As rising interest rates push the cost of debt higher, heavily leveraged health systems are cutting back and selling assets, creating growth opportunities for financially stronger players ready to capitalize on the shake-up.
Here are 38 health systems ranked by their long-term debt:
Note: This is not an exhaustive list. The following long-term debt figures are taken from each health system's most recent financial report.
1. HCA Healthcare (Nashville, Tenn.): $38.3 billion
2. Tenet Healthcare (Dallas): $12.8 billion
3. Kaiser Permanente (Oakland, Calif.): $12 billion
4. Community Health Systems (Franklin, Tenn.): $11.5 billion
5. Providence (Renton, Wash.): $7.7 billion
6. UPMC (Pittsburgh): $6.2 billion
7. Mass General Brigham (Somerville, Mass.): $5.8 billion
8. Universal Health Services (King of Prussia, Pa.): $4.6 billion
9. Cleveland Clinic: $4.6 billion
10. Banner Health (Phoenix): $4.2 billion
11. Bon Secours Mercy Health (Cincinnati): $4.2 billion
12. Intermountain Health (Salt Lake City): $4.1 billion
13. Northwell Health (New Hyde Park, N.Y.): $4.1 billion
14. Mayo Clinic (Rochester, Minn): $4 billion
15. NewYork-Presbyterian (New York City): $3.9 billion
16. Advocate Health (Charlotte, N.C.): $3.1 billion
17. Beth Israel Lahey Health (Cambridge, Mass.): $1.98 billion
18. Montefiore Health (New York City) - $1.9 billion
19. ProMedica (Toledo, Ohio): $1.8 billion
20. Allina Health (Minneapolis): $1.7 billion
21. University Hospitals (Cleveland): $1.7 billion
22. Norton Healthcare (Louisville, Ky.): $1.6 billion
23. SSM Health (St. Louis): $1.6 billion
24. Henry Ford Health (Detroit): $1.4 billion
25. Sanford Health (Sioux Falls, S.D.): $1.4 billion
26. Carle Health (Urbana, Ill.): $1.2 billion
27. Dartmouth Health (Lebanon, N.H.): $1.2 billion
28. Ardent Health (Nashville, Tenn.): $1.1 billion
29. HonorHealth (Scottsdale, Ariz.): $1 billion
30. Nuvance Health (Danbury, Conn.): $945 million
31. Premier Health (Dayton, Ohio): $942.8 million
32. Tufts Medicine (Boston): $915 million
33. Allegheny Health Network (Pittsburgh): $884.7 million
34. Cone Health (Greensboro, N.C.): $754.9 million
35. UnityPoint Health (West Des Moines, Iowa): $746.6 million
36. Brown Health (Providence, R.I.):$700 million
37. Inspira Health (Vineland, N.J.): $659.4 million
38. Legacy Health (Portland): $443.2 million