HCA's Fourth-Quarter Results Fell in Line With Our Expectations; Shares Fairly Valued
Narrow-moat HCA Healthcare reported a strong finish to an impressive 2018. Same-facility revenue growth ended the year up 6.4%, versus 3.7% in 2017, aided by consistently strong gains in both equivalent admissions and pricing across payer groups. As we update and roll our model we don't expect to make any major adjustments to our forecast. However, we may raise our fair value estimate by a modest amount to account for the cash flows received since our last update and the expected contribution fr...HCA Healthcare is a holding company. Through its subsidiaries, partnerships and joint ventures, the company owns and operates hospitals and related health care entities. Most of the company's general, acute care hospitals provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. The general, acute care hospitals also provide outpatient services such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. The company's psychiatric hospitals provide therapeutic programs including child, adolescent and adult psychiatric care, adolescent and adult alcohol and drug abuse treatment and counseling.
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