Nashville, Tenn.-based HCA Healthcare and Dallas-based Tenet Healthcare are among the largest for-profit health systems in the U.S.
Here are how both health systems stack up in facilities, teams, financials, strategy and more.
- Number of hospitals
HCA Healthcare: 192
Tenet Healthcare: 49
- Number of ASCs
HCA Healthcare: 125
Tenet Healthcare: 520
- Number of employees
HCA Healthcare: 316,000
Tenet Healthcare: 100,000
- Number of physicians, employed and affiliated
HCA Healthcare: 44,000
Tenet Healthcare: 6,000
- Annual revenue
HCA Healthcare: $70.6 billion
Tenet Healthcare: $20.6 billion
- Annual income
HCA Healthcare: $5.7 billion
Tenet Healthcare: $2.3 billion
- Debt
HCA Healthcare: $44.6 billion
Tenet Healthcare: $12.7 billion ($9.7 billion net debt), according to Simply Wall Street.
- Acquisitions / divestitures
HCA Healthcare: HCA added four hospitals, including Manchester, N.H.-based Catholic Medical Center, over the last year and plans for most investments this year to be organic.
Tenet Healthcare: Tenet dropped from 61 hospitals in 2023 to 49 by the end of 2024. The system received $4.8 billion by selling three hospitals in South Carolina and six in California as well as 70% ownership interest in an Alabama-based hospital.
- Corporate updates
HCA Healthcare: HCA updated its executive bonus structure to award top executives for hitting clinical and financial targets.
Tenet Healthcare: Tenet’s CEO Saum Sutaria, MD, said the company’s earnings and cash flow are ahead of expectations this year during the first quarter conference call, due to strong same-store revenue growth.
- 2025 financial projections
HCA Healthcare: $72.8 billion to $75.8 billion in revenue; $14.3 billion to $15.1 billion in adjusted EBITDA.
Tenet Healthcare: $20.6 billion to $21 billion net operating revenues; $3.97 billion to $4.17 billion in adjusted EBITDA.
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