Hospital Utilization—April Strata Data Shows IP Improving, See March / April IP Tracking In Line with 2025, OP Solidly Below

研报英文原文证据摘录

Hospital Utilization—April Strata Data Shows IP Improving, See March / April IP Tracking In Line with 2025, OP Solidly Below

Equity Research

Industry Update — June 5, 2026

Healthcare Facilities

Hospital Utilization—April Strata Data Shows

IP Improving, See March / April IP Tracking In

Line with 2025, OP Solidly Below

Our Call Stephen Baxter, CFA

Inpatient growth improved in April, while Outpatient modestly decelerated. Overall, Equity Analyst | Wells Fargo Securities, LLC

Stephen.Baxter@wellsfargo.com | 212-214-8041

inpatient in March / April appears to be tracking roughly in line with 2025 growth, while

Mitchell Ostrovskyoutpatient is solidly below.

Associate Equity Analyst | Wells Fargo Securities, LLC

Mitchell.Ostrovsky@wellsfargo.com | 212-214-7243

Hospital Volume Data. In this report, we track and analyze third-party hospital volume Thomas Muller

data. Specifically, we are analyzing Strata's National Patient and Procedure Volume Associate Equity Analyst | Wells Fargo Securities, LLC

Tracker (covering >450 hospitals) and Kaufman Hall's National Hospital Flash Report Thomas.Muller@wellsfargo.com | 332-214-6218

(>900 hospitals), which appear substantially more robust than typical sell-side surveys. We James Lemmis

see this data as important to monitor, as it can provide insight into the current utilization Associate Equity Analyst | Wells Fargo Securities, LLC

and volume environment for hospital companies. James.Lemmis@wellsfargo.com | 212-214-5336

April Summary. April growth rates for inpatient / outpatient vols were +4.8% / +3.0% y/y

(no calendar adj in April). The implied AA growth of 3.9% increased from 2.7% day adjusted

in March and 1.4% in Q1. Observation volume grew 0.2%, a slowdown from growth of

1.7% in March, but above Q1 decline of 1.8%.