AdventHealth, Intermountain Health Plan Denver-Area Hospital Joint Venture
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The organizations have signed a letter of intent and expect to finalize a definitive agreement in the coming weeks, with the transaction targeted for completion in early 2027, subject to regulatory approvals.
Nonprofit health systems AdventHealth and Intermountain Health have announced plans to form a joint venture that will combine their Denver-area hospitals, clinics and other care facilities into a new healthcare entity.
The organizations have signed a letter of intent and expect to finalize a definitive agreement in the coming weeks, with the transaction targeted for completion in early 2027, subject to regulatory approvals.
The proposed joint venture will include eight hospitals, five owned by AdventHealth and three operated by Intermountain Health, along with dozens of affiliated medical practices, ambulatory care centers, urgent care locations and emergency centers.
The partnership will represent AdventHealth’s entire healthcare footprint in the Denver market. For Intermountain Health, the deal will include all but one of its local hospitals, excluding Intermountain Health Saint Joseph Hospital in Denver.
Under the proposed structure, membership interests in the joint venture will be divided based on a valuation approach agreed upon by both organizations. According to a regulatory filing by AdventHealth, the health system is expected to hold a majority membership interest in the new entity.
AdventHealth will oversee daily operations of the joint venture, with the organizations planning to integrate care platforms and focus on coordinated healthcare delivery.
The companies said the partnership aims to expand access to healthcare services and improve care coordination across growing communities in the Denver metropolitan area.
However, the proposed transaction is expected to face regulatory review due to the concentration of hospital ownership in the Denver market. Data from the Health Care Affordability Lab’s hospital market concentration tool indicates that all eight hospitals included in the proposed venture have a Herfindahl-Hirschman Index (HHI) value above 2,200, a level considered highly concentrated.
The Health Care Affordability Lab noted that HHI figures are not a legal determination of market boundaries but serve as an indicator of local healthcare market concentration and ownership trends.
Other major healthcare providers operating in the Denver area include UCHealth, HealthOne, part of HCA Healthcare, CommonSpirit Health and Denver Health.
AdventHealth, headquartered in Florida, reported $23 billion in operating revenue in 2025 and operates more than 2,000 care sites across nine states with over 108,000 employees.
Intermountain Health, based in Utah, operates 34 hospitals and around 400 clinics across six states. The health system reported $18.5 billion in total operating revenue last year.
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