# Who are HCA Healthcare, Inc.'s customers? Who does HCA Healthcare, Inc. earn revenue from?
Canonical: https://valuechain.wiki/hca-healthcare · Facet: customers · Updated: 2026-09-11T20:25:56.072599+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: HCA Healthcare, Inc. discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-09-11).

### 관리의료·상업보험사 (high)
- metric: Amount $37B · FY2025 · Patient-service revenue from managed care plans and other commercial insurers
- note: Managed care plans and commercial insurers pay HCA negotiated rates for patient care and form its largest payer category. They represented 48.9% of FY2025 revenue.
- [confirms] Kenneth Gannon Independent Equity Research (EN, research, published 2026-07-27) https://www.kjequityresearch.com/research/hca-initiating-coverage: "commercial and managed care insurers 48.9%"
- [mentions] Maeil Business Newspaper (KO, news, published 2026-07-14) https://www.mk.co.kr/news/stock/12098673: "A shift in payer mix was expected to reduce operating profit by $400 million."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-10) https://www.sec.gov/Archives/edgar/data/860730/000119312526044769/hca-20251231.htm: "Managed care and other insurers 36,968 48.9"

### 미국 메디케어 (high)
- metric: Amount $11.3B · FY2025 · Patient-service revenue from traditional Medicare
- note: Traditional Medicare reimburses HCA for hospital and medical services under administered payment rates. It represented 14.9% of HCA's FY2025 revenue.
- [confirms] Kenneth Gannon Independent Equity Research (EN, research, published 2026-07-27) https://www.kjequityresearch.com/research/hca-initiating-coverage: "traditional Medicare 14.9%"
- [confirms] SEC EDGAR (EN, filing, published 2026-02-10) https://www.sec.gov/Archives/edgar/data/860730/000119312526044769/hca-20251231.htm: "Medicare $11,273 14.9%"
- [confirms] Becker's Hospital Review (EN, analysis, published 2025-08-25) https://www.beckershospitalreview.com/finance/payer-mix-in-the-largest-for-profit-health-systems-2/: "Medicare: 15.4%"

### 미국 메디케이드 (high)
- metric: Amount $5.9B · FY2025 · Patient-service revenue from direct Medicaid programs
- note: State-administered Medicaid programs reimburse HCA facilities for care provided to qualifying low-income patients. Direct Medicaid represented 7.8% of FY2025 revenue.
- [confirms] Kenneth Gannon Independent Equity Research (EN, research, published 2026-07-27) https://www.kjequityresearch.com/research/hca-initiating-coverage: "Medicaid 7.8%"
- [confirms] SEC EDGAR (EN, filing, published 2026-02-10) https://www.sec.gov/Archives/edgar/data/860730/000119312526044769/hca-20251231.htm: "Medicaid 5,909 7.8"

Reverse side: https://valuechain.wiki/hca-healthcare/suppliers.md · Ripple: https://valuechain.wiki/hca-healthcare/ripple.md

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Full node: https://valuechain.wiki/hca-healthcare.md · JSON: https://valuechain.wiki/hca-healthcare.json