Health Systems Prioritize Outpatient Services in Evolving M&A Landscape
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Health Systems Prioritize Outpatient Services in Evolving M&A Landscape
- Health systems are increasingly focusing on acquiring outpatient facilities, with the number of affiliated outpatient physicians increasing by 63,502 from 2020 to 2023.
- This shift is exemplified by Ascension's June 2026 acquisition of AMSURG, adding 300 ambulatory surgery centers to its network.
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The healthcare merger and acquisition (M&A) landscape is undergoing a significant transformation, with health systems increasingly prioritizing outpatient care services over traditional hospital acquisitions. This strategic pivot is driven by various factors, including evolving patient preferences, the pursuit of cost-efficiency, and mounting reimbursement and regulatory pressures.
From 2020 to 2023, there was a notable increase in outpatient consolidation, with the number of outpatient physicians affiliated with health systems and corporate owners growing by 63,502. This trend reflects a broader move to deliver care closer to communities and in more convenient, often lower-cost settings. Outpatient services encompass a wide range of offerings, including ambulatory surgery centers (ASCs), urgent care centers, physician practices, diagnostic laboratories, and home health services.
A prominent example of this shift is Ascension, a leading Catholic non-profit health system, which completed its $3.9 billion acquisition of AMSURG in June 2026. This deal significantly expanded Ascension’s national network by adding 300 ambulatory surgery centers across 35 states, specializing in areas like gastroenterology, ophthalmology, and orthopedics. Eduardo Conrado, President and CEO of Ascension, stated that this acquisition positions the system to lead the transformation of healthcare delivery by making care more accessible, convenient, and affordable outside the traditional hospital setting.
Other large health systems, such as CommonSpirit Health, are also diversifying care delivery by expanding their presence in convenient outpatient settings like primary care clinics and ambulatory surgery centers. This focus on outpatient expansion is expected to continue, with industry analysts anticipating