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Hospital M&A volume jumps in Q1; $10B in target volume

The number of hospital and health systems mergers and acquisitions announced in the first quarter was substantially higher than the same period in 2023, according to an April 1 report by Cain Brothers, a division of Key Banc Capital Markets.

Eighteen transactions with $10 billion in total revenues for the targets were announced in the first quarter of 2024, compared to 12 deals with $3.4 billion in revenues for the targets in the first quarter of 2023, according to the report.

The 81 deals announced in the last 12 months is the highest in recent years, highlighting the increasing momentum of hospital and health system M&As nationwide. Seventy-five transactions were announced in 2023, compared to 59 in 2022 and 64 in 2021. 

Hospital and health system M&As announced in Q1:






Weirton (W.Va.) Medical Center

$192 million

WVU Health System (Morgantown, WVa.)

$4.5 billion


Ascension Michigan (3 hospitals)

$360 million

MyMichigan (Midland)

$1.2 billion


Nacogdoches (Texas) Memorial Health

$76 million

Nacogdoches County Hospital District



Fulton County Hospital (Salem, Ark.)

$11 million

Baxter Health (Mountain Home, Ark.) 

$286 million


Tenet's Central Coast (2 California hospitals)

$307 million

Adventist Health (Roseville, Calif.)

$4.8 billion


Nuvance Health (Danbury, Conn.)

$2.5 billion

Northwell Health (New Hyde Park, N.Y.)

$15.4 billion


Evangelical Community Hospital (Lewisburg. Pa.)

$249 million

WellSpan Health (York, Pa.) 

$3.7 billion


Ascension Via Christi Hospital (Pittsburg, Kan.)

$100 million

Mercy (St. Louis)

$8 billion


Helena Regional Medical Center (Helena-West Helena, Ark.)

$13 million

Progressive Health Systems (Oxford, Miss.)



M Health Fairview University of Minnesota Medical Center (Minneapolis) 

$1.9 billion

University of Minnesota



Tenet's Pacific Coast Network (4 Southern California hospitals)

$1 billion

UCLA Health (Los Angeles)

$19.3 billion


Saint Peter's Healthcare (New Brunswick, N.J.)

$583 million

Atlantic Health (Morristown, N.J.)

$3.7 billion


West Hills Hospital and Medical Center (Los Angeles)

$225 million

UCLA Health (Los Angeles)

$19.3 billion


LaPorte (Ind.) Hospital

$8 million

Franciscan Alliance (Mishawaka, Ind.)

$3.2 billion


Summa Health (Akron, Ohio) 

$1.9 billion

General Catalyst / HATCo



Doylestown (Pa.) Health

$400 million

Penn Medicine (Philadelphia) 

$9.9 billion


DeKalb Regional Medical Center (Fort Payne, Ala.)

$60 million

Huntsville (Ala.) Hospital Health

$1.8 billion



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