Cincinnati-based Bon Secours Mercy Health has received nearly $1.1 billion in cash distributions from its ownership stake in Ensemble Health Partners so far in 2026, according to its Aug. 18 financial report.
Bon Secours holds a 41% stake in the revenue cycle management company, according to the report. The health system received a $426.6 million distribution from Ensemble in February. Then on Aug. 3, Ensemble closed what Bon Secours Mercy’s filing described as “a strategic recapitalization transaction with a new private equity sponsor,” and the health system received a net cash distribution of $670.8 million tied to that deal.
The August transaction comes after healthcare investment platform Thoreau entered into an agreement in June to make a strategic growth investment in Ensemble. Ensemble said in a June 17 news release that the investment will support the RCM company’s continued growth and accelerate its investment in technology and people. Bon Secours, Berkshire Partners and Warburg Pincus are continuing as investors alongside Thoreau. Bon Secours maintains its 41% ownership stake, a health system spokesperson told Becker’s.
Because both distributions exceeded the carrying value of Bon Secours Mercy’s equity investment in Ensemble, the excess amounts were recorded as long-term liabilities rather than gains under equity-method accounting rules. The health system’s “Ensemble Liability” stood at $581.7 million as of June 30, up from $146.6 million at the end of 2025. As of the filing date, Bon Secours Mercy had not finalized the accounting treatment for the August distribution.
“Bon Secours Mercy Health’s minority ownership interest in Ensemble Health Partners strengthens our ability to invest in patient care, our people, technology and facilities while advancing health and well-being in the communities we serve,” the system spokesperson told Becker’s. “As a nonprofit Catholic health ministry, we reinvest resources to expand access to care, support community programs and address the broader factors that influence health.”
The 47-hospital system reported operating income of $193 million (2.6% margin) for the six months ended June 30, up from $172.2 million (2.5% margin) during the same period last year. The system recorded net income of $683.6 million in the first half of 2026, up from $631.9 million during the same period in 2025.
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