Health systems increasingly seek a transformative impact from merger and acquisition activity — the addition of new capabilities or access to new markets.

Hospital mergers and acquisitions in the third quarter of 2021 largely continued the second-quarter pattern. Although the number of transactions remained lower than historic levels before the pandemic, there was a notably high level of total transacted revenue and average seller size by revenue.

Seven transactions involving 20 hospitals were announced in the third quarter, according to the latest report from KaufmanHall. Total transacted revenue for the quarter was $5.2 billion, which brought total transacted revenue for the year to $22.4 billion. Average seller size by revenue year-to-date was $659 million, more than double the average of $329 million over the past six years. Two of the most significant deals in the quarter were the planned merger of Utah-based Intermountain Healthcare and Colorado-based SCL Health, and HCA’s planned acquisition of five hospitals in Utah from Steward Health Care.

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