UNIVERSAL HEALTH SERVICES Business Summary

Universal Health Services, Inc. (UHS) operates a diversified healthcare delivery model primarily generating revenue through a fee-for-service structure, collecting payments from commercial managed care payers, Medicare, and Medicaid. The company’s operations are bifurcated into two principal business segments: Acute Care Hospital Services, which includes inpatient hospitals, emergency departments, and ambulatory surgery centers; and Behavioral Health Services, which provides specialized psychiatric and substance abuse treatment. As of early 2026, UHS continues to expand its footprint through strategic joint ventures and the development of de novo facilities, such as the Alan B. Miller Medical Center. Its primary direct competitors include HCA Healthcare, Tenet Healthcare, and Acadia Healthcare; UHS distinguishes itself as the dominant national leader in the behavioral health sector while maintaining a high-margin, top-tier position in the acute care market. Founded in 1979 by Alan B. Miller, the company remains under the strategic guidance of the Miller family, with Alan serving as Executive Chairman and his son, Marc D. Miller, serving as President and CEO. Marc Miller, a Wharton School alumnus, has been with the firm since 1995 and is recognized for scaling the company’s digital health and AI integrations through partnerships with General Catalyst and Hippocratic AI. The executive leadership team is rounded out by Steve G. Filton (Executive Vice President and CFO), Edward H. Sim (President of the Acute Care Division), and Matthew J. Peterson (President of the Behavioral Health Division). The company is supported by a robust board including Lead Independent Director Eileen C. McDonnell and Maria Singer, with significant institutional backing from major shareholders such as The Vanguard Group and BlackRock.