Multimorbidity, the coexistence of multiple chronic diseases, is increasingly prevalent in aging populations, complicating disease management and clinical decision-making. This study examines the multimorbidity network and its association with adverse health outcomes over one year, as well as its role in the process leading to death. Using a network-based approach, we analyze data from individuals aged 65 or older in the province of Padova (Italy). Chain graphical models were used to estimate the network structure and capture both direct and indirect pathways linking diseases to negative outcomes. We assess disease proximity to critical health events and their centrality within the network. Our findings highlight hospitalization and disability as key factors in health trajectories, with hospitalization emerging as a central node due to its strong associations with most diseases and outcomes.