Healthcare mergers and acquisitions are in no short supply as providers, health tech companies, retailers and other industry players look to expand their businesses and gain a competitive edge. Here’s a roundup of new deals that were revealed, closed, rumored or called off during the month of September.
Providers
Integrated Oncology Network, a collection of over 50 community oncology centers with more than 100 providers, is set to be acquired by healthcare supply and services company Cardinal Health for just over $1.1 billion. The deal bring ION’s other practice management and practice growth services into Cardinal’s cancer unit, Navista, while bringing ION’s practices into the care network.
Henry Ford Health’s joint venture deal that adds eight Ascension Michigan hospitals closed at the end of September. The arrangement, which the partners repeatedly characterized as a joint venture rather than a merger or acquisition, creates a 13-hospital, 550-site entity under the Henry Ford Health umbrella.
Steward Health Care’s bankruptcy proceedings roll on, with court approvals and regulator sign-offs spanning the system’s hospitals in Massachusetts, Florida, Arkansas, Louisiana and Texas. Also of note, the system came to terms with its landlord Medical Properties Trust on an agreement that sees the latter take over control to line up new operators and sever its relationship with Steward.
Community Health Systems subsidiary Northwest Healthcare will acquire 10 Arizona urgent care centers from Carbon Health. The purchase will bring the subsidiary’s network to more than 80 sites of care. The deal is expected to close in the fourth quarter. Financial terms were not disclosed.
Santa Clara County’s board of supervisors has voted in favor of appropriating $315 million for the acquisition and renovation of HCA Healthcare’s Regional Medical Center. Of the funding, $175 million is allocated for the acquisition, with the remainder going toward investments. A final agreement is still being hashed out.
Oregon Health & Science University filed a healthcare market oversight notice with a state regulator outlining its intention to absorb the struggling Legacy Health and form a 10-hospital academic system. The parties had announced the plan back in August 2023.
Deaconess Health System has signed a nonbinding letter of intent to add 194-bed acute care hospital Jennie Stuart Health to its organization. The systems have begun a due diligence process expected to wrap in late 2024.
Ballad Health is selling off “select operating assets” of its outreach lab services to Labcorp. The deal, set to close in December, comes with an agreement for Labcorp to continue providing those lab services to the health system across the Appalachian Highlands region. Ballad Health noted that it will continue operating inpatient and emergency department laboratory services, including those for hospital-based practices such as oncology.
Mercy acquired Via Christi Hospital and other related locations and practices from Ascension in a deal closed Sept. 1. It has been rebranded as Mercy Hospital Pittsburgh and is the system’s third in Kansas.
ProMedica signed a definitive asset purchase agreement selling off Coldwater Regional Hospital to Insight Health System. The deal is expected to close Nov. 1. Financial terms were not disclosed.
OSF HealthCare welcomed Katherine Shaw Bethea Hospital, an 80-bed facility, into its system after a state regulator signed off on the change of ownership.
Shannon Medical Center acquired River Crest Hospital, an 80-bed behavioral health center, from Universal Health Services. The deal was first announced in June.
Payers
Elevance Health has entered into a deal to acquire Indiana University Health Plans. If closed, the deal would bring IU Health Plans’ 19,000 Medicare Advantage beneficiaries and 12,000 fully insured commercial plan members under Anthem Blue Cross. Financial terms were not disclosed, though the deal is expected to close by the end of this year.
Cigna’s deal to sell its Medicare business to Health Care Service Corporation for $3.7 billion took a step forward when Florida’s insurance commissioner reportedly signed off on the deal as it relates to Cigna’s interests in the Sunshine State.
Tech
Fabric (formerly Florence) has picked up Teamhealth’s 50-state virtual care service for an undisclosed sum. The deal enhances Fabric’s accessible virtual healthcare services to payers, employers and health systems while expanding its medical group.
Scriptology, a tech-enabled medication management company, acquired competitor RxLive for an undisclosed sum. The deal brings in RxLive’s technical infrastructure, particularly its AI risk stratification model, which Scriptology said will combine with its financial and operational strength to generate exponential growth.
Pomelo Care, a value-based virtual provider of maternity care, acquired the virtual and in-person maternity care provider Doula Network for an undisclosed sum.
CorroHealth, a revenue cycle management tech company, has finalized a deal to acquire Navient’s healthcare revenue cycle management business. The pickup adds 925 employees to the team while scaling and adding new capabilities—such as multichannel patient communications—to the company’s offerings.
Wellinks, a cardiopulmonary care technology company, acquired Spire Health in a noncash transaction. The deal marries Spire’s patient monitoring tech with Wellinks’ virtual care model.
Vyne Medical, a healthcare automation vendor, acquired data extraction company Extract Systems for an undisclosed sum. The deal will see Vyne integrate Extract’s machine learning and artificial intelligence capabilities with its existing platform and also allows it to enter the government services vertical.
MPulse acquired Zipari, a vendor of consumer engagement technology for insurers. Terms of the deal were not disclosed.
MedeAnalytics, a health data analytics software maker, acquired SubPop Health for an undisclosed sum. The company highlighted SubPop’s “key assets” serving employers purchasing health benefits.
Netsmart, a value-based care solutions vendor, acquired Medicare fee-for-service claims data analytics company HealthPivots for an undisclosed sum.
RLDatix acquired SocialClimb, a provider reputation management and patient satisfaction data company, for an undisclosed sum.
GoHealth, a digital health company offering a health insurance marketplace, has entered into a purchase and subscription agreement with e-TeleQuote Insurance that will eventually lead to an acquisition. The deal was slated to close Sept. 30.