Hospitalogy March 4, 2025
TL;DR – Public Hospital Operator Themes
- Volume & Utilization: All five reported stable-to-strong inpatient admission growth (2–4% range). Outpatient expansions—particularly ASC volumes—are a unifying theme, with Tenet’s USPI leading in specialty ASC expansions.
- Revenue & Payer Mix: Each benefited from commercial rate bumps (3–5%). Exchange enrollment continued pushing up commercial-like volumes, but caution remains on the policy front. Medicaid DPP or supplemental revenues created one-time lifts for CHS, Ardent, Tenet, HCA, and remain central to UHS’s programs.
- Expenses & Margin: Labor cost moderation helped all five expand or maintain margins. Physician fee inflation remains a watch item for CHS, Ardent, HCA. UHS had a notable malpractice reserve spike, while Tenet is seeing a big margin tailwind from its focus...
Today's Sponsors
Today's Sponsor