No. 04Hospital M&AJune 2, 202612 min readLatest

Ten Hospitals, $2.8 Billion, Zero Private Equity: Who Bought the Community Health Systems Divestiture Book

Community Health Systems closed 10 hospital divestitures between January 2023 and June 2026, totaling $2.80 billion in disclosed proceeds. Every named buyer is a nonprofit. Vanderbilt, Duke, Tampa General, Huntsville Hospital, Ascension, AdventHealth, Hamilton Health Care, Freeman Health, and Vandalia Health each picked up a former CHS market in an adjacent service area. Two announced deals (Novant for Lake Norman, WoodBridge for Commonwealth Health) terminated before closing. The narrative that private equity rolls up the distressed for-profit hospital divestiture book does not hold for this cycle.

$2.80B

Closed proceeds, 10 hospital deals

100%

Nonprofit buyers

Hospitals CHS still operates

Sources · SEC EDGAR 8-K M&A · SEC XBRL company-facts (CYH) · CMS HCRIS · CHS press releases · Medistill MCP

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Eighteen Months of Receipts: How Humira's Biosimilar Curve Broke the Rebate Model

Humira lost exclusivity in July 2023. Biosimilars hit 4.5 percent of Part D adalimumab beneficiaries by year-end. Eighteen months later they were at 19.2 percent. The gap was not a market function. It was a rebate function. Every chart was generated in Claude with Medistill in under thirty minutes.

19.2%

Q3 2025 biosimilar share

$2.11B

Big 3 PBM Schedule C, 2023

$224.8M

Ohio PBM spread retained, 2017-2018 audit

Sources · CMS Part D · NADAC · Form 5500 Schedule C · Ohio Auditor PBM audit · FTC PBM 6(b)

Line 4a, $137 Million: What 2024's Largest Disclosed ERISA Deposit Violations Reveal

University Hospitals of Cleveland disclosed a $137.6 million failure-to-transmit-participant-contributions amount on Schedule H Line 4a of its 2024 Form 5500. Sysco disclosed $88.4 million. Moody's disclosed $68.6 million. The receipts have been on the public filings for years. The brokers, deal teams, and ERISA fiduciary defense counsel they affect have mostly not noticed.

$137.6M

UH Health System single-plan flag

$1.37B

Top 5% of 2024 Line 4a disclosures

166

Schedule H columns now queryable

Sources · DOL Form 5500 Schedule H Part IV · IRS Form 5500 main · DOL EBSA

NPDB Medical Malpractice Reports Per 100,000 Residents by State, 2019-2023

State-by-state ranking of NPDB malpractice payment reports normalized to population. New York leads at 22.4 per 100K residents, Minnesota lowest at 2.94. Methodology, citations, and the structural reasons the rate spread is wider than most analysts assume.

Jurisdictions

34,046

Payment reports

7.6x

Top-to-bottom spread

Sources · NPDB PUF (HRSA) · Census 2021

Healthcare data, analyzed end-to-end

Ten Hospitals, $2.8 Billion, Zero Private Equity: Who Bought the Community Health Systems Divestiture Book

Eighteen Months of Receipts: How Humira's Biosimilar Curve Broke the Rebate Model

Line 4a, $137 Million: What 2024's Largest Disclosed ERISA Deposit Violations Reveal

NPDB Medical Malpractice Reports Per 100,000 Residents by State, 2019-2023

Every analysis on this page is queryable