Healthcare Technology

AI has crossed from feature to operational infrastructure across the sector.

Doximity's AI search reached 8-figure bookings in its first full commercial quarter with 16 of the top 20 pharma companies as buyers, while Hims and Hers deployed AI as the default care layer for its Hers weight loss category, resolving 80% of patient questions autonomously within weeks of launch. HealthEquity's AI automation reduced human-handled calls 25% year-over-year while gross margin expanded 300 basis points. The common thread is not experimentation but operational substitution: AI is replacing headcount, compressing service costs, and generating measurable clinical and commercial outcomes that management is now citing as primary growth drivers.

Federal policy is simultaneously accelerating and disrupting healthcare technology demand.

The One Big Beautiful Bill Act's $910 billion Medicaid reduction is cited by Omnicell as a catalyst for pharmacy automation adoption and by Health Catalyst as the proximate cause of elongated sales cycles and bookings underperformance, with $52 million of at-risk ARR explicitly quantified. Teladoc faces tariff exposure on chronic care device imports from Canada, Mexico, and China, while GoodRx is navigating TrumpRx.gov as both a distribution partner and a competitive pricing floor. The same legislative environment is producing opposite demand signals depending on where a company sits in the care delivery stack.

Consumer mental health and data analytics platforms are in structural contraction.

Teladoc's BetterHelp segment generated nine-month adjusted EBITDA of $6.8 million, down 71% year-over-year, as cash-pay user decline accelerated faster than insurance-covered revenue could ramp, constrained by provider credentialing capacity. Definitive Healthcare recorded a full $197.2 million goodwill write-off, bringing cumulative lifetime impairment to $1.37 billion, while revenue declined 9% year-over-year in Q3 2026 and the company suspended all forward guidance following a non-binding take-private proposal from Advent International. Both situations reflect business models that were built for a demand environment that has structurally shifted.

GLP-1 economics are reshaping digital health distribution and monetization models.

GoodRx's Pharma Direct segment grew 76% year-over-year in Q2 2026 to $61.6 million, driven by manufacturer-sponsored GLP-1 consumer access programs, and the company raised its full-year Pharma Direct growth expectation from 50% to more than 70%. Hims and Hers secured a Novo Nordisk partnership that improved marketing efficiency by 5 points year-over-year and is extending the model internationally through the Eucalyptus acquisition. Phreesia tested GLP-1 patient engagement campaigns through its Network Solutions product, achieving 4% incremental lift in new-to-brand prescriptions and converting follow-on contracts. GLP-1 is functioning as a demand accelerant across three distinct business models simultaneously.