Health system M&A activity on pace for post-pandemic high

Sustained momentum in hospital and health system M&A has put 2026 on track to be a record year for M&A activity since the COVID-19 pandemic, according to the latest M&A quarterly activity report. For the third consecutive quarter, multiple mega mergers—transactions in which the smaller party had annual revenue exceeding $1 billion—were announced, keeping the average seller size higher than recent year-end figures. The latest findings point to a wave of transactions in which larger organizations are exploring partnerships to reposition strategically with a capability-driven rationale.