The Strata Performance Trends report combines financial, operational, and claims data from hospitals, health systems, and other healthcare organizations across the country. The data show that financial performance continued to lag in Q3 2025 as organizations experienced widening disparities by system size, patient acuity, and service line mix.
Key findings include:
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Hospitals treating the most complex patients saw the sharpest drug expense increases, with academic medical centers up 21.6% year-over-year to end the third quarter.
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Inpatient obstetrics margins fell further nationwide, with the smallest hospitals with 25 beds or less posting losses exceeding $6,700 per case, threatening access to maternity care.
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Revenue gaps widened between large and small health systems, as billion-dollar organizations posted gains while smaller systems saw revenue declines and deeper margin erosion.
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Academic medical centers faced mounting research strain, with expenses rising faster than revenue amid drastically reduced grant funding and expanded staffing.
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Bariatric surgery volumes shifted sharply outpatient, rising 78% since early 2024, while total surgical volumes declined as use of GLP-1 weight-loss drugs grew.