While most of the filings are by drug companies, Blackstone's Team Health is the one services company planning an initial offering. The company's earnings rose 10 percent, to $55.2 million, on sales of $1.07 billion for the first nine months of the year. Blackstone will continue to hold a stake in the company but wants to reduce that ownership from the 90 percent it owns now. Blackstone hopes to raise $100 million. The IPO proceeds will be used to pay down debt.

Companies that can either save consumers or businesses money on health care will be particularly attractive post-reform, Scullion says.

Pharmaceutical and biotech companies are more of a case-by-case situation, based on the promise of the drugs they're developing, he adds.

There's not one medical devicemaker among the group of health care IPO filings, and that's a result of uneasiness over reform's effect on those companies, Scullion says. Democrats in Washington are proposing heavy taxes on the industry.

Of the nine health care IPOs this year, one medical-device company, AGA Medical Holdings, had to cut the offering price from as much as $16 a share to $14.50. It's shares have dropped 5.7 percent since its offering on October 21.

Concord, on the other hand, raised its price range for its IPO and went public with its American Depositary shares priced at $11 each, raising $132 million. Investors soured on the stock Friday, sending the shares down to $9.50 on their first day of trading. It was the second Chinese health care company to go public last week, along with Nuokang Bio-Pharmaceutical Inc., a maker of blood-clot medicines, priced at $9. That was below it's expected price of $10 to $12 a share. The shares closed at $8.96 Friday.

All the other companies that went public since August also saw their shares drop. Shares of Omeros, a biotech firm with an inflammation treatment in human studies, dropped 19 percent. Cumberland Pharmaceuticals also is down 19 percent, while Addus Healthcare fell 3 percent.

Talecris Biotherapeutics Holdings Corp. is down 7.5 percent, and Emdeon declined 8 percent.

But there is some demand for stock issues, Scullion says. This year may break a record for secondary offerings set in 2004 (495), he notes.

Investors are still skeptical.

"To believe a deal can come and prosper is really wishful thinking," says David Menlow, president of New Jersey-based IPOfinancial.com.