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Community Health Systems (CYH) is one of the largest public US hospital companies based on their facility and bed count. Of course, since most of its facilities are outside major metropolitan areas, it is still only a ~$4.7B market cap stock. At this level though, CYH trades at a lower multiple compared with most peers. I believe this reflects the company's significant dependence on third-party reimbursements from insurance companies and entitlement programs (principally Medicare and Medicaid). This dependence makes CYH something of a battleground stock of sorts with increasing demand for hospital services from senior citizens and new Medicaid participants being offset by concerns and pressure over reimbursement rates.

What many investors don't know is that hospitals don't...

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