Risant Health to acquire Oklahoma system Integris Health

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Dive Brief:

• Risant Health has signed an agreement to acquire Integris Health — Oklahoma’s largest nonprofit health system — pending regulatory approval, the Kaiser Permanente-backed hospital operator announced Wednesday.
• It’s Risant’s third acquisition since launching two years ago with the goal of acquiring and running nonprofits.
• Integris Health will keep its name, medical staff and leadership, according to the announcement. Financial terms of the deal and the timeline for closing were not disclosed.

Dive Insight:

California nonprofit giant Kaiser launched Risant in 2024, billing the venture as an effort to increase access to value-based care across the U.S. while stabilizing the finances of smaller nonprofits.

Risant, which snapped up Pennsylvania-based health system Geisinger in 2024 and North Carolina-based Cone Health in 2025, has also boosted Kaiser’s bottom line: the companies, which report finances together, brought in combined net income of $7.3 billion in the first half of the year, up from $5.3 billion last year.

Market watchers expected Risant to continue growing, given Kaiser said the organization was aiming for five buys at the time of its launch. Now, Risant has zeroed in on its latest acquisition: Oklahoma City-based Integris, which runs 20 acute and specialty hospitals along with the largest physician network in the state.

Joining with Risant could be a major boon for Integris, which will gain access to more capital and technology at a time of rising expenses.

“These are investments and capabilities we couldn't make or build on our own, not at this scale and not this fast,” Timothy Pehrson, CEO at Integris, said in the Wednesday press release. 

In April, Integris told its local ABC news affiliate that it expects revenue losses of more than $130 million in 2026 due to Medicare and Medicaid funding cuts from the GOP’s “Big Beautiful Bill” signed into law last year, as well as expected service line and staff reductions.

Integris isn’t well-situated to absorb the extra financial pressure. The system has operated at a loss over the last two years, and its net income fell to $12 million in its 2025 fiscal year, down from almost $27 million in the year prior despite higher investment gains.

S&P Global Ratings downgraded Integris’ rating last summer, citing a worsened balance sheet and declining cash on hand. 

According to Risant, its acquisitions of Geisinger and Cone have improved wait times and care access at those facilities – benefits that it said it can translate to Integris as well.

Geisinger has seen a 1% operating margin improvement since joining Risant, according to the press release. 

“Together, Risant Health and its organizations are moving health care from siloed, episodic care to a value-based care approach with an increased focus on evidence-based care that achieves healthier outcomes for more people,” Greg Adams, chair and CEO of Kaiser Permanente, said in the release.