| SIC Codes: | 8071 4119 5995 7299 8011 8021 8041 8042 8043 8049 8051 8052 8062 8063 8082 8092 8093 8099 8322 8069 8361 8331 |
| NAICS Codes: | 624410 621340 624230 624229 624221 624210 624190 624120 624110 623990 623312 623311 623220 623210 623110 622310 446130 621111 621112 621210 621310 621320 621330 624310 621391 621399 621410 621420 621491 621492 621493 621498 621511 621512 621610 621910 621991 621999 622110 622210 |
Companies in this industry provide health and social services through hospitals, doctors offices, nursing homes, outpatient surgery centers, and other facilities. Major companies include Ascension Health, Fresenius, HCA, Kaiser Permanente, and Tenet Healthcare.
Demand for health care services is driven by demographics and advances in medical care and technology. The profitability of individual companies depends on efficient operations and, in the case of many nonprofit health care providers, obtaining grants and federal funds. Large companies have advantages in accessing the latest medical research, buying supplies, offering a wide range of services, and negotiating contracts with health insurers. Small institutions can compete successfully by serving a limited geographical area, offering specialized services, or building a local reputation for quality care. The sector is highly fragmented: the top 50 organizations generate about 15 percent of revenue.
Major services include hospital medical care (45 percent of industry revenue) and outpatient care provided by physicians (20 percent). Other services include dental work, urgent care, elderly and hospice care, and social assistance. Health care in the US is led by for-profit entities, an exception to the global norm of nationalized medicine. However, of the 6,500 US hospitals, around 75 percent are not-for-profit. Most doctor offices, nursing homes, outpatient and urgent care centers, and day care facilities are run as for-profit enterprises.
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