25 Best For-Profit Hospitals in the US
In this article, we will look at the 25 best for-profit hospitals in the US. We will also look at emerging trends in hospitals around the US while exploring the presence and significance of the best healthcare systems and for-profit hospitals in the US. If you want to skip our detailed analysis, head straight to the 5 Best For-Profit Hospitals in the US. The healthcare industry in the US is a highly lucrative sector, owing to the high demand for healthcare services, a large and aging population, advanced medical technology, and a complex insurance system. This, along with the high prices of medical procedures and medications, contributes to the profitability of the healthcare industry in the US. Apart from the financially rewarding compensation offered to doctors and nurses, jobs in healthcare are among the most respected professions in the world.
The US healthcare sector also encompasses a diverse range of healthcare providers, including for-profit hospitals. Out of the total 6,129 hospitals in the US, 1,235 are investor-owned/for-profit, making them significantly popular. While the majority of hospitals in the country are nonprofit or government-owned, for-profit hospitals still play a significant role in the healthcare system, especially in terms of ownership and management of healthcare facilities.
Which States Have the Most For-Profit Hospitals in the US?
According to research, Nevada leads with 54.3% of its hospitals being for-profit, followed closely by Texas, at 51.8%. For-profit hospitals in Florida took the third spot with 48.1%, while New Mexico follows closely behind at 42.9%.
Interestingly, according to another research conducted by NiceRX Health, New York-Presbyterian/Weill Cornell Medical Center, is the most profitable hospital in the US. It has 862 staffed beds and $5.73 billion in net patient revenue. Although the hospital is not for profit, it generates significant income.
It is not a surprise that nonprofit hospitals can be profitable sometimes even more than for-profit hospitals. This is because they are entitled to tax-exempt status, which reduces their operating expenses. They can also benefit from tax-free contributions from donors and access tax-free bonds for capital projects, enabling them to allocate more resources towards patient care and investments in healthcare services and infrastructure.
The Mayo Clinic Health System topped our ranking of the Best Hospitals in the US, owing to the exceptional team of world-class specialists with unparalleled care. It is also a nonprofit hospital.
Emerging Trends in Healthcare in 2023
Decision-Making is Evolving
Chief population health officers (CPHO) and chief information officers (CIO) are now playing a larger role in procurement and capital expenditure decisions. MedTech companies are, therefore, expected to offer solutions that streamline tasks, provide integrated caregiver support tools, and deliver actionable insights from patient and workflow data.
Expanding Care Outside Hospitals
Over 180 rural hospitals have closed since 2005, and many hospitals are seeking revenue streams by adopting telehealth services and increasing outpatient procedures at ambulatory centers. "Hospital-at-home" care is becoming more prevalent due to remote patient monitoring and connected care advancements, benefiting both patients and hospitals.
Moreover, a report by the Center for Healthcare Quality and Payment Reform has warned that more than 200 rural hospitals in the United States are at immediate risk of closure due to financial difficulties. Over 600 rural hospitals, nearly 30% of such hospitals nationwide, are at risk of closing in the near future. The COVID-19 pandemic provided temporary relief through federal grants, but now that assistance has ended, the financial crisis for rural hospitals is looming larger than ever. Rising healthcare costs, workforce shortages, and low patient volumes have contributed fairly to their struggles.
Increasing Focus on Cyber Security
The rise in cyber security attacks on electronic health records (EHRs) and medical devices has necessitated an increased investment in IT infrastructure. Hospitals are expected to establish network and cloud security measures, protect devices from malicious activity, and develop training programs and incident response plans. MedTech companies, therefore, need to incorporate security capabilities into their innovations and contribute to a shared system for cataloging vulnerabilities.
Expanding Virtualization and Machine Learning
AI and augmented reality technologies are being considered for immersive and engaging experiences. Augmented reality can facilitate troubleshooting and support for devices, reducing downtime and costs. It also enables virtual product and procedure trainings, making medical training more accessible without travel.
The FDA issued guidance on Augmented Reality and Virtual Reality in medical devices in December 2022. As these technologies become more common, augmented reality is gaining recognition as a cost-effective and time-efficient initial approach.
With further ado, let's move on to the list of the most profitable hospitals in America.
Methodology
In order to determine the rankings of the best for-profit hospitals in America, a comprehensive methodology was employed. We picked the profitability of the hospitals as a core quality to define ‘best’. The idea is that a financially successful hospital indicates efficient management, excellent patient care, and a sustainable healthcare system. By prioritizing profitability, these hospitals can consistently invest in state-of-the-art technology, attract top talent, and ultimately deliver incredible healthcare services to their patients.
Hence, the first step involved considering the income-revenue ratio of the company that owns each hospital. Given that most companies possess multiple hospitals, the focus was placed on identifying the hospital companies with the highest revenues.
Subsequently, the identified hospitals of companies were subjected to further evaluation based on their net patient revenue. This additional criterion allowed for fine-tuning of the rankings, ensuring the list's accuracy and robustness.
For accurate and up-to-date data on the annual revenue and net incomes of parent companies, we referred to the official websites of the respective companies. For data on the net patient revenue of the hospitals, we relied on the databases from American Hospital Directory and Definitive Healthcare.
Here is a list of 25 Best For-Profit Hospitals in the US.
25. Ashley Regional Medical Center, Vernal, Utah
Parent Company: Legacy Lifepoint Health, Inc (NASDAQ:LPNT)
Parent Company Annual Revenue (Est): $8.0b
Parent Company Net Income: $38.4m
Net Patient Revenue of Hospital: $189.53m
LifePoint Health Inc (NASDAQ:LPNT), founded in 1999 and based in Brentwood, Tennessee, offers healthcare services in rural communities and small towns. It operates 89 hospital campuses in 30 states, generating over $6 billion in revenue annually. It was the sole private organization in the Hospital Engagement Network in 2011.
Operated and owned by the Lifepoint Health Inc (NASDAQ:LPNT), Ashley Regional Medical Center has been acknowledged by the Centers for Medicare & Medicaid Services (CMS) as a modern hospital that excels in providing high-quality healthcare services, prioritizing health and improving the overall quality of life for patients.
24. Castle View Hospital, Price, Utah
Parent Company: Legacy Lifepoint Health, Inc (NASDAQ:LPNT)
Net Patient Revenue of Hospital: $222.69m
Castleview Hospital is one of the best profitable hospitals in the US. It is a 39-bed facility in Utah, providing inpatient and outpatient services to Carbon and Emery counties. It holds prestigious accreditations, offers various healthcare services, and is located in a picturesque rural area that offer tremendous outdoor activity opportunities, which provides a healthy environment for patients.
23. Clinch Valley Medical Center, Richlands, Virginia
Parent Company: Legacy Lifepoint Health, Inc (NASDAQ:LPNT)
Net Patient Revenue of Hospital: $671.74m
Clinch Valley Medical Center, located in Southwest Virginia, offers advanced breast screenings exclusively in the region. With state-of-the-art technology such as 3D mammography and ultrasound for dense breast tissue, they provide comprehensive breast health services. Additionally, genetic testing is available for individuals with a higher risk of hereditary cancers.
22. Wilson Medical Center, Wilson, North Carolina
Parent Company: Legacy Lifepoint Health, Inc (NASDAQ:LPNT)
Net Patient Revenue of Hospital: $695.33m
Wilson Medical Center, has served the Wilson County and neighboring communities for over 55 years. They offer exceptional care through a 294-bed facility with services including orthopedics, cardiology, surgery, women's care, emergency medicine, and imaging. Overall, it is one of the best for-profit hospitals in the states.
21. Memorial Medical Center, Las Cruces, New Mexico
Parent Company: Legacy Lifepoint Health, Inc (NASDAQ:LPNT)
Net Patient Revenue of Hospital: $1.54b
The Memorial Medical Center is a 199-bed hospital in sunny Las Cruces, New Mexico, that serves a population of 110,000 with a service area of 300,000. Known for its safe and affordable living standards, scenic beauty, excellent education system, and quality healthcare, the medical center is located 40 minutes from El Paso and its international airport.
20. Garden Grove Hospital Medical Center, Orange Country, California
Parent Company: Prime Healthcare Services
Parent Company Annual Revenue: $7.3b
Parent Company Net Income: $91.9m
Net Patient Revenue of Hospital: $300.54
Prime Healthcare is a leading for-profit healthcare system in the US, ranking as the fifth largest. With 45 hospitals across 14 states, over 300 outpatient locations, and a dedicated team of nearly 50,000 employees and affiliated physicians, Prime Healthcare is committed to delivering high-quality, value-based healthcare. Moreover, fourteen of their hospitals are part of the Prime Healthcare Foundation, which is a not-for-profit public charity.
Garden Grove Hospital Medical Center is a centrally located healthcare facility in Orange County, California. Established in 1982, the medical center was designed to address the diverse medical needs of the community. With 167 beds, it serves as the largest employer in Garden Grove, employing over 500 individuals and having more than 550 physician affiliates.
19. Chino Valley Medical Center, Chino, California
Parent Company: Prime Healthcare Services
Net Patient Revenue of Hospital: $383.34m
Chino Valley Medical Center, situated in Chino, California, is a 112-bed facility dedicated to delivering high-quality healthcare services since its establishment in 1972. The hospital offers advanced services such as emergency care, intensive care, radiology, laboratory services, orthopedics, and a comprehensive operative suite. It is one of the best for-profit hospitals in California.
18. Paradise Valley Hospital, National City, California
Parent Company: Prime Healthcare Services
Net Patient Revenue of Hospital: $411.27m
Paradise Valley Hospital, a recipient of the Healthgrades 2020 Patient Safety Excellence Award?, has achieved this honor for seven consecutive years. It also received an "A" grade for patient safety from the Leapfrog Group in Fall 2020. These factors, including its parent company's profitability and its own net patient revenue, make Paradise Valley Hospital one of the best for-profit hospitals in the US.
17. St Mary’s General Hospital, Passaic, New Jersey
Parent Company: Prime Healthcare Service
Net Patient Revenue of Hospital: $814.57m
St. Mary's General Hospital is a community-based tertiary medical center dedicated to delivering quality and compassionate care. With a focus on acute care, the hospital offers a wide range of cardiovascular services, a comprehensive cancer care program, and excels in maternal-child health and outpatient behavioral health services. As the sole hospital in Passaic, it serves as one of the largest employers in the county, with a team of over 550 physicians and 1,200 employees.
16. Desert Valley Hospital Victorville, California
Parent Company: Prime Healthcare Services
Net Patient Revenue of Hospital: $952,72m
Desert Valley Hospital is a 148-bed osteopathic acute care facility located in Victorville, San Bernardino County, California. Situated in the heart of the south-central Mojave Desert, the hospital serves the Victor Valley region, providing comprehensive medical services to the community.
15. Bluffton Regional Medical Center, Bluffton, Indiana
Parent Company: Community Health Systems Inc. (NYSE:CYH)
Parent Company Annual Revenue: $12.21b
Parent Company Net Income: $179m
Net Patient Revenue of Hospital: $214.25m
As a prominent healthcare provider in the US, with a presence in 43 markets across 15 states, Community Health Systems Inc (NYSE:CYH), is dedicated to promoting wellness and providing effective healthcare. The organization manages 77 acute-care hospitals, along with over 1,000 additional care facilities such as physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers, and ambulatory surgery centers.
Bluffton Regional Medical Center is an accredited 79-bed acute care hospital that offers a wide range of services including inpatient, outpatient, diagnostic imaging, surgical, women's, and emergency care. As a member of Lutheran Health Network, they strive to provide compassionate, quality care, ensuring a positive impact on the community.
14. Medical Center of South Arkansas, El Dorado, Arkansas
Parent Company: Community Health Systems Inc. (NYSE:CYH)
Net Patient Revenue of Hospital: $499.97m
The Medical Center of South Arkansas in El Dorado is a healthcare facility providing emergency care, surgery, imaging, laboratory services, maternity care, and rehabilitation. Committed to high-quality care, their dedicated team serves the community's healthcare needs.
13. Tennova Healthcare Clarksville, Tennessee
Parent Company: Community Health Systems Inc. (NYSE:CYH)
Net Patient Revenue of Hospital: $1.57b
Tennova Healthcare - Clarksville is renowned for its comprehensive healthcare services. With specialties including cardiology, emergency medicine, surgery, pediatrics, and more, they exemplify excellence in each of these with unparalleled quality. Their impressive accreditations, including being an Accredited Chest Pain Center and Wound Care Center of Distinction, further highlight their commitment to top-quality care.
12. Crestwood Medical Center, Huntsville, Alabama
Parent Company: Community Health Systems Inc. (NYSE:CYH)
Net Patient Revenue of Hospital: $3.15b
Crestwood Medical Center is a full-service acute care hospital with 180 beds. Recognized for its excellence, the hospital offers surgical and diagnostic procedures while delivering compassionate care. With a team of approximately 1,000 dedicated healthcare professionals, Crestwood is committed to enhancing the well-being of the community by providing exceptional care in a compassionate, safe, efficient, and collaborative environment. It is one of the best for profit hospital in the US.
11. Abrazo Central Campus, Phoenix, Arizona
Parent Company: Tenet Healthcare Corporation (NYSE:THC)
Parent Company Annual Revenue: $19.14b
Parent Company Net Income: $411m
Net Patient Revenue of Hospital: $1.33b
Tenet Healthcare Corporation (NYSE:THC) is a leading health system and services platform that includes USPI, hospitals and physicians, and Conifer Health Solutions. With over 465 ambulatory surgery centers, 61 hospitals, and approximately 110 outpatient centers, their impact is extensive. They focus on tailored medical specialties and service lines to serve each community, while Conifer offers healthcare revenue cycle management and value-based care solutions.
Operated by Tenet Healthcare Corp (NYSE:THC), Abrazo Central Campus is an acute care and teaching hospital that offers comprehensive healthcare services, including stroke treatment and a family medicine residency program.
10. Detroit Medical Center, Detroit, Michigan
Parent Company: Tenet Healthcare Corporation (NYSE:THC)
Net Patient Revenue of Hospital: $1.42b
It consists of several hospitals and institutes, including Detroit Receiving Hospital, Harper University Hospital, Children's Hospital of Michigan, and more. DMC, one of the most profitable hospitals in the US, provides an extensive range of medical services, such as emergency care, specialized surgeries, pediatrics, cardiology, and cancer treatment. It is a major healthcare provider in the Detroit area, catering to a variety of healthcare needs.
9. DMC Sinai Grace Hospital, Detroit, Michigan
Parent Company: Tenet Healthcare Corporation (NYSE:THC)
Net Patient Revenue of Hospital: $1.57b
DMC Sinai-Grace Hospital is an important healthcare facility, with a major construction project between 2012 and 2016 that revamped its infrastructure and facilities. It included expanding the Emergency Department and Trauma Center, introducing advanced Intensive Care Units, and upgrading the entrance, lobby, registration suite, radiology area, and laboratory. The hospital continues to invest in facility improvements and advanced medical technology.
8. Brookwood Baptist Medical Center, Homewood, Alabama
Parent Company: Tenet Healthcare Corporation (NYSE:THC)
Net Patient Revenue of Hospital: $3.35b
Brookwood Baptist Health is a leading healthcare network in Central Alabama, formed by the merger of Brookwood Medical Center and Baptist Health System. With five hospitals and over 1,700 licensed beds, they offer high-quality, affordable care. The network includes 60 clinics, 1,500 affiliated physicians, and employs nearly 7,300 dedicated professionals.
7. Aiken Regional Medical Center, Aiken, South Carolina
Parent Company: Universal Health Services, Inc. (NYSE:UHS)
Parent Company Annual Revenue: $13.40b
Parent Company Net Income: $675.6m
Net Patient Revenue of Hospital (estimate): $363.6m
Universal Health Services, Inc. (NYSE:UHS) is a leading provider of hospital and healthcare services, employing approximately 94,000 individuals. It operates 28 Acute Care hospitals, 331 Behavioral Health inpatient facilities, and numerous outpatient facilities across 39 states in the U.S., Washington, D.C., Puerto Rico, and the United Kingdom. UHS also offers health insurance and manages a network of physicians.
Owned and operated by UHS, the center provides a range of medical services which includes emergency care, surgical procedures, diagnostic imaging, and specialized treatments. The hospital is committed to serving the healthcare needs of the Aiken community and beyond.
6. George Washington Hospital, Washington, D.C
Parent Company: Universal Health Services, Inc. (NYSE:UHS)
Net Patient Revenue of Hospital: $547.07m
George Washington Hospital is an academic medical center situated in downtown Washington, DC. With 395 beds, it provides tertiary care services and houses a Level I Trauma Center and a Level III NICU. The hospital specializes in cardiac, cancer, neurosciences, women's health, and advanced surgical procedures, including robotic and minimally invasive surgery.
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Disclosure: None. 25 Best For-Profit Hospitals in the US is originally published on Insider Monkey.