Healthcare DIVE January 20, 2026
Emily Olsen

More than 43% of transactions announced last year included a financially distressed party — a record high, according to Kaufman Hall.

Dive Brief:

  • Hospital and health system dealmaking fell last year as providers weathered persistent financial headwinds and policy uncertainty, according to a report published last week by Kaufman Hall.
  • In 2025, the sector recorded 46 announced mergers and acquisitions, with nearly 70% of deals taking place in the second half of the year, according to the consultancy. In comparison, 2024 included 72 deals.
  • Financial challenges continued to drive dealmaking last year. The number of transactions involving a financially distressed party rose to a record high of 43.5% in 2025.

Dive Insight:

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Topics: Health System / Hospital, Mergers & Acquisitions / JV, Provider, Survey / Study, Trends
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