics" Focus: Outpatient Care and Cost Control

• Shift Towards Care Outside the Hospital
  • Health systems are emphasizing cost control and shifting care toward outpatient settings—ambulatory surgery centers, primary care, and hospital-at-home models.
  • Technology and labor solutions are both critical for "care at home" and other non-inpatient strategies.
  • The outsourcing of "where care happens" is louder and more overt in strategic discussions than in years past.
  • "Most of the health system presentations... have been very focused on cost cutting, but also moving to the outpatient setting and the different ways to move to an outpatient setting." (Amber Walsh, [10:00])

5. Innovative Partnerships with Nontraditional Players

• Big Health Systems Teaming Up Outside the Industry
  • Example: Hackensack Meridian Health (NJ) CEO spotlighted partnerships with Amazon, Uber, and other tech giants—eschewing more traditional provider-to-provider collaboration.
  • This reflects a maturing and expanding concept of what constitutes a healthcare partner and signals system leaders’ openness to new delivery and logistics models.
  • "To have a health system say that they were going to pursue those types of partnerships nearly exclusively as compared to more traditional partnerships... I think is really interesting and it's another theme..." (Amber Walsh, [11:41])

Notable Quotes & Memorable Moments

• On the Conference’s Unique Recharge:
  "It's always frenetic and exciting and exhausting and a great way to kick off your dealmaking." (Amber Walsh, [01:25])

• On Participant Shifts After COVID:
  "Now you have dealmaking that stalled a little bit... and now it's almost like you have been through the past year of uncertainty with a lot of regulatory change where people are starting to say okay, we know what we're living with for the next few years from a regulatory environment." (Amber Walsh, [04:53])

• On AI’s Pervasiveness:
  "Both the most effective solutions, but the unique ways that AI has been used and how you can have solutions for the risks that appear from AI, the systematic disparities that it can cause." (Amber Walsh, [09:17])

• On the Future of Her Attendance:
  "I'm 90% or more sure that I will report for you from San Francisco next year." (Amber Walsh, [12:50])

Timestamps for Important Segments

• Conference Format & Energy – [01:07] – [03:37]
• Surging 2026 Participation and Participant Shifts – [04:16] – [07:37]
• Core Themes: AI, Cost, and Outpatient Shift – [07:47] – [10:55]
• Nontraditional Partnerships & Strategy – [10:55] – [12:25]
• Amber’s Take on Returning in 2027 – [12:38] – [13:00]

Summary Table of Major Themes

| Theme | Description | Key Quote & Time | |--------------------------|-------------|------------------| | In-person resurgence | Post-COVID, regulatory stabilization, increased dealmaking energy | "Deals are going to happen this year, investors are ready..." [05:43] | | AI adoption and impact | Central to strategy; health leads in AI uptake | "27% of health systems have adopted AI..." [08:34] | | Outpatient & cost focus | Shift from inpatient to outpatient; hospital-at-home | "Treating patients outside of the inpatient setting..." [10:10]| | Partnerships with tech | Providers partnering with Amazon, Uber | "Going to pursue those types of partnerships nearly exclusively..." [11:41] |

This episode is a concise yet vivid window into the evolving priorities and strategies shaping healthcare private equity and delivery in 2026, as seen through the lens of the industry's premier conference. Amber Walsh’s practical, insider perspective highlights both enduring fundamentals and bold new directions for the sector.