# HCA Healthcare

HCA Healthcare is an Asset Manager based in Nashville, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Nashville, United States
- **Region:** North America
- **Address:** Nashville, TN, United States
- **Founded:** 1968
- **Assets under management:** Undisclosed
- **Website:** hcahealthcare.com
- **LinkedIn:** https://www.linkedin.com/company/hca

## Regulatory record

- **Reports private funds:** No

## About

HCA Healthcare is one of the nation's leading providers of healthcare services and a learning health system. Founded in 1968, it created a new model for hospital care in the United States using combined resources to strengthen hospitals, deliver patient-focused care and improve the practice of medicine. It cares for patients across a large network of hospitals and ambulatory sites in multiple U.S. states and the United Kingdom, using tens of millions of annual patient encounters to advance science and improve care.

## Sectors

- Healthcare Services

## People

- Sam Hazen — Chief Executive Officer
- Dr. Thomas Frist Sr. — HCA Healthcare Co-Founder
- Dr. Thomas Frist Jr. — co-founder
- Jack C. Massey — co-founder
- Harlow Sumerford — Media Relations
- Dr. Greg Fontana — National Director Cardiothoracic Surgery

## Questions

### How does HCA Healthcare deploy capital differently than a conventional institutional investor?

HCA invests directly into the physical and operational infrastructure of its own network: hospital construction, equipment purchases, and ambulatory site expansion. In 2025, that totaled $5 billion in capital investment. The organization does not operate third-party funds or discretionary pooled vehicles. Instead, it allocates internally generated cash flows toward healthcare real assets where it can control operational outcomes and capture clinical revenue directly.

### Where does HCA Healthcare's investment capital originate?

Capital comes from operating cash flows generated by the 189-hospital system and its ambulatory network. HCA is a publicly traded corporation — ticker HCA on the New York Stock Exchange — and funds its investment program through retained earnings, operating revenue, and debt issuance, not external limited partner commitments.

### Which geographic markets receive the majority of HCA's capital investment?

HCA operates across 19 states with concentrated footprints in Texas, Florida, and Colorado, plus a growing presence in the United Kingdom. The firm does not publish a state-by-state capital expenditure breakdown, but facility counts and market density suggest the largest allocations flow to high-population-growth Sun Belt markets where patient volumes support new hospital and ambulatory site construction.

### How is HCA Healthcare governed, and who makes investment decisions?

As a publicly traded company, HCA is governed by a board of directors and an executive leadership team. Major capital allocation decisions — including hospital acquisitions, new facility construction, and technology investments — are subject to board approval and disclosed through SEC filings. The firm's CEO, Samuel N. Hazen, has led the organization since January 2019.

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Last updated: 2026-08-11T15:06:57.816Z

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