Becker’s Healthcare Podcast Q3 Results and Strategic Shifts Across For-Profit Health Systems with Alan Condon
Oct 31, 2025
Alan Condon, Editor-in-Chief at Becker's Healthcare, dives into the recent Q3 earnings of for-profit health systems like HCA, Tenet, and Community Health Systems. He highlights HCA's impressive 29% net profit increase and its focus on technology investment. Tenet showcases strong ambulatory growth, while CHS turns around with improved net income and strategic divestitures. Condon also discusses the trend of for-profits leaning into higher-acuity care and compares these dynamics with nonprofit systems, providing keen insights on market shifts.
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For-Profits Shift To Higher-Acuity Growth
- HCA, Tenet and CHS all reported Q3 gains with shifts toward higher-acuity care and better payer mixes.
- CEOs credited operational discipline, workforce investment, technology and supplemental revenue for improved profitability.
HCA's Strong Financial Momentum
- HCA's Q3 net income jumped 29% to $1.6 billion and it raised full-year 2025 guidance to $6.7 billion.
- CEO Sam Hazen pointed to expense control, access expansion, tech investments and workforce training as drivers.
Tenet's Ambulatory-Led Margin Strength
- Tenet posted a 16.8% operating margin driven largely by ambulatory growth at USPI and gains at Conifer.
- Margin comparisons are affected by last year's hospital divestitures, which inflated prior results.