Risant Health Closes Cone Health Acquisition
Risant Health has received regulatory approvals and has completed its transaction with North Carolina-based Cone Health, the second nonprofit health system to become part of Risant Health this year. Pennsylvania Geisinger became a part of Risant Health in March.
Washington, D.C.-based Risant Health was created by Kaiser Foundation Hospitals to bring together like-minded organizations, increase access to value-based care and coverage, and raise the bar for approaches that bring the best health outcomes. Risant Health's goal is to expand and accelerate the adoption of value-based care in multi-payer, multi-provider, community-based health system environments.
Over time, Risant said its investments to advance value-based care will accelerate Cone Health's drive to make better health easier by offering their patients easier access to their high-quality, innovative clinical programs and more robust health management technology, tools and programs. Cone Health will contribute its experience advancing value-based care in a model that includes various payers and a broad network of providers, while serving some of the most vulnerable and marginalized communities.
The goal is to improve health outcomes, increase access to care, lower total cost of care — and ultimately increase the adoption of value-based care in the communities that are served.
Cone Health will gain access to a value-based platform, which brings together the best value-based care tools, capabilities, and services from Kaiser Permanente, Risant Health, Geisinger, Cone Health, and future health systems to join Risant.
Geisinger received the first release of the value-based platform during the fourth quarter of 2024.
"We are pleased to officially welcome Cone Health into Risant Health with the close of this transaction," said Risant Health CEO Jaewon Ryu, M.D., in a statement. "We are proud to be building a strong group of health systems committed to value-based care in their communities. I am eager for Cone Health to bring ideas and expertise to the table to continue to scale access to value-based care and improve the health of millions."
Ryu served as the president and chief executive officer at Geisinger for five years before leading Risant.
Through this transaction between two nonprofits, Risant Health becomes the sole corporate member of Cone Health. There is no purchase price or exchange of cash. Cone Health will maintain its name, brand, and mission. It will also maintain its board, CEO, enterprise leadership team, and medical staff. Cone Health will continue to work with other health plans, provider organizations, and independent physicians.
Cone Health has more than 13,000 employees and more than 700 physicians, along with 1,800 partner physicians. The healthcare network includes four acute care hospitals, a behavioral health facility, an accountable care organization and a health plan.
