The poor healthcare facilities performance costs the USA tens billions of dollars each year. There are several factors affect the critical assets of healthcare facilities such as the physical condition of the facility, infection prevention, life safety, and hospital revenue loss. The objective of this research is to develop an asset condition assessment model for healthcare facilities. The model identifies several factors, especially the condition, capacity, and code compliance of a facility's infrastructure. The asset condition assessment model has been developed based on the mechanical, electrical and plumping systems and evaluates the asset condition based on its age, life expectancy, recent condition assessment and energy efficiency among other factors. The data was collected from different hospitals in Indiana. This model has been developed using the Regression analysis technique. The model has been validated through analytical and mathematical methods. Results showed average validity at 88.32%. The developed model will help the healthcare facilities managers to prioritize the budget allocation and to reduce the impact of consequences of asset failure, which will improve the healthcare infrastructure performance.