U.S. Healthcare Facilities & Managed Care: Takeaways from Discussion with Florida Hospital CFO

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U.S. Healthcare Facilities & Managed Care: Takeaways from Discussion with Florida Hospital CFO

Equity Research

U.S. Healthcare Facilities & Managed Care

9 June 2026

Takeaways from Discussion with

Florida Hospital CFO

Overall, 2Q demand trends appear solid, though May volumes U.S. Healthcare Facilities & Managed Care

decelerated driven by a drop-off in late flu cases and NEUTRAL

consumer weakness. We expect all publicly traded hospitals U.S. Healthcare Facilities & Managed

Care

to recognize Florida payments in 2Q results. Andrew Mok, CFA

+1 212 526 5496

andrew.mok@barclays.com

BCI, US

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Takeaways from Florida Health System CFO: On Friday (6/5), we hosted an expert call with a

regional CFO at an academic health system in Florida. Overall, 2Q demand trends appear solid,

though May volumes decelerated driven by a drop-off in late flu cases and consumer weakness.

Importantly, EBITDA margins are expected to remain stable despite a 30–35% decline in ACA

exchange volumes, as higher acuity and the Florida DPP offset payor mix headwinds. Based on

the timing of cash receipts, we expect all publicly traded hospitals to recognize Florida

payments in 2Q results.

Volumes Healthy Despite May Deceleration: Utilization patterns in the second quarter