The rejection appeared to be a blessing in disguise for AmSurg. Its offer valued TeamHealth at more than $70 a share. TeamHealth's shares have since dropped to $45.

In recent years, hospitals operating on tight budgets have increasingly turned to outsourcing certain medical functions, such as anesthesia, diagnostic imaging, and emergency services.

One potential trend that experts believe might counteract the move towards outsourcing is hospital mergers. The consolidation of the hospital industry, which was applauded in some quarters as promoting greater efficiencies, has come under fire in the past year in the face of evidence that areas with highly-consolidated hospital industries actually tend to be more expensive for patients.

In addition to hospitals and insurers, drug makers have also been seeking mega-mergers. Pfizer's proposed $160 billion merger with the Irish company Allergan, interpreted by many as an attempt to evade U.S. taxes by shifting its headquarters to Ireland, was scrapped after the Obama administration announced a rule change aimed at preventing such tax-dodging strategies.

Smaller but significant pharmaceutical deals have been successful. Thermo Fisher Scientific, for instance, announced it would buy FEI for $4.2 billion, while Abbott Laboratories is planning to buy St. Jude Medical for $25 billion, and Stryker is in the process of acquiring Sage Products for $2.8 billion.

Instant Insights /

Envision Healthcare, AmSurg near merger deal

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