Hospital ROIC Varies 14x: Why Risk Velocity Matters More
Four hospital operators, four business models, 14x ROIC spread. HCA's scale generates 19.2% returns. THC's ambulatory surgery centers deliver 16.8% margins. UHS's behavioral health focus shows improving trends—but deteriorating litigation risk. CYH's rural model is structurally broken. Static ROIC analysis misses the risk velocity layer that determines which returns are sustainable.