HCA Healthcare is the largest for-profit hospital operator in the U.S., running a network of 179 acute care hospitals and roughly 2,700 outpatient facilities across 19 states and England. HCA's hospitals offer a broad range of services — emergency care, surgery, cardiology, oncology, orthopedics, and intensive care, among others — with emergency rooms serving as the primary entry point for patients. Beyond hospitals, HCA operates ambulatory surgery centers, freestanding ERs, urgent care clinics, physician practices, and diagnostic imaging centers. HCA earns revenue by providing medical services and billing third-party payers: commercial insurers (~49% of revenue), managed Medicare (~18%), traditional Medicare (~15%), and Medicaid (~13%). Because its cost structure is largely fixed, HCA benefits from operating leverage as volume grows. Key revenue drivers are admission volumes, payer mix, case complexity, and contracted rates with commercial payers. HCA is heavily concentrated in Florida and Texas, two non-Medicaid expansion states with growing populations. HCA's growth strategy focuses on deepening its presence in existing markets — adding outpatient facilities, expanding inpatient capacity, and investing in high-acuity service lines like cardiology and neurosciences. HCA is also investing in AI across administrative, operational, and clinical functions, and implementing an enterprise-wide electronic health record platform. HCA generates substantial cash flow and deploys capital through capex, share repurchases, dividends, and bolt-on acquisitions.