Where hospital value is actually decided.
Last checked: November 8, 2026
A hospital's value is set in three places: the deal reports that count transactions, the financial benchmarks that show whether hospitals can pay their way, and the valuation standards that tell an appraiser which number counts. The links below cover all three — the M&A data, the hospital statistics and margins, the multiples buyers pay, and the private-equity record that now shadows the whole market.
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Hospital M&A reports
The consulting firm's quarterly hospital deal count: 22 transactions and $14.5 billion in transacted revenue in the first quarter of 2026, with three mega mergers.
Plain-English summary of Kaufman Hall's first-quarter 2026 report, including the Sutter Health–Allina Health combination and the divestiture trend.
Third-quarter 2026 report: 16 deals, $8.2 billion in transacted revenue, and 56 deals through nine months against 46 in all of 2025.
The 2025 year-end picture: 46 deals, $18.5 billion in transacted revenue, and a record 43.5% of deals involving a distressed party.
Second-quarter 2026: 18 deals and $7.7 billion in transacted revenue, against 8 deals and $1.4 billion a year earlier.
A valuation firm's reading of the first-quarter 2026 data, the Sutter–Allina deal, and the One Big Beautiful Bill Act's effect on dealmaking.
Hospital statistics and margins
The association's annual survey summary: 6,100 hospitals in the United States, drawn from data provided by more than 6,200 hospitals and 400 health systems.
Kaufman Hall's August 2026 National Hospital Flash Report: the median operating margin fell to 1.8%, and roughly 43% of hospitals are operating at a loss.
A Harvard study of acute-care hospitals: 432 closures and 216 openings between 2010 and 2025, a net loss of 216 hospitals and 24,399 beds.
The professional association for hospital and health-system finance leaders, covering the financial management, revenue cycle, and cost accounting that underpin every valuation.
Valuation methods and multiples
Published healthcare EBITDA and revenue multiples by subsector: hospitals at 6.3x to 9.7x EBITDA depending on size, and 1.0x to 2.0x revenue.
An explainer on the standards of value used in healthcare deals, why fair market value dominates, and how the Anti-Kickback Statute and Stark Law shape it.
The classic methods paper: the market comparable method, the underlying-assets method, and the income, or cash-flow, method as the foundation of hospital valuation.
Private equity and distressed hospitals
The current list of private-equity-owned hospitals in the United States — 488 as of April 2025 — with the firms behind them.
The Commonwealth's account of what followed Steward Health Care's May 2024 bankruptcy: two closures and five hospitals transferred to new operators.
How distress rose from 15% of deals in 2022 to a record 43.5% in 2025, and why Kaufman Hall expects the trend to continue.
hospitalvaluation.com — $9,888
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Changelog
- November 8, 2026: Initial edition — hospital M&A reports, hospital statistics and margins, valuation methods and multiples, and private-equity and distressed-hospital research established (15 items).