What You Should KnowThe Reality Check: In HGP’s 20-year retrospective, the verdict is harsh: technology delivered on workflows but failed on economics. Q3 2025 saw a record 136 M&A deals, and valuations have settled comfortably above pre-pandemic levels (approx. Q3 2025 saw a record 136 M&A deals, and valuations have settled comfortably above pre-pandemic levels (approx. While 50% of investment capital went to AI-native firms in 2025, only 13% of M&A deals involved them. Since HGP’s founding two decades ago, U.S. healthcare spending has nearly doubled, rising from $2.5 trillion to $5.3 trillion.