The nation’s largest for-profit health systems have filed their second-quarter earnings reports, detailing payer mixes by patient service revenue, patient admissions or both in the first six months of 2025.
HCA Healthcare (Nashville, Tenn.)
Payer mix by net operating revenues as of June 30:
- Commercial: 49.2%
- Managed Medicare: 18%
- Medicare: 15.4%
- Medicaid: 7.1%
- Managed Medicaid: 4.8%
- Other: 3%
- International: 2.5%
Payer mix by admissions as of June 30:
- Commercial: 32%
- Managed Medicare: 27%
- Medicare: 20%
- Managed Medicaid: 11%
- Uninsured: 6%
- Medicaid: 4%
Tenet Healthcare (Dallas)
Payer mix by net operating revenues as of June 30:
*Commercial includes Medicare Advantage and managed Medicaid
- Commercial: 69.6%
- Medicare: 15.6%
- Medicaid: 10.9%
- Indemnity/other: 3.4%
- Uninsured: 0.5%
Payer mix by admissions as of June 30:
- Commercial: 69.4%
- Medicare: 19%
- Charity/uninsured: 4.2%
- Medicaid: 3.7%
- Indemnity/other: 3.7%
Community Health Systems (Franklin, Tenn.)
Payer mix by net operating revenues as of June 30:
- Commercial: 46.9%
- Medicare: 18%
- Medicare Advantage: 18.3%
- Medicaid: 16.2%
- Self-pay: 0.6%
Universal Health Services (King of Prussia, Pa.)
Payer mix by net operating revenues as of June 30:
- Commercial: 29%
- Managed Medicaid: 15%
- Medicaid: 14%
- Medicare Advantage: 12%
- Medicare: 11%
- Other: 7%
- U.K.: 6%
