Revenue Cycle M&A | Tenet Acquires Remaining Conifer Health Stake (~14.0x EBITDA)
- Will Hamilton
- Feb 2
- 2 min read
On February 2, 2026, Tenet Healthcare Corporation (NYSE: THC) announced the completion of a strategic transaction with CommonSpirit Health that returns Conifer Health Solutions to full Tenet ownership. Under the agreement, CommonSpirit will pay Tenet approximately $1.9 billion over three years, while Conifer will pay CommonSpirit approximately $540 million to redeem its 23.8% equity stake, effective January 1, 2026. The total deal value, including cash payments, balance sheet liability reductions, and the acquired equity stake, amounts to approximately $2.65 billion.
Conifer Health Solutions is one of the largest independent healthcare revenue cycle management (RCM) companies in the United States, providing end-to-end billing, coding, claims management, and patient access services primarily to hospitals and health systems. Conifer will continue providing revenue cycle services to CommonSpirit through the end of 2026, after which the service relationship will conclude. Tenet estimates that the transaction will reduce its redeemable non-controlling interests and other liabilities by approximately $885 million.
With full strategic control of Conifer restored, Tenet plans to accelerate investments in artificial intelligence, automation, and global operating capabilities to lower the 'cost to collect' for its healthcare provider clients. Management characterized the transaction as priced at just under 14x on 2025 adjusted EBITDA less non-controlling interests of approximately $190 million, and indicated that the deal would strengthen cash flow and accelerate capital deployment including share repurchases and ambulatory M&A.
Revenue Cycle Management EBITDA Multiples
According to the press release, total deal value was $2.65b priced at just under a 14x multiple on 2025 adjusted EBITDA less NCI of $190m.
Sources:
Outsourced Services M&A Deal Volume
The number of announced provider outsourced services deals increased slightly in 2025 breaking a two consecutive year trend of small declines. Volume averaged 64 per quarter in 2025, up from 62 per quarter in 2024. The billing / revenue cycle sub-segment was the best performer, with most other segments posting results that approximated the prior year.
Other Medical Billing / Revenue Cycle Deals
Read Scope Research's take on other healthcare revenue cycle M&A transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to over 100 outsourced services deals, including revenue cycle management, with a significant portion including disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.
