Risant Health has completed its acquisition of Cone Health, marking the consolidation of two nonprofit health systems.

The definitive agreement, signed in June 2024, received all necessary regulatory approvals, culminating in a finalised transaction with no purchase value and exchange of cash.

Risant Health CEO Jaewon Ryu said: “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.” 

Established in 1953, Cone Health will retain its name, brand, and mission, continuing its collaborative efforts with provider organisations and independent physicians.

The organisation's existing governance and leadership, including its board, CEO, and medical staff, will remain intact.

The integration into Risant Health is set to bolster Cone Health's commitment to value-based care.

Risant Health's investments aim to enhance patient access to clinical programmes and health management technologies.

Cone Health will contribute its expertise in value-based care models that cater to diverse providers, focusing on vulnerable and marginalised communities. The company also gains access to a value-based platform through this acquisition.

This platform amalgamates tools, capabilities, and services from entities like Risant Health, Kaiser Permanente, Geisinger, and future health systems.

It is designed to foster health-centric care in multi-payer and multi-provider settings, aiming to improve health outcomes, expand care access, and reduce overall costs, thereby promoting the broader adoption of value-based care.

The acquisition of Cone Health, which employs over 13,000 individuals and includes more than 700 physicians and 1,800 partner physicians, was reviewed and approved by the relevant federal and state agencies.

Cone Health president and CEO Mary Jo Cagle said: “Today marks a new chapter not only for Cone Health but for healthcare in the North Carolina Piedmont and beyond.

“Cone Health has been a leader in value-based care for more than a decade. Becoming part of Risant Health accelerates our mission to deliver on the promise of better care at lower costs for all.”