Featured Insights
Our latest thinking on the issues that matter most in business and management
Recent Insights
M&A Quarterly Activity Report: Q2 2022
We saw a full return in Q2 2022 to the pandemic-era trend of fewer but larger hospital and health system transactions. Several large transactions boosted the average smaller party size to a record-setting $1.5 billion.
Research Report
National Hospital Flash Report: June 2022
Kaufman Hall analysis shows some improvement in revenues and volumes from April to May ‘22, but hospitals continue to perform below pre-pandemic levels.
Research Report
Physician Flash Report: January 2022
U.S. physician practices ended 2021 with sizeable gains in physician productivity and revenues relative to late 2020 performance, but mounting expenses and high levels of investments/subsidies required to support practice operations continue to be areas of concern.
Research Report
2021 M&A in Review: A New Phase in Healthcare Partnerships
The number of hospital and health system M&A transactions was down in 2021, but the size of transactions was up significantly, with the largest percentage of announced “mega merger” transactions in the last six years.
Research Report
Thoughts from Ken Kaufman
When Financial Performance Matters
We have entered a financial moment when paying attention to the sunk cost fallacy will be central to maintaining, or recovering, the financial, clinical, and mission strength of America’s hospitals.
Thoughts from Ken Kaufman
In Defense of Not-for-Profit Healthcare
How soon they forget. Throughout 2020 and 2021, the media was full of praise for hospitals and healthcare workers on the frontlines of the COVID-19 pandemic. When the pandemic was new...
Thoughts from Ken Kaufman
The Sobering State of Hospital Finances
The American Hospital Association has released a report that we prepared for them on the state of hospital finances—and the results are sobering. We are projecting 2022 to be the worst...
Thoughts from Ken Kaufman
Thoughts from Lisa Goldstein
Hitting the Reset Button
With one out of every two hospitals expected to show an operating loss in 2022, presentations to the rating agencies in many cases need to focus more on the turnaround plan and less on...
Blog
9/11 and the Gift of Not-for-Profit Healthcare
In the wake of 9/11, New York City hospitals have stepped up brilliantly to take care of thousands of patients affected by the World Trade Center attack.
Blog
Who's Bucking the Trend?
It’s not all bad news when it comes to not-for-profit hospital financial performance. Some hospitals and health systems are navigating labor pressures and reporting improving results.
Blog
Trending in Healthcare Treasury and Capital Markets
An End to the Fed’s Interventionist Role?
The Federal Reserve’s transition from interventionist back to influencer will impact every corner of the modern healthcare enterprise and should be on the list as you reassess post-inflation resource positioning.
Blog
The Risk-Optionality Continuum
We are in a very complicated credit moment and an equally complicated capital structure environment. Capital access remains a critical success factor, and today’s work is to reassess where you want to be on the risk-optionality continuum.
Blog
The Massive Gulf Between Normal and Today
We see a continued modest capital formation environment. Bon Secours Mercy issued approximately $400 million of tax-exempt debt in a very difficult market. The transaction got done, but...
Blog