HCA Healthcare

HCA Healthcare stands as one of the largest and most comprehensive healthcare systems in the United States, with roots dating back to 1968 when it pioneered the for-profit hospital model. Founded by Dr. Thomas F. Frist Sr., Dr. Thomas F. Frist Jr., and entrepreneur Jack C. Massey in Nashville, Tennessee, the company revolutionized healthcare delivery by bringing together hospitals to deliver patient-focused care while leveraging combined resources to strengthen operations and improve medical practice. Today, HCA Healthcare operates an extensive integrated network of 190 hospitals and approximately 2,400 ambulatory sites of care—including surgery centers, freestanding emergency rooms, urgent care centers, and physician clinics—serving communities across 20 states and the United Kingdom. With $70.6 billion in revenue for 2024 and a market capitalization exceeding $112 billion, HCA Healthcare represents the largest for-profit hospital operator in the world.

The company's operational scale is staggering, employing 316,000 healthcare professionals and affiliated physicians who deliver care to millions of patients annually. Under the leadership of CEO Sam Hazen, a 41-year HCA veteran who assumed the role in 2019, the organization has maintained consistent growth through strong patient demand, operational excellence, and strategic investments in facilities and technology. In 2024, HCA Healthcare achieved net income of $5.76 billion (up 9.9% from 2023) on revenues of $70.6 billion, with same-facility admissions increasing 3.0% and equivalent admissions growing 3.1%. This growth trajectory continues into 2025, with the company projecting $74.3 billion in revenue, $14.7 billion in adjusted EBITDA, and $6.1 billion in net income, representing a healthy 19.8% EBITDA margin.

HCA Healthcare's comprehensive service offerings span the full continuum of care, from emergency medicine and complex surgery to oncology, cardiology, neuroscience, transplant services, and women's health. The company's localized health systems are built around HCA hospitals and supported by extensive networks of physician practices, freestanding emergency rooms (over 200 sites with 6,000+ emergency medicine clinicians), surgery centers, urgent care clinics, behavioral health facilities, and home health and hospice agencies. This integrated approach enables HCA to meet the unique needs of each community while leveraging system-wide resources, clinical expertise, and technological infrastructure. The organization is also at the forefront of healthcare innovation through its Digital Transformation and Innovation (DT&I) department, which leverages artificial intelligence and digital solutions to enhance care delivery and operational efficiency.

As HCA Healthcare looks toward the future, the company remains focused on organic growth through bed additions, de novo facilities, and strategic expansions rather than large-scale acquisitions. With $5-5.2 billion in planned capital expenditures for 2025 (excluding acquisitions), the company is investing heavily in outpatient facilities, clinical technology, and infrastructure to support growing patient demand. Despite facing challenges such as the $200 million impact from Hurricanes Helene and Milton in late 2024, HCA Healthcare's financial strength, operational discipline, and commitment to its founding mission—"Above all else, we are committed to the care and improvement of human life"—position it to continue leading the transformation of healthcare delivery for decades to come. The company's consistent performance, strategic capital allocation including a $10 billion share repurchase authorization, and focus on providing high-quality, accessible care across diverse communities solidify its role as an essential pillar of America's healthcare infrastructure.