Hospital Management

Risant to acquire North Carolina-based hospitals system Cone Health

Upon completion of the deal, Cone Health will integrate into Risant Health, while retaining its ‘brand, name, and mission’.

Risant Health, a non-profit entity established by Kaiser Foundation Hospitals, has entered into a definitive agreement to acquire Cone Health, a health system based in North Carolina, US.

The financial terms of the deal have not been disclosed.

This acquisition is contingent on regulatory approvals and customary closing conditions.

Upon completion of the deal, Cone Health will integrate into Risant Health, while retaining its ‘brand, name, and mission’.

Cone Health will also maintain its own board, CEO, as well as other leadership team, continuing its collaborations with provider organisations, health plans, and independent physicians.

After becoming a part of Risant, Cone Health will remain an independent, regional, and community-based health system, dedicated to serving its local communities.

Cone Health is set to be the second health system to join Risant Health, following completion of the acquisition of Geisinger in April this year.

Through the latest deal, Cone Health aims to leverage the expertise and resources of Kaiser Permanente’s and Risant Health's value-based care platform.

This is expected to help Cone Health in increasing access to affordable care, while focusing on evidence-based care.

Cone Health president and CEO Dr Mary Jo Cagle said: “As part of Risant Health, Cone Health will build upon its long track record of success making evidence-based health care more accessible and affordable for more people. The people across the Triad will be among the first to benefit.”

Established in 1953, Cone Health is a non-profit healthcare network that serves over half a million people in the Piedmont Triad of North Carolina in the US.

Cone Health has a workforce of more than 13,000 employees and a network of nearly 700 physicians, along with 1,800 partner physicians.

It operates four acute care hospitals, a behavioural health facility, an accountable care organisation, and a health plan.

Cone Health's Triad HealthCare Network, a doctor-led accountable care organisation, manages and coordinates care for nearly 200,000 patients across multiple counties, demonstrating its extensive reach and impact in the region.