Hospital Survey: Q2 shows signs of deceleration in volumes

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Hospital Survey: Q2 shows signs of deceleration in volumes

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Health Care Facilities

Hospital Survey: Q2 shows signs of

deceleration in volumes

Industry Overview

Our surveys imply Q2 volumes of +0.4% for publics 07 July 2026

Beginning as of 4Q25, we have transitioned from producing a monthly hospital volume Equity

survey to a quarterly survey. In our survey of 50 hospitals, inpatient admissions slightly United States

decelerated to +2.4% y/y in 2Q26 vs +2.5% in Q1, and outpatient visits decelerated to HC Facilities

+2.8% in 2Q26 vs +4.4% in Q1. For the quarter, the surveys imply volumes decelerate Kevin Fischbeck, CFA

-90bps Q/Q in Q2 vs Q1. Assuming same store adjusted admissions for the publicly Research Analyst

traded hospitals changed in line with the survey results (-90bps Q/Q), we estimate BofAS+1 646 855 5948

+0.4% vols in 2Q26 (vs +1.3% average for HCA, THC, UHS’s Acute, and ARDT in 1Q26). kevin.fischbeck@bofa.com

Joanna Gajuk

Vol growth outlook +3.2% (slightly down vs +3.7% in Q1) ResearchBofAS Analyst

Survey respondents expect adjusted admission growth of +3.2% y/y over the next 12 +1 646 855 3961

joanna.gajuk@bofa.com

months on average, well above LT industry growth of 1-2%. However, this is -50bps

Craig Jones

lower than our last quarter’s result (+3.7%). Research Analyst

BofAS

Uninsured/Commercial grew fastest +1craig.jones3@bofa.com646 743 2020

In 2Q26, Uninsured volumes saw the strongest growth (+1.8%), followed by Commercial Joaquin Arriagada Martinez

(+1.5%), Medicaid volumes (+1.3%) and Medicare volumes (+1.0%). Research Analyst

+1 646 855 1654

joaquin.arriagadamartinez@bofa.com74% use AI to improve revenue capture; avg +1.8% lift

74% of hospitals reported using AI to improve revenue capture. The average hospital Katie FitzGerald