Hospital stocks have trounced the market this year, and the steps they took to get through the pandemic could keep the rally going.
Hospitals were hit hard financially by the costs of Covid-19, which crimped their ability to do high-margin elective procedures. Some firms took large government grants to help them make up for losses tied to the pandemic and for treating Covid-19 patients. The financial turmoil of the past year in some respects has added to the urgency of changes that already were under way at publicly traded hospital operators. Many have been focused on boosting margins by shifting services to lower-cost outpatient centers, selling off less-profitable assets and cutting costs from their businesses.
These efforts are winning support from investors. They have helped the shares of big hospital operators such as Tenet Healthcare Corp. and Community Health Systems Inc. significantly outperform the broader market this year. Tenet is up around 70% year-to-date while the shares of Community Health Systems have more than doubled so far in 2021. HCA Healthcare Inc. has also jumped.
What began as a recovery rally for hospital stocks could now prove to be longer lasting, say analysts and industry investors. Rebounding patient volumes are combining with longer-term initiatives to squeeze more profits out of hospitals.
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