DOTmed January 20, 2026
Hospital and health system mergers and acquisitions finished 2025 on stronger footing after a slow start, with 46 transactions announced across the year, according to a new report from Kaufman Hall.
While the total number of deals was down from 2024, the fourth quarter accounted for 17 of the year’s transactions — more than any other quarter — and contributed $9.8 billion to the year’s total of $18.5 billion in transacted revenue. That figure marks the lowest annual total since Kaufman Hall began tracking the data, a result of minimal activity in the first half of the year.
Four “mega mergers,” involving smaller organizations with annual revenue over $1 billion, were announced in Q4, signaling renewed momentum in the sector.
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