Risant Health, a nonprofit formed by Oakland, Calif.-based Kaiser Permanente, acquired Greensboro, N.C.-based Cone Health, a five-hospital system, effective Dec. 1.
The transaction cements Risant as the sole corporate member of Cone Health. There was no purchase price or exchange of cash.
Cone Health will maintain its name, brand and mission. It will also maintain its board, CEO, leadership team and medical staff, and will continue to work with other health plans, providers and independent physicians.
"We are proud to be building a strong group of health systems committed to value-based care in their communities," Risant CEO Jaewon Ryu, MD, said in a Dec. 3 news release. "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."
The news comes eight months after Risant acquired its first health system, Danville, Pa.-based Geisinger.
Risant's value-based care platform aims to transform healthcare delivery by shifting the focus from reactive, hospital-based care to proactive, preventive approaches. The first release of the value-based platform began rolling out to Geisinger during the third quarter.
"Cone Health has been a leader in value-based care for more than a decade," Cone Health President and CEO Mary Jo Cagle, MD, said. "Becoming part of Risant Health accelerates our mission to deliver on the promise of better care at lower costs for all."
Risant aims to acquire three to four more community-based health systems over the next five years.