4.7.6.2Vertical
Hospital-Based Skilled Nursing
SNF units located within or operated by hospital systems.
Market snapshot
These figures describe Skilled Nursing Facilities (SNF) (4.7.6), the segment that Hospital-Based Skilled Nursing sits within — not Hospital-Based Skilled Nursing on its own.
- Market size
- ~$135B
- Growth
- ~2.6%CAGR (2017–22, nominal)
- Companies
- ~18,000
FragmentationConsolidatingEstimate
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 623110 (Nursing Care Facilities/SNF); growth muted by pandemic occupancy losses.
Business model & economics
Revenue model
Medicaid, Medicare, and private-pay per-diem; leased real estate
Key economics
- Recurring revenue
- High
- EBITDA margin
- Thin
- Capex intensity
- High
long-term and post-acute occupancy
Medicaid- and labor-constrained
Characteristics
- Most clinically intensive and most distressed senior-care segment.
- Heavily Medicaid-dependent and labor-squeezed.
- Federal minimum-staffing mandates a key risk; REIT-owned real estate.
M&A deal context
Deal activityModerate
Who’s acquiring
- Skilled-nursing operators
- Healthcare REITs
- Distressed-asset acquirers
What’s driving deals
- Distress-driven consolidation and restructuring.
- Staffing-mandate and Medicaid-rate dynamics.
- Operations/real-estate separation and REIT activity.
Find Hospital-Based Skilled Nursing acquisition targets
Search Acquisera’s index for companies classified under Hospital-Based Skilled Nursing (4.7.6.2) and build a targeted deal pipeline.
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