Key Takeaways
- • Private equity firms own approximately 561 U.S. hospitals, equal to 11.9% of all private hospitals and 33.6% of proprietary for-profit hospitals, according to the Private Equity Stakeholder Project (PESP).
- • Apollo Global Management leads private equity hospital ownership with 200 facilities through Lifepoint Health and ScionHealth, followed by Welsh, Carson, Anderson & Stowe with 124 hospitals via Select Medical Holdings and Emerus Hospital Partners.
- • Texas has the most private equity-owned hospitals at 99 (21.9% of its private hospitals), while New Mexico has the highest concentration at 42.1%, or 16 facilities.
- • Roughly 23% of private equity-owned hospitals operate through joint ventures with nonprofit health systems, and at least 116 (20.7%) serve rural populations.
Summary
Private equity firms own approximately 561 hospitals across the United States, accounting for 11.9% of all private hospitals and 33.6% of proprietary for-profit hospitals, according to an updated analysis from the Private Equity Stakeholder Project (PESP). The findings appear in PESP's Private Equity Hospital Tracker, published October 28, which identifies the firms behind hospital ownership, the facility types they control, and their geographic distribution.
Apollo Global Management is the largest private equity owner of hospitals, controlling 200 facilities through Lifepoint Health and ScionHealth. Welsh, Carson, Anderson & Stowe follows with 124 hospitals through Select Medical Holdings and Emerus Hospital Partners, and One Equity Partners ranks third with 35 facilities operated by Ernest Health.
By state, Texas has the largest number of private equity-owned hospitals at 99, representing 21.9% of the state's privately owned hospitals. Ohio follows with 37 facilities and Louisiana with 27. New Mexico has the highest concentration, where private equity controls 42.1% of private hospitals, or 16 facilities. The report also found at least 116 private equity-owned hospitals, or 20.7% of the total, serve rural populations. By facility type, rehabilitation hospitals make up the largest share with 193 locations, followed by 162 acute care hospitals and 153 long-term acute care hospitals; classifications can overlap.
The tracker also examines joint ventures between private equity firms and nonprofit health systems. Approximately 23% of private equity-owned hospitals operate through such arrangements. PESP identified at least 65 Lifepoint hospitals involved in joint ventures with 26 or more health systems as of June 2026.
The report arrives amid continued scrutiny of private equity in healthcare following the bankruptcies of Steward Health Care in 2024 and Prospect Medical Holdings in 2025. PESP cautioned that its ownership figures are estimates based on CMS data, industry research and publicly available transaction information. The latest update revised its methodology to count hospitals sharing a location and owner as a single facility, even when CMS assigns multiple identifiers. The organization acknowledged that limited ownership disclosures and frequent transactions make a complete accounting of private equity's hospital holdings difficult.
Apollo Global Management is the largest private equity owner of hospitals, controlling 200 facilities through Lifepoint Health and ScionHealth. Welsh, Carson, Anderson & Stowe follows with 124 hospitals through Select Medical Holdings and Emerus Hospital Partners, and One Equity Partners ranks third with 35 facilities operated by Ernest Health.
By state, Texas has the largest number of private equity-owned hospitals at 99, representing 21.9% of the state's privately owned hospitals. Ohio follows with 37 facilities and Louisiana with 27. New Mexico has the highest concentration, where private equity controls 42.1% of private hospitals, or 16 facilities. The report also found at least 116 private equity-owned hospitals, or 20.7% of the total, serve rural populations. By facility type, rehabilitation hospitals make up the largest share with 193 locations, followed by 162 acute care hospitals and 153 long-term acute care hospitals; classifications can overlap.
The tracker also examines joint ventures between private equity firms and nonprofit health systems. Approximately 23% of private equity-owned hospitals operate through such arrangements. PESP identified at least 65 Lifepoint hospitals involved in joint ventures with 26 or more health systems as of June 2026.
The report arrives amid continued scrutiny of private equity in healthcare following the bankruptcies of Steward Health Care in 2024 and Prospect Medical Holdings in 2025. PESP cautioned that its ownership figures are estimates based on CMS data, industry research and publicly available transaction information. The latest update revised its methodology to count hospitals sharing a location and owner as a single facility, even when CMS assigns multiple identifiers. The organization acknowledged that limited ownership disclosures and frequent transactions make a complete accounting of private equity's hospital holdings difficult.
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