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Healthcare M&A: 2025 Activity and 2026 Outlook
The healthcare mergers and acquisitions (M&A) market in 2025 has been characterized by strategic recalibration, with transaction activity recovering after a slow start to the year. Hospital and health system M&A began 2025 at subdued levels but gained momentum through the third quarter, suggesting renewed dealmaker confidence. Meanwhile, healthcare services transactions have remained robust, with 231 deals in the first half of 2025, representing a 14.4% increase from the prior period. This Health Capital Topics article examines 2025 year-to-date transaction activity and analyzes factors expected to influence healthcare M&A in 2026. (Read more...)
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CMS Publishes 2026 OPPS Final Rule
On November 21, 2025, the Centers for Medicare & Medicaid Services (CMS) released its Calendar Year (CY) 2026 Hospital Outpatient Prospective Payment System (OPPS) and Ambulatory Surgical Center (ASC) Payment System Final Rule, affecting approximately 4,000 hospitals and 6,000 ASCs. The rule finalizes payment updates, policy reforms, and transparency requirements that will impact hospital and ASC operations beginning January 1, 2026. This Health Capital Topics article discusses the key OPPS changes and updates included in the Final Rule. (Read more...)
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ACA Subsidy Extension Update as Year-End Deadline Looms
As discussed in prior Health Capital Topics articles, the record-long federal government shutdown that began October 1, 2025 was resolved on November 12, 2025, in part through a commitment by Senate Majority Leader John Thune (R-SD) to hold a December vote on legislation addressing the enhanced Affordable Care Act (ACA) premium tax credits set to expire on December 31, 2025. That promise has now come due, yet the fate of the subsidies remains uncertain. This Health Capital Topics article provides an update on the ACA subsidy extension saga and the outlook for a resolution before the year-end deadline. (Read more...)
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Valuation of Care Coordination Services: Regulatory Environment
Healthcare providers face federal and state legal and regulatory constraints, which affect their formation, operation, procedural coding and billing, and transactions. Fraud and abuse laws, specifically those related to the federal Anti-Kickback Statute (AKS) and physician self-referral laws (the “Stark Law”), may have the greatest impact on the operations of healthcare organizations. As the final installment of the five-part series on the valuation of care coordination services, this Health Capital Topics article discusses these fraud and abuse laws, as well as recent enforcement actions. (Read more...)
| 2025 Health Capital Topics Book is Here! | |
We are excited to announce the availability of the 14th edition of our annual Health Capital Topics eBook. We invite you to download and explore HCC's insights on key issues in the dynamic U.S. healthcare industry and their potential impact on healthcare organizations and services.
As always, we appreciate the many comments and expressions of support for this research endeavor. HCC’s research is the foundation for all of our client engagements and firm as a whole. For any inquiries, please do not hesitate to email us at solutions@healthcapital.com or call us at 800-FYI-VALU.
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HCC's Jessica Bailey-Wheaton and Hannah Newman of Hancock Daniel were recently published in the American Bar Association's The Health Lawyer. Their article entitled “External Expertise in Physician Compensation: A Smart Investment” explores why partnering with independent valuation and compensation specialists is no longer optional for many organizations. From navigating FMV and commercial reasonableness standards to structuring performance-driven, value-aligned models, external advisors bring objectivity, rigor, and proven experience to an increasingly high-stakes environment.
For more recently published material written by HCC, please visit www.healthcapital.com
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