Kaiser Permanente’s Risant Health moves to add third system: Analysis

Kaiser Permanente has said that its subsidiary, Risant Health, would look to add more community hospitals as part of its plan to accelerate value-based care.

Now, Risant Health has made a deal to acquire its third hospital system. Risant has reached an agreement to acquire INTEGRIS Health in Oklahoma. The systems announced a definitive agreement this week. Regulators must still approve the transaction.

Oklahoma’s largest nonprofit health system, INTEGRIS operates 10 acute care hospitals and 10 specialty hospitals, along with a host of clinics and outpatient sites. The system employs 13,000 people.

Greg A. Adams, chair and chief executive officer for Kaiser Permanente, said the agreement reflects Risant’s focus on value-based care.

“We’re excited to have INTEGRIS Health become part of Risant Health and join us in changing health care in this country,” Adams said in a news release.

Adams said INTEGRIS’ own work in value-based care meshes with Risant’s mission.

“INTEGRIS Health’s expertise in complex clinical services, combined with its experiences in value-based care, offers an opportunity to continue improving health and affordability for the people of Oklahoma,” Adams said.

The systems didn’t announce a timetable for when they expect or hope the deal to be completed.

Adams has repeatedly said that Risant has been looking to acquire more community hospitals, and the deal with INTEGRIS illustrates that is indeed the case.

‘Our leadership team stays’

Timothy Pehrson, chief executive officer for INTEGRIS Health, says joining Risant Health offers significant advantages, with upgrades in technology.

“Risant Health is committed to invest in Oklahoma, in our hospitals and clinics, in growth in technology like Epic and cybersecurity, and in clinical enablers that will help our physicians and nurses serve our communities better,” Pehrson said in a video message. “These are investments in capabilities we couldn't make or build on our own, at least not at this scale and not this fast.”

When the deal is finalized, Pehrson also stressed that the INTEGRIS brand will continue and the system remains committed to it communities.

“We are still INTEGRIS Health,” Pehrson said in the video. “The name on every building stays. Our mission, partnering with people to live healthier lives, stays. Our headquarters in Oklahoma City stays. Our board stays. Our leadership team stays. I'm staying. Jobs aren't leaving Oklahoma. Our medical staff stays, and the decisions about care for Oklahomans will be kept here in Oklahoma. Every dollar anyone has ever given to Integris Health stays here at Integris Health.”

Oklahoma lags most states in health metrics, and Pehrson says joining Risant offers the potential of a rebound. Oklahoma ranked 49th in The Commonwealth Fund’s state health rankings.

“Risant Health gives us more capabilities to deliver on our strategies and reach our boldest aspirations of moving Oklahoma to 35th by 2035 in overall health,” Pehrson says.

Seeking the right systems

Kaiser Permanente announced the creation of Risant Health in 2023. A year later, Risant announced the completion of the acquisition of Geisinger, which operates 10 hospitals, more than 100 care sites and a health plan in Pennsylvania. Since the acquisition, Geisinger has seen improvements equivalent to nearly 1% of operating margin, Risant says.

In late 2024, Risant acquired Cone Health, a health system operating four hospitals, a behavioral health facility, and a health plan in North Carolina.

Adams has said Risant plans to add more community hospitals and health systems in the coming years.

At the 2024 HLTH conference, Adams said there are plenty of community hospitals moving to value-based care and away from the traditional fee-for-service model of care.

“We’re looking for organizations that are committed to value-based care … we’re looking for organizations that are leaders in their community,” Adams said.

But Adams has also said Risant is being selective in its targets. In 2024, Adams said Risant isn’t going to pursue organizations in financial distress and in need of a turnaround.

“We’re looking for organizations that on their own can be financially sound,” Adams said.

INTEGRIS has a bond rating of “A-” and a stable outlook, according to an S&P Global Ratings report in May 2026. S&P pointed to INTEGRIS’ “improvement in underlying operating performance and cash flow generation.”

At the 2025 HLTH conference, Dr. Jaewon Ryu, then-CEO of Risant, said there would be other hospital acquisitions in the near future.

“Two years from now, I think we'll continue to add other health systems that meet our criteria of what we're looking for,” Ryu said last year. “Mission-aligned, community-oriented, places that do value-based care and want to do more of it.”

Ryu announced in July that he was stepping down to spend more time with his family, but said he has full confidence in Risant’s ability to meet its mission.

Dale Maxwell, former president and chief executive officer of Presbyterian Healthcare Services, is serving as Risant’s interim CEO. Risant is undertaking a national search for a new CEO.

More mergers happening

Risant’s plan to acquire INTEGRIS also provides more evidence that health systems are increasingly pursuing mergers and acquisitions.

Within the past month, two other significant hospital deals have been announced.

Endeavor Health and Rush University System for Health said last week that they are looking to merge and form a new, 12-hospital system in the Chicago area.

HealthPartners announced a deal in late September to acquire Essentia Health. If the merger of the two Minnesota systems is approved, the combined organization would operate 22 hospitals.

Through the first three quarters of 2026, there have been 56 announced hospital mergers and acquisitions, according to Kaufman Hall. The number of hospital deals this year has already surpassed the 46 deals that took place in all of 2025. Analysts suggest the strong pace of hospital mergers to continue for the foreseeable future.