Nonprofit health systems AdventHealth and Intermountain Health announced plans Tuesday to bring Denver-area hospitals and ambulatory sites under a new, to-be-formed joint venture.
The pair have signed a letter of intent, and expect to have a definitive agreement in hand “in the coming weeks” as they pursue an early 2027 close.
The proposed entity would comprise eight hospitals—five from AdventHealth and three from Intermountain—as well as “dozens” of their affiliated medical practices, clinics, urgent care and emergency centers. These represent the entirety of AdventHealth’s presence in the area, and all but one of Intermountain’s local hospitals (Intermountain Health Saint Joseph Hospital, in Denver, being the exception).
According to a voluntary regulatory filing from AdventHealth, the letter of intent outlines plants to split membership interest in the new entity “based on a fair valuation approach to be agreed upon by the parties and it is expected that AdventHealth would have more than a majority membership interest in the joint venture.”
The partners said their proposal would “bring more accessible, connected care to the area’s growing communities.” AdventHealth would be handed the reins on daily operations, which they said will incorporate a “whole-person care approach and aligned care platforms.”
“Partnering with Intermountain Health represents an opportunity to build on our shared commitment to deliver high-quality, compassionate care,” David Banks, president and CEO of AdventHealth, said in the announcement. “By bringing together the capabilities of our organizations, we can expand access, augment services, enhance clinical quality and continue improving the health and well-being of people across the greater Denver metro, guided by our mission of Extending the Healing Ministry of Christ.”
The deal is subject to regulatory approvals, a noteworthy caveat in light of the Denver area’s highly concentrated hospital market.
According to the Health Care Affordability Lab’s hospital market concentration data tool, all eight of the hospitals slated to form the joint venture have a Herfindahl-Hirschman Index (HHI) value of at least 2,200. A value of 1,800 is considered to be high, reflecting a controlled share of hospital beds within a local market that could warrant regulatory scrutiny.
The lab notes that the calculation methodology for its tools don’t suggest a legally definite antitrust market, but serve “as a consistent proxy for understanding local market concentration and ownership dynamics.” Substantial concentration means that consumers and payers have limited local alternatives for services, which may allow a hospital to demand higher prices for care.
The area’s other hospital players include UCHealth, HealthOne (part of HCA Healthcare), CommonSpirit Health and the independent Denver Health.
AdventHealth is the country’s ninth-largest nonprofit health system by operating revenue, of which it reported $23 billion in 2025. The fast-growing Florida-based organization employs over 108,000 people and runs over 2,000 care sites in nine states.
Intermountain Health, based in Utah, has a six-state footprint of 34 hospitals and about 400 clinics. It runs five hospitals in Colorado and reported $18.5 billion of total operating revenue last year.