Hospital Fans Watch HCA

Skolnick notes that HMA, like HCA, operates a number of hospitals in a tough Florida market, which is plagued by huge numbers of uninsured patients who do not pay their bills.

"If HCA was that pessimistic about its operations and the composition of its assets, it does make you worry that other companies -- the ones with a significant overlap of assets (in HCA markets) -- haven't been pessimistic enough," Skolnick says. "This makes me concerned about HMA."

Shares of HMA fell 25 cents to $20.67 on Friday, leaving them near the low end of their 52-week range.

HMA's rural competitor, Community Health Systems (CYH Quote), has performed much better.

Skolnick feels the company has posted such strong results that it may have a hard time beating its own track record. The company, unlike its struggling peers, faces tough year-over-year comparisons this time around.

Skolnick has no formal rating on Community's stock, although she pays close attention to the company. The shares inched up 3 cents to $35.61 on Friday.

In contrast, Skolnick says, LifePoint (LPNT Quote) faces easy comps after reporting "horrible" results a year ago.

Of course, she adds, she will review the company's numbers with its past results in mind.

"I don't want to give them credit for having been incompetent last year," she stresses. "I think that is a bad thing to do."

Skolnick has a fair value rating on LifePoint's stock. The shares dropped 46 cents to $34.97 on Friday.

Shopping Spree

Of course, private equity investors could snatch up one of those remaining hospital companies for themselves.