Happy Thursday Hospitalogists!

I’ve been deep into researching nonprofit and for profit health system performance and I want to kick off some analysis by sharing some topline revenue figures for you guys across some sliced and diced data, then beautified by yours truly. Take that, Claude (for now).

So today’s send covers the top 37 (because I couldn’t decide on a normal number cutoff) health systems by revenue. It is very visual forward, analysis light, so I’m sorry for you psychopaths who prefer reading dense text. Enjoy, and all feedback welcome!

P.S. — There is nothing noisier in healthcare right now than the AI conversation.

If you're a C-suite or VP-level executive at a hospital or health system and tired of the circus, the Hospitalogy AI Retreat is where the real conversation happens.

Off-record roundtables, curated 1:1s, 100 seats, Phoenix, Nov 1–4. Apply here.

Top 37 Health Systems by Revenue through December 31, 2025Copy anchor linkCopied

Note that all revenue is comparable through calendar year ended December 31, 2025. For those health systems with fiscal years ended during the year (June, September, August), stop doing that. Kidding…but I have added the partial half year figures to create an unaudited trailing twelve month that should be directionally pretty close to actual audited figures.

Top 37 Health Systems by Total 2025 RevenueCopy anchor linkCopied

Top 37 Health Systems by Total Revenue GrowthCopy anchor linkCopied

Note that all revenue growth and CAGRs below include M&A, so some of the top players and bottom players are inorganic, as many (if not most) do not report same-facility revenue metrics. Ah, if a perfect world existed…

Top Health Systems by Patient RevenueCopy anchor linkCopied

Top Health Systems by Patient Revenue GrowthCopy anchor linkCopied

Top Health Systems by 2 Year Total Revenue CAGRCopy anchor linkCopied

Top Health Systems by 2 Year Patient Revenue CAGRCopy anchor linkCopied

Top 33 Health Systems by Other RevenueCopy anchor linkCopied

HOSPITALOGY TOP READS & RESOURCES

• The current state of behavioral health in Oncology
• Nurse practitioner is now the hottest job in healthcare…a headline we decide to run after it’s been the fastest growing job for 2 years running. Hmm.
• Mispricing the RCM bundle
• In their latest report, R1 lays out their vision for a system-wide, AI-driven approach to rev cycle management that could fundamentally redesign understaffed RCM teams. It's an eye-opening read, with tons of hard data highlighting broken economics and a system struggling under the weight of it's own logic.*
• Why VBC makes healthcare more expensive
• “Damn it, they’re good.”

*This resource is brought to you by one of my brand partners who help make this newsletter possible!

MISCELLANEOUS MADDENINGS

I witnessed a legendary toddler negotiation with my wife this morning.

• [at 7am in the morning] Jack: Mommy I want a cookie bar
• Mommy: Jack it’s 7am and you’re eating your oatmeal
• Jack: But I want one
• Mommy: Okay, fine. Take 3 more bites and you can have one
• Jack: 2
• Mommy: …fine.
• Jack: throws banana on the ground

Have a great weekend fam. Rainy one here in Dallas!

Thanks for the read! Let me know what you thought by replying back to this email.

— Blake