Shares in nearly all the investor-owned hospital chains shed value at higher rates than the Dow Jones Industrial Average and S&P 500 on Wednesday, which declined 3.1% and 2.9%, respectively.
Tenet Healthcare Corp. saw the biggest drop among its peers. Shares of the Dallas-based company shed nearly 8% of their value on Wednesday. Franklin, Tenn.-based Community Health Systems saw its share price slide 7%.
Other hospital chains weren’t hit as hard. Shares in King of Prussia, Pa.-based Universal Health Services were down 2% Wednesday, and Nashville-based HCA Healthcare’s share price fell 3.6%.
Barely a month after slew of digital health companies began public trading in July, they took a sizable hit.
Livongo Health and Phreesia, two digital health companies that went public last month, were down 6.4% and 8%, respectively.
Health Catalyst, another digital health company that began trading on the Nasdaq in July, dropped 10.5%.
More established players Cerner Corp. and Allscripts Healthcare Solutions fared better, down just 2% and 3%, respectively. Teladoc Health was down 6.7%.
Change Healthcare, the revenue-cycle management company formed through a series of acquisitions and a merger with McKesson’s technology business, was up 9%. It began trading in June.
Most health insurers’ share prices were down about 2% to 3%, with Cigna Corp. taking the biggest hit at -5.5%. —with Shelby Livingston