Healthcare Benchmarking Study · June 2026

Hallucinating Value
Healthcare’s AI Narrative

What 75 institutional investors really think about AI across five healthcare subsectors, and how management and IR teams should craft their message.

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Institutional investors surveyed
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Companies scored as AI winners or losers
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Subsectors analyzed in depth
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Waves of trend data
A preview of the findings

Investors have heard the AI story. They are pricing it with a discount.

48–67%

of investors in every subsector agree management overemphasizes AI relative to its actual financial contribution.

51% vs. 33%

Generalists are far more likely than healthcare experts to expect AI to move valuations. The premium rests on the least specialized money.

▼ 14 pts

Payer and provider AI conviction fell harder than any group in the study, from 48% to 34% in six months.

Inside the report
  • The 30-company AI scoreboard, with named subsector leaders
  • Five subsector deep-dives with full response distributions
  • Expected AI influence on valuations, benchmarked to December
  • The expert vs. generalist divide, quantified
  • What separates rewarded AI stories from discounted ones
  • A communications playbook for management and IR teams
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