Triad Tug of War

She sees Triad stock as a screaming buy -- if her theory plays out. Skolnick hypothesizes that the company could soon sell itself in a leveraged buyout like the one that rescued former parent HCA (HCA Quote). By acting now, she adds, the company could "ride on the coattails of the HCA financing."

For its part, Triad defends its accounting and says it remains "committed to our capital strategy." The company recently set in motion a big stock-buyback program.

But some of Triad's plans have begun to unravel already.

In the past few weeks alone, media reports show, joint ventures in Texas and Tennessee have lost support from Triad's intended partners. And some critics question why the company even pursued the Tennessee venture in the first place.

Recent cutbacks in Tennessee's once-generous Medicaid program have left crowds of people there without healthcare coverage. But Triad recently purchased a hospital there nonetheless.

Peter Young, a business consultant at HealthCare Strategic Issues, views Triad's strategy as both risky and ineffective. He points to financial reports showing deterioration at certain Triad hospitals as evidence.

Triad remains a big spender, however. In addition to buying and upgrading hospitals, the company is investing more than $1 billion in a new computerized system that will streamline its operations.

Triad shareholders have helped the company support its expensive habits. Last year, the company raised more than $200 million by selling stock for $53.62 a share. The stock rose for a few days afterwards but has never seen that price since.