June 24, 2024
M&A | Tea Leaves
  • Kaiser-backed Risant Health has signed a definitive agreement to acquire North Carolina-based hospital system Cone Health, now the second system to join Risant Health, a nonprofit formed to build a national value-based care network. The two organizations were in talks for about a year. Cone enlisted a panel of 14 physician leaders to help with due diligence. Cone, which reported $197.6 million in net income in its fiscal 2023, has more than 13,000 employees and more than 700 physicians, plus 1,800 partner physicians. It includes four hospitals, a behavioral health facility, an accountable care organization and a health plan. Contracts or partnerships related to the health plan and accountable care organization will remain in place. Cone hopes to increase the number of value-based contracts in its health plan, most of which are for Medicare Advantage, and grow membership on those contracts. (Article here)