Dublin, Ohio-based Cardinal Health, long known for distributing pharmaceuticals and medical products, has rapidly expanded into physician services, making three major, billion-dollar acquisitions in the past two years.
The company is now positioning itself as a serious player in the physician management and specialty care market.
Cardinal Health’s strategy mirrors a broader trend among healthcare companies that are acquiring physician groups and management services organizations to create vertically integrated, physician-led care platforms. According to a VMG Health analysis, these moves lay the foundation for a national, specialty-focused network.
With these acquisitions, Cardinal Health is so restructuring its strategy. In its July 2025 earnings report, Cardinal Health announced the official launch of The Specialty Alliance, a national multi-specialty MSO platform. The platform now encompasses its newly acquired platforms. Together, The Specialty Alliance and the separately managed Navista Oncology Alliance support approximately 2,200 providers across 28 states and more than 450 sites of care.
Here are three major deals to know:
1. GI Alliance: Cardinal Health acquired a majority stake in GI Alliance for $2.8 billion, marking one of the largest deals ever in the gastroenterology space. GI Alliance includes over 900 physicians across 345 practice locations in 20 states.The organization has grown through partnerships with independent gastroenterology practices, making it one of the country’s largest GI networks.
2. In August, Cardinal Health announced plans to acquire Solaris Health, a leading urology MSO, for $1.9 billion in cash. The transaction will occur through The Specialty Alliance, Cardinal Health’s multi-specialty MSO platform. When finalized in late 2025, Cardinal Health will hold a 75% ownership stake in The Specialty Alliance. Solaris Health is currently backed by Lee Equity Partners and physician owners.
3. In April 2025, Cardinal Health also acquired Urology America and Potomac Urology, integrating them into its broader specialty care strategy.
