Private Equity Hospital Tracker (2026)

The Private Equity Hospital Tracker (2026) identifies approximately 447 private equity-owned hospitals in the U.S., representing 9.5% of all private hospitals and 26.8% of proprietary for-profit hospitals. The report highlights the dominance of a few firms, notably Apollo Global Management, and details predatory financial tactics such as sale-leasebacks and dividend recapitalizations. It also notes a trend toward joint ventures with nonprofit systems and a higher prevalence of real estate investment trust (REIT) ownership among private equity-backed facilities compared to the general hospital population. Quality data indicates that private equity-owned hospitals generally lag behind national CMS star rating averages.

• As of June 2026, approximately 447 hospitals in the U.S. are owned by private equity firms, which constitutes 9.5% of all private hospitals and 26.8% of all proprietary for-profit hospitals. At least 25.7% of these facilities serve rural populations.
• A small number of private equity firms dominate the sector. Apollo Global Management is the largest owner, controlling at least 203 locations through Lifepoint Health and ScionHealth. Other significant owners include One Equity Partners (Ernest Health), Equity Group Investments (Ardent Health Services), and Webster Equity Partners (Oceans Healthcare).
• Private equity firms employ several financial tactics to maximize short-term returns, including high leverage through leveraged buyouts, sale-leaseback transactions of real estate, debt-funded dividends (dividend recapitalizations), 'roll-ups' to consolidate industry segments, and the charging of management or advisory fees.
• There is a significant trend of private equity firms using joint ventures with nonprofit health systems to expand. Approximately 21.4% of private equity-owned U.S. hospitals are owned through such joint ventures, with Lifepoint Health, Ardent Health, and Emerus Hospital Partners accounting for 94% of these cases.
• Real Estate Investment Trusts (REITs) have a disproportionate presence in private equity-owned hospitals. At least 30.4% of the 447 tracked private equity-owned hospitals have their real estate owned by REITs, compared to 11.9% of all for-profit hospitals and 4.7% of all privately-owned hospitals.
• CMS star ratings for private equity-owned hospitals generally underperform national averages. Of the 88 facilities with available ratings, 1-star facilities represented 17.0% (vs 7.9% national average) and 2-star facilities represented 30.7% (vs 22.5% national average), while 5-star facilities represented only 1.1% (vs 10.1% national average).
• Geographically, Texas has the highest number of private equity-owned hospitals with 92 facilities, while New Mexico has the highest proportion of private equity-owned hospitals relative to all private hospitals at 42.1%.

APA

Private Equity Stakeholder Project (2026). Private Equity Hospital Tracker (2026). https://pestakeholder.org/reports/private-equity-hospital-tracker-2026/

Chicago

Private Equity Stakeholder Project. Private Equity Hospital Tracker (2026). 2026. https://pestakeholder.org/reports/private-equity-hospital-tracker-2026/.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Private Equity Hospital Tracker (2026) |date=20 July 2026 |url=https://pestakeholder.org/reports/private-equity-hospital-tracker-2026/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2026private, author = {{Private Equity Stakeholder Project}}, title = {{Private Equity Hospital Tracker (2026)}}, institution = {Private Equity Stakeholder Project}, year = {2026}, month = jul, url = {https://pestakeholder.org/reports/private-equity-hospital-tracker-2026/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }