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UPMC acquires Trinity Health

Pittsburgh-based UPMC has signed a agreement with CommonSpirit Health to acquire Trinity Health System, a hospital system operating multiple hospitals and outpatient facilities across the Ohio Valley....

USOSM expands NY footprint

U.S. Oral Surgery Management (USOSM) announced a new partnership with Hudson Valley Oral Surgery, a three-location oral surgery practice in the Hudson Valley... Read more on LevinPro HC

Table of Contents

Lead Story Page 1

Top PE Deals of May 2026

Several transactions took publicly traded companies private

It has been a busy spring for private equity (PE) firms, with more than 100 deals announced since the start of the second quarter and 54 in May. PE investors are still focused on the usual verticals, such as physician groups (21 deals in May), but our data shows varying degrees of interest in other sectors. Let's dive into the top PE days for May to see what these firms have targeted.

PE-Backed Qualtrics buys Press Ganey Forsta

In a $6.75 billion transaction, Qualtrics has acquired Press Ganey Forsta, showcasing the high demand for AI-services in healthcare. Press Ganey Forsta is an AI-powered experience management and data analytics platform. More than 41,000 healthcare facilities rely on Press Ganey Forsta measurement systems, including the majority of U.S. hospitals. It was formed when healthcare performance company Press Ganey acquired the global market research technology firm Forsta.

Atrium, WakeMed Sign LOI

The merger could create one of North Carolina's largest systems

With $2 billion in investment promised, Atrium Health and WakeMed have announced a plan to merge, which could create one of the largest health systems in North Carolina. Under the proposed deal, WakeMed will join Atrium Health, an 11-hospital system with more than 900 locations across the Charlotte region.

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According to the press release, the deal requires the Wake County Board of Commissioners to approve an amendment to WakeMed’s 1997 Transfer Agreement, which granted WakeMed ownership of several healthcare assets, but on the condition that it provide "ongoing hospital services" to every patient, regardless of socioeconomic status. Once that step is finalized, the deal will be submitted for regulatory approval and undergo a negotiation process....Read more on LevinPro HC

Qualtrics is a cloud-based software platform for collecting, organizing and analyzing feedback data. It runs a corporate platform focused on Experience Management that handles everything from customer experience and product experience to employee experience and so on. These tools can integrate with major corporate ecosystems, including Salesforce, Tableau and various healthcare analytics platforms. The company was founded in 2002 but was acquired by private equity firm Silver Lake and the Canada Pension Plan Investment Board in June 2023.

According to the press release, the acquisition "expands the world's largest proprietary human Experience Management AI & data platform with the scale and depth of the world's largest healthcare experience dataset."

Knox Lane takes Cross Country Healthcare private

Knox Lane announced early this month it was buying

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Cross Country Healthcare, Inc., one of the largest staffing firms in the healthcare industry, for $437 million. Upon completion of the transaction, Cross Country will become a privately held platform company in Knox Lane’s portfolio and will cease trading on the Nasdaq.

Based in Boca Raton, Florida, Cross Country Healthcare provides healthcare staffing and workforce solutions to more than 3,000 healthcare facilities in the United States and the Caribbean. According to its most recent annual report, Cross Country had revenues of more than $1.05 billion during 2025 and EBITDA of $26.8 million. However, in its recently released Q1:26 report, the company reported a 17.8% year-over-year decline in revenue to $241.1 million.

In 2024, the company attempted to merge with Aya Healthcare, Inc. in a $615 million deal. But in December 2025, the merger was called off because the companies were unable to meet the HSR Act waiting period due to the 43-day government shutdown.

The Carlyle Group snaps up two revenue cycle management firms

Announced in the first week of May, The Carlyle Group purchased two revenue cycle management firms, Knack RCM and EqualizeRCM. Headquartered in Austin, Texas, EqualizeRCM provides revenue cycle management services to physicians, hospitals, ambulatory surgery centers, labs and other healthcare providers and investors throughout the United States. Knack RCM is based in New Jersey and has a workforce of nearly 6,000 employees. Its client base includes physician groups, durable medical equipment suppliers and surgical and ambulatory care centers. Knack was sold by LKCM Headwater Investments

Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI and Carlyle Asia Partners Growth II.

Amid payer complexity, constant regulatory changes and financial pressure, healthcare organizations rely on revenue management firms to stabilize their finances, making these firms a strong draw for investors.

ArchiMed buys Esperion Therapeutics, Inc.

Esperion Therapeutics, a publicly traded biotechnology company based in Ann Arbor, Michigan, was purchased by Archimed in a $1.1 billion deal. The biotech firm focuses on the discovery and development of therapies that use high-density lipoprotein, or good cholesterol, to treat cardiovascular disease. Esperion reported fullyear 2025 revenue of $403.1 million.

ArchiMed is an independent private equity investment firm focused exclusively on the healthcare industry. It has directly managed and invested in more than 80 companies with a combined value of $50 billion. Its mix of operational, medical, scientific and financial expertise allows the ArchiMed team to serve as a strategic and financial partner to European and North American small and middle-market businesses.

The upfront cash consideration represents a 58% premium over Esperion’s closing share price on April 30, 2026.

Following completion of the transaction, Esperion will become a privately held company and its common stock will no longer be listed on the NASDAQ.

Warburg Pincus moves into the home health market

Warburg Pincus announced a new strategic investment in Cornerstone Caregiving, a Waco, Texas-based home-based care provider.

Cornerstone provides hospice, home care, palliative care and a range of other home-based health care services. The company, which was founded in 2020, operates hundreds of locations across the United States.

Monroe Capital provided a senior credit facility to support Warburg Pincus’ investment in Cornerstone Caregiving, acting as lead arranger and administrative agent on the financing. Financial terms were not disclosed. “The transaction reflects continued private equity interest in non-acute health care delivery models that can absorb patient volume outside traditional institutional

settings,” Monroe Capital said. “Home-based care providers have become increasingly important as hospitals and insurers push to reduce inpatient utilization and shift more care into lower-cost residential environments.”

PE firms have announced several, large deals for home health companies in 2026. In April, General Atlantic purchased TEAM Services Group for $3 billion, and back in February, Kinderhook Industries took Enhabit, Inc. private in a $1.1 billion transaction.

Frazier Healthcare Partners adds behavioral health-focused Pharmacy Altruix

Frazier Healthcare Partners has completed the acquisition of Altruix, a leading behavioral health-focused specialty pharmacy. Headquartered in Hunt Valley, Maryland, Altruix operates 17 pharmacies across the Mid-Atlantic region and serves more than 800 behavioral health providers. The company was previously backed by WindRose Health Investors, a New Yorkbased private equity firm. Financial terms were not disclosed.

Altruix delivers high-touch clinical support, medication adherence programs, specialized packaging and access to complex therapies for patients with severe mental illness, substance use disorders and intellectual and developmental disabilities. Concurrent with the closing, Frazier Executive in Residence Randy Hyun has been appointed Chief Executive Officer. Hyun brings deep experience in pharmacy services, most recently as President of Evernorth Health System Services. Greg Ganse, Altruix’s former CEO, will remain as an investor and advisor.

Frazier has also appointed a seasoned board including Doug Present (formerly of Genoa Healthcare), John Rex (formerly of UnitedHealth Group), Eric Palmer (formerly of Evernorth) and Mark Peterson (also formerly of Genoa Healthcare) to support Altruix’s next phase of growth.

Top Stories of April 2026

Behind the Deal: CDO Kevin Rogus Explores Playground Pediatric’s Acquisition Strategy

A new investor has entered the pediatrics landscape. With the acquisition of five pediatric practices over the last few months, Playground Pediatrics has expanded its presence in four states and strengthened its position as a leading pediatrics provider.

Since October 2025, it has acquired Cobb Pediatrics in Georgia, Purcell Pediatrics in North Carolina, Kids Kare Pediatrics and Smyrna Pediatrics in Tennessee and PAK Pediatrics in Pennsylvania.

The LevinPro HC team spoke with Kevin Rogus, Chief Development Officer of Playground, about the transactions and Playground’s acquisition strategy.

A portfolio company of Norwest Venture Partners since 2024, Playground operates as a management services organization that supports pediatric practices by handling non-clinical operations while physicians retain full clinical autonomy. It has eight practices under its umbrella, spanning Tennessee, Pennsylvania, North Carolina and Georgia.

While Playground had previously partnered with other practices, the partnership with PAK Pediatrics kicked off an aggressive acquisition streak.

“Playground’s growth has been driven by ongoing demand for pediatric care and a clear need for better access for families,” Rogus said, referring to the sudden uptick in acquisition activity. “Playground has grown deliberately, focusing on strengthening established practices and expanding access where it already exists, rather than pursuing rapid expansion or reacting to broader economic cycles.”

Research studies echo with Rogus’ commentary. According to an analysis by the National Academy for State Health Policy, demand for pediatric services is increasing, but the pediatric workforce is shrinking.

With a shrinking workforce, many pediatric networks have begun consolidating to position themselves as the patients’ go-to networks. With this, M&A deal activity is on the rise.

Pediatric practices have been popular targets for investors this year, with 10 deal announcements through the end of May, according to our LevinPro HC platform, outpacing the five reported in the same time frame in 2025. Additionally, throughout the entirety of 2024, there were only four pediatric deals announced.

Additionally, Playground’s activity has set them up as a big player in the market. The only other investor to have announced more than one deal in 2026 is Pediatricia Health Group, a portfolio company of M33 Growth, which reported two deals.

In addition to private equity’s interest in the pediatric space, health systems have also attracted market attention. In 2026, three health systems purchased pediatric practices: Cincinnati Children’s Hospital acquired Springboro Pediatrics; Dayton Children's bought Mercy Health’s pediatric practice and rehabilitation services; and NYU Langone Health acquired Pediatric Associates of NYC, PC

Interest from health systems in the pediatric market plays into the rise and importance of value-based care. Pediatrics, as the first specialized care a person receives, serves as an entry point for physicians to connect patients to their networks. By adding more practices to its portfolio, Playground is making itself a viable competitor.

While M&A strategies from some other PE-backed platforms focus on reach, expanding into different markets across the country, Rogus said his organization is taking a different approach.

“Geography is an important part of how Playground thinks about growth,” commented Rogus. “The current focus is on building density and depth across the four states where Playground already operates.”

While expanding into untapped markets is not Play-

ground’s focus, Rogus did note that if the conditions are attractive and it makes sense, the company would consider it.

“Expansion will always be secondary to doing the current work well,” he said.

Lastly, Rogus addressed the influx of AI into healthcare spaces, offering an optimistic perspective. He noted that Playground has already integrated AI into “scheduling, reporting, revenue cycle management and backoffice functions” without any patient pushback.

“The real opportunity lies not in layering tools onto existing processes but in reconfiguring how work is done at a system level, redesigning roles and workflows from the ground up,” he said. “If a tool earns their confidence that it raises the standard of care and supports better outcomes, that is the basis for moving forward.”

Curio Acquires Nora Mental Health Franchise System

Curio has announced it acquired the franchise system of Nora Mental Health, expanding its outpatient behavioral health footprint across the United States. Financial terms of the transaction were not disclosed. The acquisition adds Nora’s mental health franchise network to Curio’s existing behavioral health operations and expands the company’s presence in outpatient therapy and counseling services.

Founded in 2021, Nora Mental Health operates a franchise model of community-based mental health clinics that provide therapy, counseling and psychiatric services for children, adolescents and adults. The company has developed a network of franchise locations across multiple states to increase access to outpatient behavioral healthcare in local markets. Curio said the acquisition supports its strategy of building a scaled behavioral health platform spanning multiple care settings and treatment categories.

The acquisition reflects continued consolidation activity in outpatient mental health services as operators seek to expand geographic density, referral networks and access to care amid rising demand for behavioral health treatment nationwide.

Ernest Health Acquires Reunion Rehabilitation Hospitals

Ernest Health has signed a definitive agreement to acquire Reunion Rehabilitation Hospitals, a network of seven inpatient medical rehabilitation hospitals located in Arizona, Colorado, Texas and Florida. The transaction will increase Ernest Health’s total network from 38 to 45 rehabilitation hospitals across the United States. Financial terms were not disclosed.

Headquartered in Dallas, Texas, Reunion Rehabilitation Hospitals provide specialized rehabilitative care for patients recovering from disabilities caused by injuries, illnesses or chronic medical conditions. Ernest Health operates a national network of rehabilitation and longterm acute care hospitals focused on patient-centered post-acute care with locally led hospital management.

According to Jake Socha, President and CEO of Ernest Health, the transition of Reunion Rehabilitation Hospitals to Ernest Health will occur seamlessly in the months following the deal announcement, with no disruption to operations or services. Reunion employees will have the opportunity to remain with their current facilities and transition to the Ernest Health organization.

Lilly Acquires 3 Companies to Expand Infectious Disease Portfolio

Lilly (formerly known as Eli Lilly and Company) has agreed to acquire three biotechnology companies to strengthen its infectious disease pipeline with differentiated vaccine platforms. The targets are Curevo Inc., LimmaTech Biologics AG and Vaccine Company, Inc. The transactions, which are subject to customary closing conditions including Hart-Scott-Rodino antitrust review, focus on prevention of viral and bacterial pathogens linked to long-term neurological, oncological and reproductive complications. Combined potential consideration across the deals totals up to approximately $3.83 billion.

Curevo is a clinical-stage biotechnology company dedicated to developing non-mRNA vaccines. Curevo's lead product candidate is amezosvatein, an adjuvanted subunit vaccine for the prevention of shingles in adults. The company was founded in 2018 as a joint venture between GC Pharma, the Mogam Institute

for Biomedical Research and the Infectious Disease Research Institute. The company is headquartered in Bothell, Washington.

LimmaTech Biologics AG is a Swiss clinical-stage biotech company developing vaccines for the prevention of life-threatening diseases. LimmaTech is developing vaccines against bacterial pathogens for which rising antimicrobial resistance is steadily closing therapeutic options, including Staphylococcus aureus, Neisseria gonorrhoeae and Chlamydia trachomatis.

Vaccine Company, Inc. is a privately held pre-clinicalstage biotechnology company founded to bring nextgeneration antigen engineering to vaccine science. The company's proprietary In Vivo Nanoparticle technologies are designed to combine the strengths of mRNA and virus-like particle approaches to enable durable, multivalent immune responses to challenging viral targets. Vaccine Company is advancing a pipeline of preclinical and investigational new drug-enabling programs, led by a vaccine candidate for the prevention of infectious mononucleosis caused by Epstein-Barr virus. The company was founded in 2022 by ARCH Venture Partners

The acquisitions reinforce Lilly’s strategy of addressing infectious diseases through prevention rather than treatment alone. The deals leverage Lilly’s global scale to advance these platforms and build on growing evidence linking common infections to downstream chronic conditions. They position Lilly to tackle both viral threats and rising antimicrobial resistance.

Centerview Partners LLC and J.P. Morgan Securities LLC are acting as financial advisors, and Cooley LLP is acting as legal advisor to Curevo. LimmaTech is supported by Moelis & Company UK LLP as financial advisor and Goodwin Procter and Vischer as legal advisors. Lazard is acting as exclusive financial advisor, and Cooley is acting as legal counsel to Vaccine Company.

GHO Capital, CBC Create $15B Healthcare Investment Firm

GHO Capital and CBC Group agreed to combine their healthcare investment platforms to create what the firms said will be the world’s largest dedicated healthcare investment firm. The combined organization is

expected to manage approximately $15 billion in assets focused exclusively on healthcare investments across Europe, North America and Asia. Financial terms of the transaction were not disclosed.

London-based GHO Capital is a healthcare-focused private equity firm investing across pharma services, medtech, healthcare services and specialty pharmaceuticals, while Singapore-headquartered CBC Group is an investment platform focused on healthcare, biotech and life sciences.

The firms said the combination is intended to expand global investment capabilities across biopharma, medical technology, diagnostics and healthcare delivery while increasing access to cross-border healthcare transactions and growth opportunities.

Both firms have been extremely active in the healthcare M&A market, especially GHO Capital, which has announced 30 deals since 2015. In 2024, it announced its largest deal in healthcare, partnering with Ampersand Capital Partners to buy Avid Bioservices in a $1.1 billion all-cash transaction.

CBC has announced several deals since 2015. In 2024, the company announced a $680 million acquisition of UCB's mature business in China (neurology and allergy), in partnership with Mubadala Investment Company.

The combined platform will operate across multiple healthcare subsectors and geographies with investment teams spanning Europe, the United States and Asia-Pacific markets. The firms said existing portfolio companies and investment strategies will continue under the combined organization, which is expected to pursue additional healthcare buyouts, growth investments and strategic partnerships globally.

Coastal Medical Transportation Systems Acquires Alert Ambulance

Coastal Medical Transportation Systems (CMTS) has completed the acquisition of Alert Ambulance Service, expanding its emergency and non-emergency medical transportation network across New England. The deal adds Alert’s established routes and operations in Massachusetts, New Hampshire and Rhode Island

to CMTS’s existing footprint. Financial terms were not disclosed.

Alert Ambulance joins CMTS’s portfolio following the company’s 2022 integration of Fallon Ambulance Service and Lifeline Ambulance Service. The combined organization now operates more than 325 vehicles and employs nearly 1,500 clinicians and support staff. CMTS provides Basic Life Support, Advanced Life Support, 911 emergency response, inter-facility transfers and specialized wheelchair transportation throughout the region.

The transaction enhances geographic coverage, backup capacity and operational synergies while maintaining full service continuity for Alert’s customers. Alert employees will integrate into CMTS, gaining access to advanced training through the Coastal EMS Academy and technology-driven logistics platforms. The combined company remains privately owned and locally operated under CMTS Founder and CEO Alexandre Theoharidis.

"Welcoming Alert's dedicated EMS clinicians, support staff, and longstanding customers to the Coastal family is a thrilling next chapter for us," said Theoharidis. "With expansion into Rhode Island and deepening our roots in Massachusetts and New Hampshire — and now backed by a combined team of nearly 1,500 strong — our shared expertise ensures we will continue to set the highest standard for patient care and customer services."

Enzo Health Raises $20M Series A to Expand AI Platform for Home Health and Post-Acute Care

Enzo Health, a Lehi, Utah-based AI platform for home health and post-acute care providers, announced earlier in May that it raised $20 million in Series A funding, bringing its total funding to $26 million. The round was led by N47, with participation from existing investors Gradient, Tandem Ventures and Rigby Watts. The company said the financing will support the expansion of its AI-driven workflow platform into skilled nursing and hospice care as demand for home-based care continues to rise.

Founded in 2024, Enzo Health develops software

that automates front-office, clinical and back-office workflows for home health agencies, including referral intake, documentation, reimbursement and compliance management. The company said its platform is currently used by organizations supporting more than 500,000 patients annually and that revenue increased more than 40x over the past year. Enzo’s products include AI-assisted clinical documentation, automated eligibility verification and chart-review tools designed to reduce regulatory and reimbursement risk for providers.

HCA Healthcare to Acquire The College of Health Care Professions

HCA Healthcare entered into an agreement to acquire The College of Health Care Professions (CHCP), a Texas-based allied health education provider, as the hospital operator looks to expand its healthcare workforce development capabilities. Financial terms of the transaction were not disclosed. HCA said the acquisition is intended to strengthen its pipeline of clinical and nonclinical healthcare professionals amid continued labor shortages across the healthcare industry.

Founded in 1988, CHCP operates campuses and online education programs focused on nursing, medical assisting, surgical technology, radiologic technology and other allied health training programs. The institution serves students across Texas and other markets through a combination of in-person and virtual instruction designed to prepare graduates for healthcare employment opportunities. HCA said CHCP will continue to operate under its existing educational platform following the completion of the transaction.

The acquisition reflects growing investment by health systems and healthcare operators in workforce training infrastructure as providers face ongoing staffing challenges, wage inflation and increased competition for clinical talent. HCA Healthcare has expanded internal workforce development and education initiatives in recent years to support recruitment and retention.

HCA Healthcare is a for-profit operator of healthcare facilities that was founded in 1968 and is based in Nashville, Tennessee. HCA Healthcare is comprised of more than 185 hospitals and 2,000 sites of care in 21 states and the United Kingdom.

PRISM Adds Retina Macula Institute

PRISM Vision Group announced it closed a transaction with Retina Macula Institute. Financial terms of the transaction were not disclosed. The partnership expands PRISM’s presence in Southern California and strengthens the organization’s retina specialty capabilities as it continues building a national ophthalmology platform.

Retina Macula Institute specializes in the diagnosis and treatment of retinal, vitreous and macular diseases and operates multiple locations across Southern California. The practice’s physicians are board-certified and fellowship-trained in medical and surgical retina care.

GenieRx Acquires Omnicare in CourtApproved Sale

GenieRx Holdings LLC has received U.S. Bankruptcy Court approval to acquire Omnicare, LLC, a leading national provider of pharmacy services to skilled nursing facilities and assisted living communities, from CVS Health

GenieRx is a joint partnership between Milrose Capital LLC and Integro Asset Management LLC (doing business as Integro Healthcare Services). The transaction is expected to close later in 2026, subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.

Omnicare provides comprehensive pharmacy services, including dispensing, clinical consulting and data-driven programs tailored to the needs of long-term care residents, many with higher acuity. The business will continue operating under the Omnicare name with a focus on reliable service, clinical best practices and continuity of care during the transition. David Azzolina will remain President of Omnicare.

The deal concludes a court-supervised sale process and transfers the platform to new ownership committed to maintaining high standards of pharmacy services for senior care providers. GenieRx was represented in the process by its partners at Milrose Capital and Integro Healthcare Services. Omnicare was advised by Houlihan Lokey (investment banker), Jenner & Block LLP and Haynes Boone (legal) and Alvarez & Marsal.

LEARN Behavioral Acquires Little Leaves Behavioral Services from FullBloom

LEARN Behavioral has acquired Little Leaves Behavioral Services, a provider of center-based applied behavior analysis (ABA) therapy, from FullBloom. LEARN Behavioral is backed by Gryphon Investors, and FullBloom is backed by American Securities. Financial terms of the deal, which closed on May 11, 2026, were not disclosed.

Little Leaves operates approximately 18 early-intervention ABA centers offering ABA, parent training and social skills groups for young children ages 1-6 with autism spectrum disorder. The company has a multistate footprint in Maryland, Virginia and Florida. LEARN Behavioral provides diagnostics, early intervention, ABA therapy (home, school and center-based), speech/ language therapy and telehealth services across 17 states.

The acquisition strengthens LEARN’s density in existing markets and adds Florida to its footprint, consistent with its active M&A strategy that includes recent addons of Cornerstone Autism Center and KGH Autism Services

American Pain Consortium Expands Kentucky Presence with Bluegrass Partnership

American Pain Consortium (APC), an interventional pain management practice, announced a partnership with The Pain Treatment Center of the Bluegrass (PTCB), expanding APC’s interventional pain management network into Kentucky’s Bluegrass region. Financial terms of the transaction were not disclosed.

Founded in 1993, PTCB operates multidisciplinary pain management clinics in Lexington, Somerset and Richmond, Kentucky, providing interventional treatments for chronic and acute pain conditions. It also offers services including epidural steroid injections, radiofrequency ablation, spinal cord and peripheral nerve stimulation, physical rehabilitation and medication management.

Health System News & Activity

April was a slow month for health systems in the healthcare M&A market, with only eight transactions announced, most of them for Hospitals. In the largest deal of the month, California-based Sutter Health and Minnesota-based Allina Health signed a definitive agreement to form a $26 billion not-for-profit health system with a network of nearly 40 hospitals. Under the terms of the merger, Allina will join Sutter Health and become the Upper Midwest Division of Sutter Health, maintaining the Allina Health name, brand and regional headquarters in Minneapolis. Sutter Health would maintain its headquarters in Northern California.

Sutter is a huge health system in its own right, operating 27 hospitals and generating nearly $20 billion in total revenue in 2025. Allina Health is a nonprofit health care system serving Minnesota and western Wisconsin through a network of more than 90 clinics, 12 hospital campuses, 13 retail pharmacies, specialty care centers, home care and emergency medical transportation. According to its most recent financial report released in September 2025, the organization generated more than $5 billion in patient services revenue in 2024.

Allina hasn't announced a deal in the healthcare M&A space since 2022, when it added Interlude Restorative Suites, a 50-bed inpatient rehabilitation hospital. Sutter, on the other hand, has been much more active. Its most recent deal was announced in December 2025, when it purchased Cal Sports & Orthopaedic Institute, a physician group in California.

The combined organization would also have more than 400 primary and specialty care sites and 18,000 physicians. The two systems plan to invest $2 billion in Minnesota and western Wisconsin, focusing on developing patient engagement tools, physician recruitment and AI initiatives to help streamline operations.

And numerous health systems around the country have begun releasing their quarterly reports. Advocate Health reported stronger financial performance for the three months ended March 31, 2026, as higher patient volumes and investment gains helped drive revenue and earnings growth across the nation's third-largest nonprofit health system. Total revenue increased 10.8% year over year to $10.15 billion, while operating income

rose to $380.1 million from $329.1 million during the prior-year period.

Patient service revenue increased to $8.74 billion from $7.78 billion a year earlier, reflecting volume growth and reimbursement improvements. Commercial payors represented 45% of patient service revenue, while Medicare and Medicaid accounted for 31% and 22%, respectively. Medicaid's share of revenue increased from 17% in the prior-year quarter.

Advocate Health ended the quarter with $27.2 billion in unrestricted cash and investments and maintained a strong liquidity profile, although days cash on hand declined to 269 days from 283 days at year-end 2025. Total assets increased to $54.9 billion, while net assets reached $35.3 billion. Long-term debt rose to approximately $7.9 billion, driven in part by increased commercial paper borrowings.

In one of most significant announcements in the market all year, Quorum Health entered into an agreement to transition to nonprofit ownership through a transaction involving Healthside Partners. The companies said the transaction is intended to strengthen Quorum’s longterm ability to invest in community healthcare services, expand access to care and support hospital operations in rural and underserved markets.

Brentwood, Tennessee-based Quorum Health operates affiliated hospitals, physician practices and outpatient facilities across multiple states, primarily serving rural and mid-sized communities. Healthside Partners is a nonprofit healthcare organization focused on supporting community hospitals and local healthcare delivery systems through mission-driven ownership and operational investment. The organizations said the nonprofit structure is expected to allow Quorum to reinvest additional resources into patient care initiatives, workforce development, facility modernization and expanded clinical services.

Quorum Health was formed in 2016 as a spin-off from Community Health Systems, which separated a portfolio of smaller-market and rural hospitals into an independent publicly traded company. The company later underwent a financial restructuring process and emerged from Chapter 11 bankruptcy in 2020 under new ownership.

Private Equity News & Activity

Private equity (PE) activity in healthcare M&A picked up in May 2026, with PE buyers and/or their portfolio companies involved in 54 deals out of 137 total healthcare transactions, representing 39.4% of overall volume. This marks an increase from April’s 48 PE deals out of 144 and is also higher than May 2025, which recorded 50 PE deals out of 157 total.

As usual, Physician Medical Group (PMG) remained the most active sector for PE buyers in May. There were 21 PE-backed PMG transactions announced during the month out of 37 total PMG deals. MB2 Dental, a portfolio company of Charlesbank Capital Partners, was the most active PE-backed acquirer in the PMG space, with five dental acquisitions encompassing 11 providers across New York, Oklahoma, Minnesota, Ohio and Florida.

eHealth ranked second with six PE-backed deals out of 16 total. The sector featured the month’s largest transaction by disclosed purchase price: Qualtrics’ acquisition of Press Ganey Forsta for $6.75 billion. Press Ganey Forsta is an AI-powered experience management and data analytics platform. More than 41,000 healthcare facilities rely on Press Ganey Forsta measurement systems, including the majority of U.S. hospitals.

Behavioral Health Care came in third with four PEbacked deals announced out of seven total. PE-backed acquirers in the space include Xpress Wellness Urgent Care (backed by Latticework Capital Management), Eden Futures (backed by Sovereign Capital Partners), JoyBridge Kids (backed by Frontline Healthcare Partners) and LEARN Behavioral (backed by Gryphon Investors).

Overall, it was a stronger month for private equity in healthcare M&A. PE deal volume rose both monthover-month and year-over-year, supported by steady platform activity in PMG and a few sizable transactions. Investors remained focused on their core areas while showing some willingness to pursue larger opportunities.

Healthcare Real Estate News & Activity

There were 13 Medical Outpatient Building (MOB) transactions captured in our LevinPro HC database for May, essentially on par with the 14 deals reported in April 2026 but down from the 17 announced in May 2025. Since the start of 2026, there have been 96 MOB transactions.

There was only one transaction with a disclosed price: BentallGreenOak’s $28.5 million acquisition of a Riverview, Florida MOB that totals 33,694 square feet. In April, $136.8 million was disclosed over five deals and in May 2025, $123.4 million was reported across eight deals.

Throughout May, total acquired square footage surpassed 1.37 million square feet across 25 facilities. This is slightly less than the April total, which was more than 1.78 million square feet across 26 facilities. However, it is significantly more than the 656,197 square feet across 30 facilities announced in May 2025.

This year-over-year comparison highlights that while deal volume may be decreasing, the total number of facilities and the size of facilities are increasing as investors shift towards portfolio transactions over individual facility deals.

Real estate investment firms led the MOB buyers with nine announced transactions. This accounts for more than 69% of the activity, which is a decline from April when they accounted for nearly 80% of the activity and from May 2025 when they accounted for 71% of the activity. Woodside Health’s transactions was the only private equity-backed deal for the month.

Even advisors saw a small decrease in activity. CBRE and Colliers only reported two deals each. Matthews Real Estate Investment Services and HREAHealthcare Real Estate Advisors announced one deal, each.

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Top Deals May 2026 Healthcare Staffing

Cross Country Healthcare, Inc. NASDAQ: Knox Lane

Boca Raton, FL CCRN San Francisco, CA

5/6/2026

In Brief: Cross Country Healthcare provides healthcare staffing and workforce solutions in the United States. The Boca Raton, Floridabased company assists more than 3,000 healthcare facilities in the United States and Caribbean.

Top Deals May 2026

I-MED Radiology Network Private Jardine Matheson

Sydney, Australia Hong Kong JMHLY

Laboratories, MRI and Dialysis

5/25/2026

In Brief: I-MED Radiology clinics offer a range of imaging procedures including MRI, CT scans, x-ray, ultrasound and nuclear medicine.

I-MED Radiology Network is one of the largest providers of diagnostic imaging services in Australia and New Zealand. The company operates more than 215 clinics and performs more than seven million imaging procedures every year.

Top Deals May 2026

Esperion Therapeutics, Inc. NASDAQ: ArchiMed

Ann Arbor, MI ESPR Lyon, France

Biotechnology & Pharmaceuticals

In Brief: Esperion Therapeutics focuses on the discovery and development of therapies that use high-density lipoprotein, or good cholesterol, to treat cardiovascular disease. Esperion reported full-year 2025 revenue of $403.1 million.

Candid Therapeutics

Private UCB S.A. NASDAQ: UCB 5/4/2026

$2,000,000,000 San Diego, CA Brussels, Belgium

In Brief: Candid Therapeutics is a clinical-stage biotechnology company focused on transforming the treatment of autoimmune and inflammatory diseases through novel T-cell engager platforms. Angelini Pharma S.p.A.

Rome, Italy Coral Gables, FL

In Brief: Angelini Pharma, part of the Angelini Industries Group, is an international pharmaceutical company based in Rome, Italy. The company researches, develops and commercializes health solutions with a particular focus on brain health, including mental health and epilepsy, and the consumer market.

Top Deals May 2026

Press Ganey Forsta

South Bend, IN Provo, UT

eHealth

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Stat of the Month: Health System M&A, January 1,

2026 - May 31, 2026

eHealth

Hospitals

Laboratories, MRI and Dialysis

Medical Outpatient Building

Other Services

Outpatient Surgery Center

Physician Medical Groups

Rehabilitation

Source: LevinPro HC, June 2026

Editor's Commentary:

In our LevinPro HC Stat of the Month, we're exploring the M&A activity from health systems through May 31, 2026. Nearly half of all transactions announced by a health system were for a physician group, as organizations look to build out their networks and keep referals in-house. Some notable deals include Medical University of South Carolina's acquisition of Palmetto Primary Care Physicians for $110 million or Hartford HealthCare's purchase of Consulting Cardiologists in Wallingford, Connecticut.

Nearly every health system has been focused on growing its outpatient care network, and that shows in our M&A stats. Multiple organizations, from Vanderbilt University Medical Center to HCA Healthcare, have acquired a freestanding emergency room or urgent

care center this year, primarily in markets like Florida and Texas.

The largest overall health system deal was Universal Health Services' (UHS) $835 million acquisition of Talkspace, the popular telehealth platform. UHS already has a significant presence in inpatient behavioral health, with nearly 350 facilities nationwide, but Talkspace will help supplement that revenue stream and bring more patients into its ecosystem. While other health systems are focusing on building their outpatient networks through brick-and-mortar locations, UHS is taking a different approach by leaning into telehealth and digital health instead.

There have been some notable health system mergers this year as well, including Sutter Health and Allina Health, RWJBarnabas Health and Englewood Health and UPMC and Trinity Health System in Ohio.

Deal Volume, May 2026 vs. April 2026 and May 2025

Deal Value, May 2026 vs. April 2026 and May 2025

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