HCA looks to acquisition of land as major key to matching growth

Nashville, Tenn.-based HCA Healthcare, which reported net income of $1.36 billion for the first quarter of 2023, is looking at land acquisition as a key part of its growth plan, Sam Hazen, CEO of the 180-hospital system, told analysts April 21.

"We own land in Austin, Dallas and are purchasing land in Las Vegas and Salt Lake City, and some Florida markets," Mr. Hazen said. "Our communities are growing; we are in great markets with great growth prospects."

The need for such land and subsequent hospital facilities is vital to try and match capacity constraints as well as increased patient demand, Mr. Hazen said. There is an approximate average of 74 percent of occupancy across the entire HCA network, he said.

The hospital operator, which is also building two new hospitals in San Antonio, said its contract labor numbers were down 21 percent on the year and much of the savings there will be channeled back into the network's permanent workforce.

HCA Healthcare is looking at $4.6 billion of capital expenditure in 2023 to meet such growing demand, CFO Bill Rutherford said.

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