Over the last 16 months, St. Louis-based Ascension has sold or consolidated about 35 hospitals across the country as it revamps its hospital portfolio, operating model and overall financial performance.
Despite reporting a $466 million operating loss (a -2.4% margin) for the nine months ending March 31, 2025, the Catholic nonprofit system has made notable strides in improving its liquidity position. That progress is largely attributed to the successful collection of accounts receivable that had temporarily spiked due to two major cybersecurity incidents — the May 2024 ransomware attack and the February 2024 Change Healthcare cyberattack.
Since the fourth quarter of fiscal 2024 — the three months ending June 30, 2024 — Ascension has improved recurring operating performance by $1.4 billion, while increasing patient volumes and same-facility revenue.
“We have seen measurable growth in same-facility revenue, patient throughput, and nurse retention — all reinforcing our operational foundation,” Executive Vice President and CFO Saurabh Tripathi said. “These results allow us to reinvest in critical areas, including clinical infrastructure, digital innovation, and expanded access in the communities we serve. Our financial strategy remains focused on long-term stability and mission-aligned growth.”
Over the past three years, Ascension has taken a strategic, systemwide approach to evaluating its ministries and regions to identify where it can most effectively deliver high-quality, cost-efficient care. This led to targeted partnerships in certain markets — notably in Michigan, where a joint venture with Henry Ford Health transferred some facility operations to better meet local needs. According to Mr. Tripathi, this strategy is now yielding significant results, including a $2.6 billion net turnaround already achieved and an additional $1 billion projected for this year.
Now regaining financial footing, Ascension is shifting back into acquisition mode. The system plans to acquire full ownership of Cedar Park (Texas) Medical Center, a 126-bed hospital, for $460 million in cash. Additionally, Bloomberg reported that Ascension is in talks to acquire AmSurg, an ambulatory surgery center company, for about $3.9 billion. AmSurg has a network of more than 250 ASCs and 2,000 physicians across 34 states, according to its website.
Here are 10 key Ascension transactions by state:
Alabama
1. The University of Alabama System on Nov. 1 acquired Birmingham-based Ascension St. Vincent’s Health System for about $450 million. Under the deal, UAB Health System assumed ownership of all Ascension St. Vincent’s care sites, including the hospitals at Birmingham, Blount, Chilton, East and St. Clair, as well as the Trussville Freestanding Emergency Department, imaging centers and other clinics that were part of Ascension Medical Group.
2. In October 2023, Gulf Coast Health System, another Ascension subsidiary, sold all assets and operations associated with Providence Hospital in Mobile, Ala., to the University of South Alabama Health Care Authority.
Illinois
3. In December, Ascension sold multiple hospitals, two ASCs, and four post-acute and senior living facilities in Illinois to Ontario, Calif.-based Prime Healthcare for $375 million. The hospitals include:
- Ascension Holy Family (Des Plaines)
- Ascension Mercy (Aurora)
- Ascension Resurrection (Chicago)
- Ascension St.Francis (Evanston)
- Ascension St. Joseph-Elgin
- Ascension St. Joseph-Joliet
- Ascension St. Mary-Chicago
- Ascension St. Mary-Kankakee
Ascension St. Elizabeth in Chicago was also included in the acquisition, but the hospital closed in mid-February.
Kansas
4. St. Louis-based Mercy on Sept. 1 acquired Ascension Via Christi Hospital in Pittsburg, Kan. The transaction included the hospital, its locations and related physician practices, but excluded Ascension Living Via Christi Village facilities and operations.
Michigan
5. South Bend, Ind.-based Beacon Health System has signed a definitive agreement to acquire Ascension Michigan’s southwest region, which includes four hospitals, 35 outpatient clinics and an ambulatory surgery center. The hospitals include:
- Ascension Borgess Hospital (Kalamazoo)
- Ascension Borgess Allegan Hospital
- Ascension Borgess-Lee Hospital (Dowagiac)
- Ascension Borgess-Pipp Hospital (Plainwell)
6. In August, Ascension sold three hospitals and their related Ascension Medical Group care sites and physician practices to Midland-based MyMichigan Health. The hospitals, which have since rebranded under MyMichiganHealth, were:
- Ascension St. Mary’s (Saginaw)
- Ascension St. Mary’s Towne Center (Saginaw)
- Ascension St. Joseph (Tawas City)
7. In October, Detroit-based Henry Ford Health and Ascension Michigan launched a joint venture that essentially folded Ascension’s care sites in the southeastern region of the state under Henry Ford Health’s brand. All five of Henry Ford’s acute care hospitals and other care facilities and assets, including Health Alliance Plan, are included in the joint venture. The following 10 Ascension hospitals — which have since rebranded — are also included in the partnership:
- Ascension Genesys Hospital
- Ascension Macomb-Oakland Hospital and Warren, Madison Heights campuses
- Ascension Providence Hospital and Novi, Southfield campuses
- Ascension Providence Rochester Hospital
- Ascension River District Hospital
- Ascension St. John Hospital
Milwaukee
8. Ascension Wisconsin sold its 50% stake in Network Health to Milwaukee-based Froedtert Health in November 2023. The deal gave Froedtert full ownership of the health plan, a spokesperson for the system confirmed to Becker’s.
New York
9. In February 2024, Ascension sold Our Lady of Lourdes Memorial Hospital System in Binghamton, N.Y., to Sayre, Pa.-based the Guthrie Clinic, now a six-hospital system. The transaction included Lourdes Hospital, its locations and related physician practices.
Texas
10. Ascension plans to acquire full ownership of Cedar Park Medical Center from Franklin, Tenn.-based Community Health Systems. The $460 million deal would see Ascension acquire CHS’ 80% ownership interest in Cedar Park Regional. Ascension currently has a 20% ownership interest in the hospital. Ascension Seton, a subsidiary of the health system that operates 13 hospitals and 222 care sites in Central Texas, will assume operations of Cedar Park Regional should the transaction be completed. The deal is expected to close late in the second quarter or early in the third quarter, subject to regulatory approvals and closing conditions.
