Ardent Health Inc (NYSE: ARDT) is a healthcare services company that operates acute care hospitals and ambulatory care facilities across mid-sized urban communities in the United States. Revenue comes from patient service fees billed to Medicare, Medicaid, commercial insurers, and self-pay patients across inpatient and outpatient settings, with amounts recognized net of contractual adjustments at the time services are rendered. As of the 10-K filed March 16, 2026, Ardent operated 30 acute care hospitals, 188 primary care and specialty care clinics, 45 urgent care centers, four ambulatory surgery centers, two freestanding emergency departments, and 12 diagnostic imaging centers. The provider network included 400 primary care providers and 1,620 specialists as of that filing date. Ardent was initially formed in Delaware in 2015 as Ardent Health Partners, LLC and converted to a Delaware corporation in July 2024 in connection with its initial public offering, changing its name to Ardent Health, Inc. in June 2025.

Revenue model

Fee-for-service patient billing across inpatient and outpatient settings, with revenue recognized net of contractual adjustments from Medicare, Medicaid, commercial payors, and self-pay patients. Revenue depends on inpatient occupancy levels, ancillary service volumes, outpatient procedure volumes, and negotiated payment rates. The company also participates in value-based care and alternative payment model contracts that tie reimbursement to quality outcomes and cost benchmarks.

Products and services

Inpatient acute care hospital services including internal medicine, general surgery, cardiology, oncology, orthopedics, women's services, neurology, urology, and emergency services. Outpatient and ambulatory services through primary care and specialty clinics, urgent care centers, ambulatory surgery centers, freestanding emergency departments, and diagnostic imaging centers. Telehealth services. Clinical operations run on a single instance of Epic as the electronic health record platform.

Customers and end markets

Patients in mid-sized urban communities reimbursed through Medicare, Medicaid, commercial insurers, and self-pay arrangements. Payors include government programs and third-party commercial health plans. The company estimates its serviceable addressable market, defined as hospital, physician, and clinical services expenditures in approximately 350 mid-sized urban markets, at approximately $800 billion based on available data cited in the FY2025 10-K.

Value-chain role

Integrated hospital and ambulatory care provider operating at the point of care delivery. The company sits between payors and patients, providing the physical facilities, physician employment, and care coordination infrastructure. It also functions as a risk-bearing entity under value-based care contracts with CMS and commercial payors.

Geographic exposure

United States, focused on mid-sized urban communities. No international operations are referenced in the filing excerpts.

Source: SEC 10-K, filed 2026-03-16

Industry: Services-General Medical & Surgical Hospitals, NEC