Outpatient Care Centers (U.S.) — NAICS 6214

A rollup primer for a general investing audience — relevant to both public-market and private investors. Figures are U.S. unless noted. Reported data are historical facts; statements about future demand, growth, or margins are forward-looking judgments. Tickers, prices, and valuation language are confined to the investable-universe and how-to-invest sections.

1. Overview

NAICS 6214 — "Outpatient Care Centers" — is the four-digit industry group for clinics that deliver medical care without an overnight hospital stay and outside a traditional doctor's office. NAICS is the North American Industry Classification System, the federal scheme for sorting U.S. businesses; 6214 sits inside subsector 621 (Ambulatory Health Care Services) and sector 62 (Health Care and Social Assistance).[4]

It is a large slice of American health care — roughly $222 billion of receipts, about 1.35 million workers, and 61,958 establishments[1][2] — but it is not one business. It bundles three very different child industries that happen to share a physical form (a clinic, no inpatient bed) and one common tailwind: the decades-long site-of-care shift, in which payers and patients keep moving treatment out of expensive hospitals into cheaper outpatient settings.[7][8]

The single most useful thing this page does is set the three children side by side, because they are wildly unequal and behave nothing alike. One child — "Other Outpatient Care Centers" — is 84% of the money and contains everything from a nonprofit near-monopoly (Kaiser's HMO centers) to a for-profit dialysis duopoly to thousands of physician-owned surgery centers. A second — outpatient mental health and addiction — is a large, fast-growing, extraordinarily fragmented professional-services field. The third — family planning centers — is tiny (about 2% of receipts), nonprofit- and government-dominated, and driven more by reproductive-health politics than by markets. The dual-audience takeaway up front: there is no single security that "is" NAICS 6214, public exposure clusters in just two corners of the biggest child (dialysis and surgery), and most of the assets across all three children are held privately — by physicians, private equity (PE), nonprofits, insurers, and the real-estate owners under them.

2. What's inside — the three children, and how they differ

The three child industries are the whole point of reading 6214 together: same drawer, opposite economics. The contrast below is this rollup's distinctive value.

Shares are each child's 2022 Economic Census receipts and 2023 County Business Patterns establishments against the level totals; because the two datasets are different vintages the ratios are directional, not exact. HMO = health maintenance organization; STI = sexually transmitted infection; IVF = in-vitro fertilization; OTC = over-the-counter; DTC = direct-to-consumer; PE = private equity; MSO = management-services organization; HHI = Herfindahl-Hirschman Index (below).

Three contrasts matter most to an investor:

• One child is almost the whole industry. 62149 is 84% of receipts, 67% of establishments, and 74% of employment. Family planning (62141) is a rounding error by revenue. So most statements about "outpatient care centers" are really statements about the 62149 primer — read it for the near-monopoly/duopoly detail this page can only summarize.
• Ownership runs from un-investable to a clean listed duopoly. Family planning's core cannot be bought at all (nonprofit and government); mental health is mostly private with a couple of thin public proxies; dialysis and surgery inside 62149 are the only corners of the whole level with true near-pure listed equities. The more concentrated the business, the cleaner the public exposure — and that concentration lives almost entirely in 62149.
• Growth direction is not shared. Mental-health and surgical outpatient care are the clearest structural growth stories; dialysis is a resilient flat-unit annuity with a slow drug headwind; family planning's physical footprint is shrinking under funding whiplash even as its digital/fertility edge grows. A single "outpatient" forecast would be wrong for at least one child.

3. How big it is — the level as a whole

Ground-truth federal figures for NAICS 6214 (our ingested data). County Business Patterns (CBP) covers 2023; the Economic Census (EC) covers 2022 — read them as two snapshots, not one synchronized year.

The three children reconcile almost exactly to these totals: their establishments (3,591 + 16,815 + 41,552) and employment sum precisely to the level, and their receipts sum to ~$222.5 billion.[1][2] Their firm counts sum to about 26,691 — roughly 242 more than the level's 26,449 — because a company operating in more than one child is counted in each child but only once here; the small overlap confirms these are mostly distinct businesses with distinct owners.[2]

A few derived signals (mixing 2022 receipts against 2023 counts, so directional): about 2.3 establishments per firm, roughly 22 employees per establishment, average pay near $74,000, and payroll at about 45% of receipts — the fingerprint of a labor-heavy professional-services industry in which the scarce input is licensed clinicians, not hard assets or consumer brands.

The aggregation trap — the most important caveat at this level. Read literally, 6214 looks competitive and unconcentrated: an HHI (the sum of squared market shares that antitrust regulators use, where anything under 1,500 is "unconcentrated") of just 163.4, with the top four firms holding only 22.6% of revenue.[2] That number is real but doubly deceptive. It is low because the blend mixes a tiny statistically-fragmented child (family planning) and an ultra-fragmented one (mental health, HHI 9.2) with the large 62149 child — and 62149's own HHI of 230.5 is itself an average that hides a near-monopoly (HMO centers, HHI ≈ 2,449) and a two-company dialysis market (DaVita + Fresenius run ~74% of facilities).[3][5][7] The level's top-4 firms are almost certainly all 62149 operators (dialysis and integrated-care giants) whose dominance of their own sub-markets simply dissolves when three industries are averaged together. A rollup HHI can hide the market structure of its parts; here it hides them twice over. Judge concentration child by child — and, inside 62149, sub-industry by sub-industry — never at this level.

Undercount caveats — the level understates the true footprint. CBP counts only establishments with paid employees; it excludes non-employers, the self-employed, and most government workers.[3] That matters more here than in most industries because two of the three children skew toward small, individually owned, nonprofit, or government operators:

• Government and public-agency care is largely invisible. County and state public-health clinics (a big share of both family-planning and mental-health delivery), tribal health programs, and Department of Veterans Affairs/military outpatient sites mostly fall outside the business statistics.[3]
• Independent practitioners sit in adjacent codes. Much U.S. outpatient therapy is delivered by solo psychiatrists (NAICS 621112) and independent psychologists, social workers, and counselors (621330); most physician-run IVF practices are coded to offices of physicians (621111). None of that revenue lands in 6214, so the mental-health and family-planning footprints are larger than these figures show.
• Grant-funded nonprofits and the HMO model spill their own codes. Federally supported community health centers reported roughly $49.8 billion of total revenue in 2024 — much of it grants and enhanced Medicaid rather than the fee-for-service "receipts" the Economic Census measures[23] — and Kaiser Permanente alone reported about $100.8 billion of 2023 operating revenue because most of Kaiser is coded as insurance or hospitals, not as HMO centers.[10]

Our federal file for 6214 contains no industry-wide figure for patient visits, payer mix, or operating margin. Where a metric is absent we say so rather than estimate it. Treat the $222 billion and 61,958 establishments as a solid floor for employer-based outpatient care, never as a full measure of the activity — and never as evidence the field is competitively structured.

4. The investable universe — where value concentrates across the children

Public-market value is not spread across 6214 in proportion to revenue. It concentrates in a few corporations inside the 62149 child and thins to almost nothing in the other two. Ticker presence signals market exposure, not that a company's operations fall cleanly inside 6214 — every listed name below mixes these clinics with hospitals, insurance, pharmacy, devices, or physician practices, and none reports a clean NAICS-6214 revenue line. Tickers appear here and in Section 10 only.

• Dialysis (in 62149) is the only corner with true near-pure listed plays. DaVita (NYSE: DVA) — U.S.-focused, ~$13.6B revenue, ~2,657 U.S. centers, an estimated ~36% U.S. patient share (Berkshire Hathaway ~45% holder) — and Fresenius Medical Care (NYSE: FMS), the global #1, which also makes the machines and fluids.[9][10] Suppliers ring both: Outset Medical (Nasdaq: OM), Baxter (NYSE: BAX), Amgen (Nasdaq: AMGN).
• Surgical/emergency centers (in 62149) offer one pure-play and one platform. Surgery Partners (Nasdaq: SGRY) is the largest listed pure-play ambulatory-surgery operator; Tenet Healthcare (NYSE: THC), through United Surgical Partners International, runs the largest surgery-center platform, with HCA (NYSE: HCA) and UnitedHealth's SCA Health (NYSE: UNH) as diluted exposure.[12][13]
• HMO/integrated care (in 62149) has no pure equity. Kaiser Permanente is a nonprofit that issues bonds, not stock;[10] investors reach the capitated model only through diversified insurers — UnitedHealth/Optum (UNH), Humana/CenterWell (HUM), CVS/Oak Street (CVS) — and small, volatile risk-bearing providers. Several for-profit versions (Cano Health, CareMax) went bankrupt in 2024 — a warning that runs through the whole model.[11]
• Outpatient mental health (62142) has a few imperfect proxies. LifeStance Health (Nasdaq: LFST) is the cleanest listed proxy for the insurance-billed outpatient model; Acadia Healthcare (Nasdaq: ACHC) and Universal Health Services (NYSE: UHS) add behavioral exposure weighted to inpatient/residential; UHS is taking virtual-therapy platform Talkspace (Nasdaq: TALK) private. There is no dedicated exchange-traded fund (ETF).[15][16][17]
• Family planning (62141) is un-investable at its core. No pure listed operator exists. Exposure is entirely indirect — contraceptive/device makers (Organon NYSE: OGN, Bayer, CooperCompanies Nasdaq: COO), DTC telehealth (Hims & Hers NYSE: HIMS), and fertility benefits/labs (Progyny Nasdaq: PGNY).[26][27]

The occupational-health corner of the 62149 "all-other" bucket adds one more near-pure listed name, Concentra (NYSE: CON), spun out of Select Medical in 2024.[14]

The cross-cutting pattern: the more concentrated the business, the cleaner the public exposure — which is why virtually all of the level's listed pure-plays are dialysis and surgery, both inside 62149. Most of the assets in 6214 — physician-owned surgery centers, nonprofit health centers and family-planning clinics, PE-owned clinic and addiction chains, county providers, and the real estate under all of them — are private, and no complete cap table exists.

5. How the money works

Despite their differences, all three children run on the same core identity: revenue equals volume × net reimbursement per unit — visits, treatments, procedures, or covered members — earned across a payer mix (commercial insurance, Medicaid, Medicare, self-pay, government grants) against a cost base dominated by clinician pay. Three levers therefore recur across the whole level:

• Payer mix is destiny. Commercial (employer) insurance pays a multiple of what government payers pay for the same service; the commercially insured minority generates a disproportionate share of profit and cross-subsidizes the Medicaid/Medicare book. This is starkest in dialysis (one study found ~$1,041 commercial versus ~$248 government per treatment)[3][7] but true everywhere — Medicaid is the largest payer of behavioral health and pays least per visit.[10]
• Utilization is the profit lever. These are labor-heavy businesses with a large fixed cost base, so the master operating number is how full the chairs, rooms, therapy panels, or member books are kept. Clinic count alone is a weak measure — a new center can take years to mature. Same-center (organic) volume, payer mix, and cost per unit are the metrics that matter in every child.
• Government sets or anchors the price. Medicare fixes the dialysis bundle and ASC facility rates; Medicaid and Title X anchor family-planning and safety-net economics; mental-health rates are heavily Medicaid-driven. Pricing power against government payers is minimal, so margins live or die on volume and mix, not list price.

Two child-specific engines are worth flagging because they change the math. Capitation and the medical loss ratio (MLR) drive the HMO/value-based corner of 62149: a full-risk provider takes a fixed per-member-per-month (PMPM) payment and profits on the spread between premium and cost of care, gauged by the MLR (share of premium spent on care).[11] And policy-funded economics drive the safety net in both family planning and the community-health-center part of 62149: cost-based per-visit rates, federal grants, 340B drug-pricing discounts (buy drugs cheap, bill payers more, cross-subsidize free care), and sliding-scale fees — revenue shaped by legislation, not commercial pricing power.[23][24] Across three of these corners, the fastest-growing new lever is value-based care: taking risk on the total cost of a patient's care and keeping a share of the savings.

6. What drives demand

Demand across 6214 is durable and mostly non-discretionary, but the drivers stack differently by child:

• The site-of-care shift (whole level, especially 62149's surgery). Better minimally invasive techniques, anesthesia, and payer steering keep moving care out of hospitals into cheaper clinics — the single biggest structural tailwind. For 2026, Medicare added 289 procedures to the ASC list and began phasing out its "inpatient-only" list.[8]
• Aging and chronic disease (whole level). More seniors and more diabetes and heart disease mean more dialysis, more cataract and joint procedures, and more chronic-care management; the 65-and-older population reached 61.2 million (18.0%) in 2024.[8]
• A large, under-served, structurally growing need in behavioral health (62142). About 61.5 million U.S. adults had a mental illness in 2024 and only about half received treatment; the untreated majority is the growth runway, while a clinician shortage (HRSA shortage areas covering ~157 million people) caps how fast supply can meet it.[20][21]
• Coverage, parity, and grant cycles. Medicare Advantage (MA — the private capitated alternative to traditional Medicare, ~54% of beneficiaries in 2025) underwrites the capitated model; mental-health parity pushes care into billable settings; Medicaid, Title X, and community-health-center reauthorizations swing safety-net volumes.[11][21][23]
• Reproductive and drug-specific forces. Family-planning demand is broad and recurring (about 54% of U.S. females 15–49 use contraception) but is reshaped by post-Dobbs state law and the shift to telehealth and OTC channels;[28] and a genuine drug headwind — GLP-1 (glucagon-like peptide-1) and SGLT2 (sodium-glucose co-transporter-2) drugs that slow kidney disease — is a slow, real drag unique to dialysis.[30]

Judgment: demand is resilient across the level but not uniformly growing in unit terms. Behavioral-health and surgical volume and value-based senior care are the clearest growth stories; dialysis is a flat-unit annuity; family planning's brick-and-mortar footprint is contracting even as its digital and fertility edges expand.

7. Regulation

Every child is Medicare- and Medicaid-shaped, so the Centers for Medicare & Medicaid Services (CMS) is the common regulator — it sets the prices (the dialysis bundle, the ASC and hospital-outpatient rates, MA and community-health-center payments, family-planning reimbursement) and the quality rules that gate them.[8][11][23] Shared federal regimes apply across all three:

• Fraud-and-abuse law. The Anti-Kickback Statute, the False Claims Act, and the physician self-referral Stark Law govern financial relationships with referring physicians throughout the level. One structural carve-out: physician-owned surgery centers rely on a dedicated ambulatory-surgical-center (ASC) safe harbor that protects ownership only where distributions track equity, not referrals.[8]
• Corporate practice of medicine (CPOM). Many states bar corporations from "practicing medicine," pushing PE and insurer owners into "friendly PC"/MSO structures across all three children; several states are tightening these rules and adding transaction-notification requirements.[11][12]
• Privacy and licensing. HIPAA (the Health Insurance Portability and Accountability Act) governs patient data everywhere, with stricter 42 CFR Part 2 for substance-use records; state facility, clinician, and telehealth licensing gate entry; Certificate of Need (CON) laws in roughly three dozen states can block new dialysis and surgical facilities, protecting incumbents.[7][8]

Child-specific pressure points investors watch: for 62141, Title X grant rules, Medicaid provider eligibility (the 2025 Medina ruling let states disqualify Planned Parenthood; a one-year federal defunding rider expired July 2026), Dobbs and the state abortion patchwork, and FDA rules on abortion medication;[24][25][28] for 62142, mental-health parity (MHPAEA), opioid-treatment-program (OTP) certification with Drug Enforcement Administration registration, the recurring "telehealth cliff" on controlled-substance tele-prescribing, and rising scrutiny of PE-owned addiction chains;[19][21] and for 62149, the annual ESRD (End-Stage Renal Disease) dialysis bundle, the ASC payment rule and the No Surprises Act, MA rate notices, and an aggressive expansion of Risk Adjustment Data Validation (RADV) audits.[8][11]

8. Consolidation

The level's low blended HHI hides three very different competitive states, but one theme cuts across all of them: competition is local even when ownership is national. Patients dialyze near home, pick a surgery center their doctor uses, and walk into the nearest clinic — so a firm with a small national share can dominate a county, and the level's "unconcentrated" statistics coexist with real local pricing power. The consolidation stories differ by child:

• Family planning (62141): the physical safety net is thinning under funding pressure (independent abortion-clinic closures roughly doubled in 2025; Planned Parenthood warned up to ~200 of ~600 centers are at risk), even as nonprofit affiliates merge into fewer, larger organizations and capital migrates to for-profit fertility and telehealth roll-ups.[25]
• Mental health (62142): extreme fragmentation (~9,600 firms, HHI 9.2) plus durable demand has made it the level's clearest roll-up magnet — PE-backed and public operators buying solo practices and OTPs to build regional scale, with digital marketplaces (Headway, Grow Therapy, Rula, Talkiatry) emerging as a new distribution layer. PE-backed deals were the majority of behavioral-health acquisition activity studied over 2010–2021, and that activity now draws congressional scrutiny.[19]
• Other outpatient (62149): the widest range — dialysis is a decades-old, largely complete duopoly now under active antitrust constraint; surgery is a fragmented tail plus a consolidating head, with hospitals, insurers, and PE specialty roll-ups (gastroenterology, orthopedics, ophthalmology) all buying; HMO/integrated care consolidates through insurers buying primary-care relationships; and by 2024 roughly 78% of physicians were employed by hospitals, insurers, or corporate/PE-backed entities rather than independent.[3][7][31]

Judgment: fragmentation plus a durable site-of-care tailwind is exactly the setup that attracts consolidators, so concentration is likely to keep rising in the two fragmented children (mental health, and the fragmented sub-industries of 62149) even as antitrust scrutiny of insurer and PE ownership intensifies across the level.

9. Key risks

• Reimbursement dependence (whole level). Most revenue is a government-set or government-anchored price with little pricing power behind it; a skinny annual update to the dialysis bundle, the ASC rate, MA payments, Medicaid mental-health rates, or Title X/community-health-center funding hits margins directly.[8][11][23]
• Policy and funding whiplash (sharpest in 62141). Medicaid exclusion, Title X freezes, and defunding riders make the family-planning safety net's revenue near-existentially policy-cyclical rather than economy-cyclical;[24][25] the same policy sensitivity, in milder form, runs through the whole level's public-payer base.
• Commercial-mix erosion (62149's dialysis and surgery). The profit engine is the commercially insured minority; insurer repricing, network narrowing, denials, and site-neutral payment reform all threaten it.[7]
• Value-based execution risk (62149's HMO/value-based corner). Full-risk operators eat cost overruns; a surge in senior utilization pushed several capitated providers into bankruptcy in 2023–2024, and RADV clawbacks can erase a year's margin.[11]
• Labor (whole level). Clinicians are the core input and largest controllable cost; a structural shortage — especially of behavioral-health providers — caps capacity and drives wage inflation.[21]
• Demand disruption (62149's dialysis). GLP-1/SGLT2 drugs and transplant growth could gradually shrink the dialysis pipeline.[30]
• Compliance, cybersecurity, and consolidation/antitrust (whole level). Coding, referral, and quality failures trigger repayments and litigation; these operators hold vast protected health information (a 2025 ransomware attack on DaVita exposed ~2.7 million people);[9] and further insurer-provider and PE consolidation faces divestiture demands and reputational risk.[31]
• Data risk. The federal statistics exclude government and non-employer operators and are not a facility or procedure census — do not infer utilization, payer mix, or margins from them, and never read the level HHI as evidence of a competitive market (Section 3).

10. How to invest, and the outlook

There is no single ticker for NAICS 6214, and the level's headline "unconcentrated" statistics should never anchor a thesis. Invest child by child — and, inside 62149, sub-industry by sub-industry — matching the route to how each business is actually owned.

Public routes (almost all inside 62149, plus a couple of behavioral proxies):

• Dialysis is the cleanest listed exposure: DaVita (DVA) for a concentrated U.S. pure-play and Fresenius (FMS) for a global, diversified owner; plus device/drug suppliers (OM, BAX, AMGN) and a GLP-1 hedge (Novo Nordisk NVO, Eli Lilly LLY).[9][10][30]
• Surgery offers Surgery Partners (SGRY) as the pure-play and Tenet (THC) via USPI, with HCA and UNH as diluted exposure.[12][13]
• HMO/integrated care has no pure equity — reach it through diversified insurers (UNH, HUM, CVS) or Kaiser bonds.[10][11]
• Outpatient mental health offers LifeStance (LFST) as the pure-play and Acadia (ACHC)/UHS as diversified routes (UHS adding virtual outpatient via the pending Talkspace deal); no dedicated ETF.[15][16][17]
• Family planning is un-investable directly; the only listed proxies are contraceptive makers (OGN, COO), DTC telehealth (HIMS), and fertility benefits (PGNY), plus occupational-health operator Concentra (CON) in the adjacent 62149 bucket.[14][26][27]

For every listed name, isolate the actual outpatient earnings from the surrounding hospital, insurance, pharmacy, device, or physician-practice businesses before comparing valuation multiples, EBITDA (earnings before interest, taxes, depreciation, and amortization), or dividend yield — judged against the medical-cost cycle and government-payment risk, not against clinic-count growth.

Private routes — where most of the level actually sits. Physician-ownership stakes and PE specialty roll-ups (surgery, GI, orthopedics, ophthalmology, behavioral-health and addiction chains); the private #3–#5 dialysis operators; value-based-care platforms; fertility and women's-health MSOs and reproductive-health telehealth/femtech; digital behavioral-health marketplaces; and the net-lease real estate under all of them, accessible through medical-office landlords and healthcare real-estate investment trusts (REITs). Underwrite the individual center, not the national trend: licenses and CON status, accreditation, the full payer-contract set, station/room/panel utilization and ramp, referral compliance, staffing depth, leverage, and a realistic exit valued on durable cash flow. The large nonprofit and government segments — community health centers, county mental-health providers, and the family-planning safety net — are not investable; the only adjacent security is tax-exempt financing.[23][24]

Outlook (forward-looking judgment). The structural direction — cheaper, more convenient, more coordinated care moving out of hospitals — is durable and favorable across all of 6214. But the three children will not move together, and 84% of the money and nearly all of the investable equity sit in the 62149 child, whose four sub-industries are themselves divergent: surgery has the clearest runway (regulators keep widening what can leave the hospital), value-based senior care has a strong demographic tailwind but a proven ability to bankrupt weak operators, and dialysis is a resilient, cash-generative annuity with flat unit demand and a slow drug headwind. Outpatient behavioral health is the level's other genuine growth story — large unmet need, constrained clinician supply, structurally favorable parity and telehealth trends — but on thin, Medicaid-heavy, policy-sensitive margins. Family planning is small, defensive in demand, and dominated by non-tradable nonprofit and government operators, with the only real equity opportunity at its cash-pay fertility and DTC edges. The near-term items to watch are almost all in Washington: the annual CMS rate notices, the inpatient-only-list phase-out, expanded RADV audits, site-neutral payment reform, mental-health-parity and telehealth-prescribing rules, reproductive-health policy, and the antitrust response to insurer and PE consolidation. The recurring mistake is treating this four-digit code as one industry, or treating the level's "competitive" HHI as real. It is three unlike businesses in one drawer — read the child primers (62141, 62142, and especially 62149) before acting on any of them.

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Sources

1. U.S. Census Bureau, County Business Patterns (CBP): 2023 — NAICS 6214 and children 62141/62142/62149 (establishments, employment, annual and first-quarter payroll). Histometrics ingested federal statistics. https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau, 2022 Economic Census — Concentration of Largest Firms, NAICS 6214 (receipts, firms, CR4/CR8/CR20/CR50, HHI). Histometrics ingested federal statistics. https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN
3. U.S. Census Bureau, 2022 Economic Census — Concentration of Largest Firms, NAICS 62149 and sub-industries (HHI 230.5; HMO-center HHI ≈ 2,449; dialysis duopoly), with MedPAC facility-share data. https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN
4. U.S. Census Bureau, 2022 NAICS definitions — 6214 Outpatient Care Centers and children 62141/62142/62149 (scope, hierarchy, cross-references to 621111/621112/621330). https://www.census.gov/naics/?input=6214&year=2022
5. U.S. Census Bureau, 2022 Economic Census — Concentration of Largest Firms, NAICS 621410 (family planning; CR4 11.9%, HHI 90.7) and 621491 (HMO centers; 56 firms, CR4 88.8%, HHI 2,449.2). https://data.census.gov/table/ECNSIZE2022
6. U.S. Census Bureau, County Business Patterns Methodology and Understanding NAICS / Economic Census coverage (exclusion of self-employed, government, and non-employer businesses). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
7. Medicare Payment Advisory Commission (MedPAC), March 2026 Report to the Congress — outpatient dialysis chapter (DaVita/Fresenius facility share ~74%; for-profit mix; commercial-vs-government payment). https://www.medpac.gov/wp-content/uploads/2026/03/Mar26_MedPAC_Report_To_Congress_SEC.pdf
8. Medicare Payment Advisory Commission (MedPAC), March 2026 Report to the Congress, Ch. 11 — Ambulatory Surgical Center Services; with CMS CY2026 OPPS/ASC Final Rule (289 procedures added; inpatient-only-list phase-out) and CY2026 ESRD PPS Final Rule (bundle $281.71). https://www.medpac.gov/wp-content/uploads/2026/03/Mar26_Ch11_MedPAC_Report_To_Congress_SEC.pdf
9. DaVita Inc., Form 10-K for the year ended December 31, 2025, SEC EDGAR (revenue, U.S. centers, patient share; 2025 ransomware disclosure). https://www.sec.gov/Archives/edgar/data/927066/000092706626000012/dva-20251231.htm
10. Fresenius Medical Care AG, Annual Report 2025; and Kaiser Permanente, Fast Facts and 2023 financial results (~$100.8B operating revenue). https://freseniusmedicalcare.com/en/investors/; https://about.kaiserpermanente.org/who-we-are/fast-facts
11. UnitedHealth Group (Optum Health), Humana (CenterWell), and CVS Health (Oak Street Health) 2025 Form 10-Ks, SEC EDGAR; with KFF Medicare Advantage enrollment (~54%, 2025) and CMS 2026 MA rate materials; Cano Health/CareMax bankruptcies. https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm
12. Surgery Partners, Inc., Form 10-K FY2025, SEC EDGAR (largest listed ASC pure-play; Bain Capital ~39%). https://www.sec.gov/Archives/edgar/data/1638833/000163883326000008/sgry-20251231.htm
13. Tenet Healthcare Corporation, Form 10-K FY2025 (USPI surgery-center platform); HCA Healthcare Form 10-K FY2025; SCA Health (UnitedHealth/Optum). https://www.sec.gov/Archives/edgar/data/70318/000007031826000012/thc-20251231.htm
14. Concentra Group Holdings, Form 10-Q and investor materials (occupational health; ~$1.9B revenue; 600+ centers), 2024–2026. https://ir.concentra.com/
15. LifeStance Health, FY2025 results and Form 10-K (insurance-billed outpatient pure-play). https://investor.lifestance.com/
16. Acadia Healthcare, 2025 Form 10-K (behavioral facilities incl. outpatient/OTP), SEC EDGAR. https://www.sec.gov/Archives/edgar/data/1520697/000119312526078266/achc-20251231.htm
17. Universal Health Services, 2025 Form 10-K (behavioral facilities incl. outpatient) and UHS to Acquire Talkspace announcement. https://www.sec.gov/Archives/edgar/data/352915/000119312526071676/uhs-20251231.htm
18. BayMark Health Services, About Us — largest U.S. opioid-treatment provider, 400+ facilities. https://baymark.com/about-us/
19. Sacra / Behavioral Health Business / Health Affairs, Digital behavioral-health marketplaces (Headway, Grow, Rula, Talkiatry) and private-equity acquisition activity, 2010–2021; and U.S. Senate inquiries into PE-owned OTPs. https://sacra.com/c/headway/; https://doi.org/10.1093/haschl/qxae080
20. Substance Abuse and Mental Health Services Administration (SAMHSA), 2024 National Survey on Drug Use and Health, 2025 — mental-illness prevalence (~61.5M adults) and treatment gap. https://www.samhsa.gov/newsroom/press-announcements/20250728/
21. Health Resources and Services Administration (HRSA), Health Professional Shortage Areas Statistics (~157M in mental-health shortage areas); and CMS, Mental Health Parity and Addiction Equity Act (MHPAEA) overview. https://data.hrsa.gov/; https://www.cms.gov/marketplace/private-health-insurance/mental-health-parity-addiction-equity
22. Health Resources and Services Administration (HRSA), Impact of the Health Center Program (~1,400 organizations, 15,000+ sites, 32.4 million patients, 2024). https://bphc.hrsa.gov/about-health-center-program/impact-health-center-program
23. KFF, Community Health Center Patients, Financing, and Services (~$49.8B revenue; Medicaid ~45%), 2024; with CMS FQHC payment guidance. https://www.kff.org/medicaid/community-health-center-patients-financing-and-services/
24. Guttmacher Institute, Publicly Supported Family Planning Services in the United States and FQHCs and the Family Planning Safety Net; Medicaid.gov, family-planning mandatory benefit; 42 CFR § 59.5 (Title X). https://www.guttmacher.org/fact-sheet/publicly-supported-FP-services-US
25. Planned Parenthood Federation of America, Annual Report 2024–2025; The Hill, Planned Parenthood set to regain federal funding as GOP ban expires (2026); Healthcare Brew, Independent abortion clinic closures double in 2025. https://www.plannedparenthood.org/
26. Organon & Co., Form 10-K FY2024; Bayer Annual Report 2025 (Pharmaceuticals); CooperCompanies/CooperSurgical (Paragard). https://www.sec.gov/Archives/edgar/data/1821825/000182182525000006/ogn-20241231.htm
27. Hims & Hers Health, Inc., FY2025 Financial Results; Progyny, Inc., Investor Relations (fertility benefits). https://investors.hims.com/; https://investors.progyny.com/
28. Centers for Disease Control and Prevention, Current Contraceptive Status Among Females Ages 15–49: United States, 2022–2023 (NCHS Data Brief 539, 2025); Dobbs v. Jackson Women's Health Organization (2022); KFF, Medicaid, Title X and Planned Parenthood update (2025). https://www.cdc.gov/nchs/products/databriefs/db539.htm
29. U.S. Small Business Administration, Table of Size Standards, 2023 (e.g., NAICS 621420 at $19M receipts). https://www.sba.gov/document/support-table-size-standards
30. American Diabetes Association / Diabetes Care, FLOW trial — semaglutide reduces major kidney events by 24%; FDA kidney-risk label expansion (2024–2025). https://diabetes.org/newsroom/press-releases/semaglutide-reduced-risk-major-kidney-disease-events-24-patients-type-2
31. Federal Trade Commission, DaVita Utah divestiture and 10-year prior-approval order (2022) and Ascension/AMSURG review; Physicians Advocacy Institute / Avalere physician-employment data (~78% employed by 2024). https://www.ftc.gov/legal-library/browse/cases-proceedings/251-0093-ascensionamsurg-matter

Note: this is a rollup page. Figures for the level are our ingested ground-truth federal statistics for NAICS 6214; child-level detail, tickers, and fuller references are drawn from the 62141, 62142, and 62149 primers, which should be read for the complete treatment of each industry.