Market Data
National hospital market intelligence — 50 states + DC + 5 US territories
🛡️ Public data only — no PHI permitted on this instance.
6,056
Total Hospitals (HCRIS)
793,582
Total Licensed Beds
$1.3T
Total Net Patient Revenue
-5.0%
Avg Operating Margin
700
Avg State HHI
35%
Avg Medicare Mix
Market Health
■ Positive margin: 10 states■ Negative margin: 41 states
Margins from HCRIS cost reports (median per state). Negative margins common in states with high uncompensated care.
Top 10 Markets by Revenue
Top 10 states account for 55% of national hospital revenue.
| State | Total NPR | % National | Cumulative | Hospitals | Margin | Concentration |
|---|---|---|---|---|---|---|
| CA | $154.1B | 12.0% | 12% | 414 | -4.6% | Competitive |
| TX | $97.4B | 7.6% | 20% | 583 | 1.0% | Competitive |
| NY | $90.4B | 7.0% | 27% | 196 | -17.3% | Competitive |
| FL | $74.7B | 5.8% | 32% | 261 | 3.9% | Competitive |
| PA | $65.3B | 5.1% | 37% | 225 | -3.9% | Competitive |
| OH | $59.1B | 4.6% | 42% | 235 | 0.1% | Competitive |
| IL | $50.2B | 3.9% | 46% | 208 | -5.0% | Competitive |
| MI | $39.0B | 3.0% | 49% | 163 | -4.9% | Competitive |
| NC | $38.7B | 3.0% | 52% | 129 | -1.8% | Competitive |
| GA | $35.7B | 2.8% | 55% | 165 | -2.5% | Competitive |
State Market Heatmap
| State | Hospitals | Total Beds | Total NPR | Avg Beds | Avg Margin | Concentration | Medicare | Medicaid |
|---|---|---|---|---|---|---|---|---|
| TX | 583 | 72,428 | $97.4B | 124 | 1.0% | Competitive | 34% | 4% |
| CA | 414 | 74,006 | $154.1B | 179 | -4.6% | Competitive | 28% | 11% |
| FL | 261 | 59,260 | $74.7B | 227 | 3.9% | Competitive | 31% | 5% |
| OH | 235 | 32,871 | $59.1B | 140 | 0.1% | Competitive | 28% | 5% |
| PA | 225 | 36,702 | $65.3B | 163 | -3.9% | Competitive | 28% | 4% |
| LA | 212 | 16,529 | $17.6B | 78 | -3.1% | Competitive | 36% | 10% |
| IL | 208 | 30,185 | $50.2B | 145 | -5.0% | Competitive | 37% | 5% |
| NY | 196 | 48,639 | $90.4B | 248 | -17.3% | Competitive | 27% | 9% |
| IN | 171 | 17,576 | $30.3B | 103 | -0.6% | Competitive | 32% | 5% |
| GA | 165 | 23,215 | $35.7B | 141 | -2.5% | Competitive | 28% | 8% |
| MI | 163 | 22,801 | $39.0B | 140 | -4.9% | Competitive | 29% | 5% |
| KS | 152 | 8,600 | $11.2B | 57 | -17.2% | Competitive | 53% | 7% |
| WI | 150 | 13,420 | $26.4B | 89 | 0.9% | Competitive | 35% | 7% |
| OK | 147 | 10,853 | $13.6B | 74 | -7.8% | Competitive | 44% | 20% |
| MN | 141 | 10,750 | $24.6B | 76 | -3.3% | Competitive | 37% | 10% |
| TN | 141 | 18,536 | $24.6B | 131 | -0.4% | Competitive | 32% | 10% |
| MO | 138 | 19,084 | $28.2B | 138 | -5.8% | Competitive | 33% | 10% |
| NC | 129 | 23,237 | $38.7B | 180 | -1.8% | Competitive | 28% | 7% |
| AZ | 124 | 16,505 | $25.5B | 133 | -0.7% | Competitive | 26% | 21% |
| IA | 124 | 7,628 | $11.4B | 62 | -8.2% | Competitive | 51% | 6% |
| AL | 115 | 14,470 | $15.1B | 126 | -7.4% | Competitive | 31% | 19% |
| KY | 114 | 13,538 | $19.5B | 119 | -0.5% | Competitive | 30% | 4% |
| VA | 111 | 16,638 | $28.4B | 150 | 5.7% | Competitive | 35% | 5% |
| MS | 110 | 9,579 | $8.8B | 87 | -11.9% | Competitive | 50% | 12% |
| AR | 108 | 9,637 | $9.6B | 89 | -7.5% | Competitive | 39% | 10% |
| CO | 108 | 11,333 | $21.7B | 105 | -2.4% | Competitive | 28% | 22% |
| WA | 104 | 12,447 | $28.3B | 120 | -10.0% | Competitive | 33% | 8% |
| MA | 99 | 18,504 | $32.4B | 187 | -12.2% | Competitive | 33% | 15% |
| NE | 98 | 5,569 | $9.3B | 57 | -6.3% | Competitive | 56% | 6% |
| NJ | 95 | 21,642 | $31.4B | 228 | -3.1% | Competitive | 33% | 5% |
Regression: What Predicts Hospital Margins?
17.03%
R-Squared
51
States Analyzed
5
Features
OLS regression of state-level average hospital operating margin on market structure variables. Standardized coefficients shown.
| Variable | Coefficient | Magnitude |
|---|---|---|
| Hospitals | -0.0010 | |
| Avg Beds | -0.0089 | |
| Hhi | -0.0170 | |
| Medicare Pct | -0.0194 | |
| Medicaid Pct | -0.0106 |
Highest Medicare Dependency
Most exposed to CMS rate changes.
| State | Medicare | Medicaid | Commercial | Margin |
|---|---|---|---|---|
| SD | 59% | 10% | 31% | -3.2% |
| NE | 56% | 6% | 38% | -6.3% |
| KS | 53% | 7% | 40% | -17.2% |
| IA | 51% | 6% | 42% | -8.2% |
| MS | 50% | 12% | 38% | -11.9% |
Data Sources
HCRIS
CMS Hospital Cost Reports
~6,000 hospitals, annual
FRED
Federal Reserve Economic Data
Treasury yields, macro indicators
Capital IQ
Transaction multiples
Public hospital comps