Hospital M&A activity is expected to be strong this year, but hospitals are shifting their sights. Up to now, much of the focus has been on acquiring inpatient, acute-care hospitals, but these are no longer the "money makers" of a health system. Instead, large outpatient centers and other clinical integration groups have become bigger pieces in the M&A game, according to a new white paper from financial advisory firm Ponder & Co.

The report also reveals that:

• There are still likely to be many large, nonprofit transactions this year;
• For-profit chains may be less aggressive with M&As; and
• Regional system mergers will increase.

Note: The valuation of outpatient facilities is covered in the BVR/AHLA Guide to Healthcare Valuation, which includes chapters on valuing ambulatory surgical centers, dialysis clinics, and imaging centers.