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Kris Blohm, Managing Director, Practice Co-Leader, Mergers & Acquisitions, Kaufman Hall, and Courtney Midanek, Managing Director, Practice Co-Leader, Mergers & Acquisitions, Kaufman...

Q2 2025 showed a modest uptick in hospital and health system M&A activity over Q1, with eight transactions announced. Partnerships and affiliations in other areas – including rural healthcare and ambulatory services – remains robust.

Trump administration releases 2026 budget, President Trump to boost domestic pharmaceutical manufacturing, Rite Aid declares bankruptcy again.

This week’s graphic illustrates how Epic has continued to expand its lead in the electronic health record (EHR) market over its rival Oracle Health, which acquired Cerner in 2022.

Only five hospital and health system M&A transactions were announced in Q1 2025, reflecting an environment of economic uncertainty and volatility. Financial distress was a driver in many of the announced transactions, continuing a trend from 2024.

CDC nominee pulled and Dr. Oz faces confirmation hearing, HCSC acquisition closes, probationary HHS employees rehired

This week’s graphic highlights data from Kaufman Hall’s recently released 2024 Hospital and Health System M&A in Review report on the current dynamics in health system merger and acquisition (M&A) activity.

Next round of drugs for Medicare drug price negotiations announced, Trump health policy actions in second term, ACA exchanges see record enrollment in 2025

The numbers from hospital and health system M&A activity in 2024 confirm the unevenness of recovery and the challenges that many organizations continue to face. The percentage of transactions involving a financially distressed party and the percentage of transactions involving a divestiture both reached record highs.

Trump picks his healthcare cabinet nominees, PBMs sue the FTC over its insulin case, and controlled substance telehealth flexibilities are extended yet again.

With 27 announced transactions, Q3 had the highest level of activity thus far in 2024. Total transacted revenue of more than $13 billion was the highest Q3 total in the last eight years.

Leaders of publicly owned hospitals should make an ownership model analysis a regular part of their strategic planning process. While public ownership confers many advantages, this analysis will help leadership ensure that the ownership model aligns with strategic goals and long-term viability.