Holly Buckley
Appearances
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
But we're maybe seeing some reduction in competition around certain assets, just given some reluctance to invest. I think we're seeing a lot of investors looking for investments with little or no exposure to government reimbursement. I think there's just so much uncertainty right now in terms of government reimbursement that
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Investors are looking for areas where they're either a degree removed or in a different sector. One area that may not be surprising to have a lot of discussion at KO is women's health.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
It's an area that I think that folks view as having a lot of potential, but a lot of assets are still more at the VC size, but a lot of interest in assets around women's behavioral health, lactation, apps, menopause, just I think a lot of potential in this area.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
and then med spa we've talked about that's still an area with a lot of opportunity infusion and there's still a big focus on value-based care and then in terms of ppm where we've seen a fair amount of pullback the themes really are that it needs to be ppm plus like just rolling up businesses is not enough there needs to be a strong angle in addition to that as well as the key focus on
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
on culture and vision. But let me pause there and see if there are questions on any of those.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Yeah, I mean, look, I think there's always a general great vibe when you get to a women's investor conference. I think it's just an area where there frankly is not enough female representation yet. And so anytime you get a bunch of women together who are passionate about healthcare investing, there's a great vibe and a great excitement about visiting.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
But I think in terms of the market, I mean, I don't think anyone's excited about it. I think that there's a huge amount of trepidation and anxiety. I think that the current environment is one where No one quite knows what any day is going to bring and folks are watching their stock portfolio crater or wildly bounce around.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
So I wouldn't say anyone's excited about the current environment on a kind of macro level, but great excitement about getting together and visiting and optimism that better things are to come.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Yeah, I just don't know, Scott. I mean, I think that up until a couple of weeks ago, there was a fair amount of optimism. I think In the last week, I think a lot of things have been thrown into uncertainty.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
I can give some slightly more concrete updates on some trends on the federal level, but I think in terms of the deal environment, I think much remains uncertain until we get some clarity in terms of what the tariffs are going to look like in the macroeconomic environment. But I think on the federal level, there are certain things that we can actually comment on.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
On March 11th, the Senate confirmed Dale Slater as Assistant Attorney General for the U.S. Department of Justice Antitrust Division. I think we are anticipating still an active antitrust enforcement this year, although there's going to be a difference in approach from the Lina Khan era.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
But we're still expecting broad antitrust scrutiny across deals, wage fixing, no-poach agreements, information sharing, and pricing. And I think that we do not think we'll see a reversal on the new Hotspot Rodino filing requirements, which took effect in February. We think they're going to kind of be here to stay. We think there's going to be a ramp up of False Claims Act enforcement.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Thanks, Scott, and thanks for having me on. I'm actually coming at you live today from the KO 2025 Women's Healthcare Private Equity Summit here in Chicago. So I apologize if there's any background noise. So it's actually great to be at a conference right now and hear some of the discussion around what folks are seeing and how they're viewing the market.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
The DOJ has signaled an aggressive stance on False Claims Act enforcement, which fits with the Trump administration's priorities of increasing government efficiency and rooting out waste, fraud and abuse. And so I think we'll see an aggressive enforcement climate. We are continuing to see a proliferation of executive orders addressing a wide range of healthcare issues.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
We've been tracking them at the law firm and we're seeing executive orders around telehealth access and health equity, Medicare cost reduction, behavioral health infrastructure modernization, behavioral health access, as well as things like transgender care that kind of fit with the Trump agenda. and we expect to continue to see more executive orders coming out of the administration.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
And then as far as Dr. Oz goes, he is the new CMS administrator. We are seeing a focus on Medicare Advantage and probably away from value-based care initiatives within traditional Medicare, which we were starting to see through the prior administration. So we think he'll really be focused on Medicare Advantage, and he's kind of pulling back some of the programs that were on traditional Medicare.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
And so those are some of the things we know about on the federal level, and I think much remains kind of up in the air in terms of what will be coming next.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Yeah, we agree.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Yeah, thank you for that opportunity. We're super excited. As you said, May 14th and 15th in Chicago. Anyone's welcome to reach out to me if they have questions. We've got a packed agenda with kind of deep dive sessions on healthcare provider investments, pharma services, digital health, as well as management of portfolio companies.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
We have a portfolio company boot camp on the 13th leading into the conference. It's a pre-conference event. And we have some great keynote panels, including Lance Armstrong. And we have a healthcare leadership panel on the 14th, as well as healthcare private equity and healthcare lending keynote panels as well. So the content is going to be great. The networking opportunities will be even better.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
And so I have a few thoughts just from hot takes from the conference so far and then a few thoughts on the federal level. In terms of what we're seeing in the market, I mean, I think one interesting observation is that healthcare provider services investing is likely somewhat tariff resistant.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
And we'd love to see folks who are interested attending and reach out to me at hbuckley at mcguirewoods.com if you have questions.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
Thank you, Scott.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
While I think the overall market conditions are going to have somewhat of an impact in terms of the specific sector, it may be a better sector to be in than some others that are going to be much more greatly impacted. I think, though, there are very strong headwinds and or strong headwinds in terms of the regulatory environment at both the federal and state level for different reasons.
Becker Private Equity & Business Podcast
Healthcare Private Equity Update with Holly Buckley of McGuireWoods LLP 4-9-25
The federal level, it's really the uncertainty of the new administration. And on the state level, it's really around the transaction notices, both notice and consent that we're seeing a proliferation of. And we've talked about a number of other times. I think one of the other big headwinds we're seeing a lot of discussion around is just continued staff shortages and labor market issues.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
And I think by taking hold of the things that we can control and within our own orbit, it can make you feel more grounded. So by that, I mean... your day-to-day, how do you execute on the tasks that you have in front of you, sit down, build lists, keep focused, and not let some of the bigger things that are happening just overwhelm.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
And I think in terms of the political side of things, for those people who are feeling just very rattled by a lot of the changes that are happening, I think the advice I heard that I really liked is, again, with picking something within your control, Pick a cause, pick a group that's doing things that help the thing that you're most concerned about and take some actual action yourself.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
And by doing these things, both in terms of your day-to-day, putting one foot in front of the other, as well as picking causes or groups that are supportive of the things that you care about, you can start to feel like you're regaining some of that control and feel like a normal person who's able to function again.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
So that's probably the best I have right now, but it is certainly a very tumultuous time that we're in, and I think a lot of people are really feeling that.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
I mean, I think it's the same thing, Scott. It's helping people focus on the things they can control. It's giving people some tangible things that they can actually execute on and encouraging them to center themselves. I mean, you don't tell clients how you need to center yourself.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
but you can help them with the things that they need help with and help them focus on their long-term business core strategy. Because I think for the most part, the core strategy is going to remain the same if you're in a sector that's not heavily impacted by some of the changes that are happening.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
So one of the things I was actually going to chat about with you today is I wanted to get your views on some of the tariff impact on healthcare services, for example, But one take on healthcare services is in some ways it is a better area than others with respect to the tariffs in that it is domestic. There is not a heavy focus on supply chain issues.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
Sounds great, Scott.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
A lot of the clients we work with are working on tech enabled platforms, which are less impacted by the tariffs. And so maybe the sector is more resilient and less reliant on some of the global trends that are happening.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
And so there's not necessarily a need for a major strategy refocus, whereas other businesses may need more help with a global strategy refocus, but a lot of the businesses we work with don't. So it's continuing to help them focus and hone in on the core business strategy and execution. They have their own problems with workforce and the things that we're dealing with.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
A lot of it is just, you know, the big, broad dialogues of helping people hone in on what they need to be doing and what they need to focus on, what does and doesn't need to change, and then just doubling down on execution. So, I mean, the best thing we can do is be great advisors, be a consistent, and help people work through this tumultuous time.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
I think that's right. I mean, I think the Medicaid cuts are another area that is super interesting and we're watching and I think don't fully understand yet. I think the Republicans have passed their budget resolution and They need to cut $880 billion in costs through 2034, and it's got to come from somewhere.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
And I think given where they have jurisdiction, we think a lot of it will come from Medicaid. I think we need to wait and see a little bit in terms of where that comes from. But it's interesting because a lot of the areas that could be very impacted by Medicaid cuts are also the areas that still... reflects really good investment opportunities just based on other dynamics.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
So I think we just don't know what the areas such as home health, substance abuse, mental health providers. We need to know more before we can really say what the impact is going to be. But thank you for your kind comments too. They are appreciated. And I think some of it is just not looking at the stock market.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
100%. 100%.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
Thanks, Scott. I mean, I think it's an excellent question. And I certainly have been feeling the impact of the the greater world on my day to day. And I think it's hard both personally and as a leader to kind of put things in a place where you're able to continue to function.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
Thank you, Scott.
Becker Private Equity & Business Podcast
Staying Focused in Uncertain Times: Leadership Lessons from Holly Buckley of McGuireWoods LLP 4-15-25
But I think I heard some good advice on a podcast and I saw the same advice repeated by my partner, Tim Fry, just last week in an email. And I think the best advice I could give and try and give to my team is to control the things that you can control. And I think a lot of the difficulty with what is happening right now is that everything does feel so crazily out of control and unpredictable.