Hospital and health system M&A activity continued with momentum in the first quarter of 2026, with 22 hospital and health system transactions announced—the highest first-quarter activity since 2020, according to the Kaufman Hall Mergers and Acquisitions Q1 Report. Activity this quarter continues a steady recovery in M&A activity that began in the second half of 2025. With three “mega-mergers” among the 22 announced transactions, deal size rebounded. The average size of the smaller party increased, and total transacted revenue reached $14.5 billion—a recent high.
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