The analysis, performed on behalf of the Indiana Hospital Association, showed that operating margins at hospitals in the state declined from 2.1% in 2024 to 1.9% in 2025, through August. “A significant number of Indiana hospitals, particularly rural and safety net hospitals, are operating with little or no financial cushion,” Indiana Hospital Association President Scott Tittle told reporters. “What this report demonstrates is the exact opposite.”Operating income at Hoosier hospitals declined 5.5% through August 2025 compared to 2024, while operating expenses rose 4.7%. The share of Indiana patients on Medicaid is expected to drop from 20% to 18% by 2030, as is the share on marketplace plans: from 7% to 5%. “I get increasingly concerned whenever I hear our legislators and other leaders … villainizing health care for making money,” she said.