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Elective surgical volumes have taken a hit across major for-profit health systems in the first half of 2026, driven by insurance exchange disenrollments and cost-conscious consumers. But executives from HCA, Tenet, UHS, and CHS say they're cautiously optimistic, betting on outpatient expansion and high-acuity investments to carry them through the rest of the year.
The country's largest for-profit health systems are feeling the squeeze on surgical volumes in 2026. Leaders from HCA Healthcare, Tenet Health, Universal Health Services (UHS), and Community Health Systems (CHS) all acknowledged a notable slowdown in elective procedures during fireside chats at the Wells Fargo Healthcare Conference this week.
The culprits? A wave of health insurance exchange disenrollments, growing price sensitivity among insured patients, and early ripple effects from the Medicare inpatient-only list phase-out. Despite the headwinds, executives aren't hitting the panic button — they're doubling down on outpatient and ambulatory surgical center (ASC) investments to capture future demand.
By the Numbers:
Why it matters: With insurance coverage gaps widening and consumers watching their wallets, health systems are pivoting hard toward outpatient care — a shift that could reshape how and where Americans access surgical services for years to come.
