Community Health Systems (CHS) owns and operates general acute care hospitals and affiliated outpatient facilities across the U.S. As of year-end 2025, CHS operated 69 hospitals with over 10,000 beds across 14 states, along with more than 1,000 outpatient sites including physician practices, urgent care centers, freestanding EDs, ASCs, imaging centers, and cancer centers. CHS hospitals offer a broad range of services — emergency care, surgery, critical care, cardiac care, orthopedics, neuroscience, and behavioral health — and serve as the primary or sole acute care provider in many of their markets, which tend to be non-urban. CHS is paid primarily by Medicare, Medicaid, and commercial insurers. Revenue is driven by volume (admissions and outpatient visits), reimbursement rates per service, and payer mix — with commercial patients reimbursing at higher rates than government programs. The cost structure is dominated by labor and medical supplies, with third-party medical specialist fees (anesthesiology, radiology) a growing pressure. CHS operates as a single segment, with roughly 41 of its 69 hospitals grouped into 12 regional networks. CHS has been actively divesting non-core hospitals since 2019 and reinvesting in core markets. The growth strategy focuses on expanding high-acuity service lines, growing the outpatient footprint, recruiting physicians, and building regional networks to improve managed care contracting. CHS carries significant debt, and capital allocation prioritizes debt reduction alongside selective growth capex of $350–$400M annually.