Risant Health Acquires Cone Health, Expanding Nonprofit Health System Portfolio

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Risant Health has officially acquired Cone Health, a five-hospital system based in Greensboro, North Carolina, marking its second acquisition since launching earlier this year. As part of the deal, Risant will invest at least $1.4 billion into Cone over the next five years to enhance its facilities and integrate the system, with the potential for up to $300 million more in support over the next decade. Cone Health will retain its brand, leadership, and board, including CEO Mary Jo Cagle.

This acquisition is part of Risant’s broader strategy to expand its nonprofit health system portfolio. Formed by Kaiser Permanente in 2023, Risant aims to acquire and operate multiple health systems, with plans for at least five acquisitions. Kaiser has committed $5 billion in investments to Risant over the next five years, with projected revenue of $30 billion to $35 billion during that period.

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Cone Health was selected for its strong track record, reporting $3.1 billion in operating revenue for fiscal year 2024, a jump from $2.8 billion in 2023, fueled by increased patient volumes. Through this acquisition, Cone will gain access to Risant’s value-based platform, designed to enhance care access and reduce costs by integrating resources from Kaiser Permanente, Risant, and other health systems within the network. Risant first launched this platform at its inaugural acquisition, Geisinger, in the third quarter of this year.