Hospital volumes and adjusted admissions
Beds, occupancy, length of stay, adjusted admissions.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: hospital volumes and adjusted admissions.Updated 4 November 2026
Part of healthcare financial models, with the models, labs and guides around it.
What it does
The capacity a hospital operator sells. Licensed beds times occupancy times days is patient days; patient days over the average length of stay is admissions, so a shorter stay fills the same beds with more patients. Outpatient visits are brought in through adjusted admissions, admissions x (1 + outpatient revenue / inpatient revenue), the sector’s standard measure of combined volume. Adjusted patient days and adjusted occupied beds are scaled the same way, and they are what staffing and supplies are measured against.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 11–17: Licensed beds, FY0, Beds added, Occupancy of licensed beds, Days in the year…
- Volumes, rows 6–12: Licensed beds, closing, Average licensed beds, Occupancy, Patient days…
- Volumes, rows 15–22: Outpatient visits, Outpatient revenue / inpatient revenue, Adjusted admissions, Adjusted admission growth…
What a reviewer looks for
- Admissions growth taken as an input while beds, occupancy and length of stay say something else.
- Adjusted admissions on visit counts rather than on revenue, so a cheap visit counts as much as a surgery.
- New beds counted for the full year they open.
Learn it, then build it
Vocabulary: EBITDA.