For-profit hospital operators have endured sluggish volume growth for more than a year now, and it's likely to continue in the first quarter of fiscal year 2014, according to a report from Fitch Ratings.
In the fourth quarter of 2013, hospital chains posted a cumulative 4.7 percent drop in admissions, the largest decline Fitch analysts have seen since at least 2011. However, revenue per adjusted admission still showed some signs of strong growth, as some companies recorded higher acuity cases and stronger pricing from commercial payers.
Here are 48 financial statistics of six of the largest for-profit hospital chains from the Fitch report. Note: All statistics are as of Dec. 31, 2013. All CHS statistics are presented pro forma for the acquisition of Naples, Fla.-based Health Management Associates.
Community Health Systems (Franklin, Tenn.) — 202 hospitals
Issuer default rating: B+
Total debt: $16.19 billion
Total liquidity: $1.32 billion
EBITDA in the past 12 months: $1.82 billion
Net revenue in the past 12 months: $13 billion
Same-hospital net revenue in Q4 of 2013: 1.4 percent decrease
Same-hospital admissions in Q4 of 2013: 10.5 percent decrease
Same-hospital net revenue per adjusted admission in Q4 of 2013: 5.7 percent increase
Hospital Corporation of America (Nashville, Tenn.) — 165 hospitals
Issuer default rating: B+
Total debt: $26.65 billion
Total liquidity: $2.42 billion
EBITDA in the past 12 months: $2.42 billion
Net revenue in the past 12 months: $34.18 billion
Same-hospital net revenue in Q4 of 2013: 3.8 percent increase
Same-hospital admissions in Q4 of 2013: 1.8 percent decrease
Same-hospital net revenue per adjusted admission in Q4 of 2013: 4.8 percent increase
Tenet Healthcare (Dallas) — 77 hospitals
Issuer default rating: B
Total debt: $10.87 billion
Total liquidity: $519 million
EBITDA in the past 12 months: $1.38 billion
Net revenue in the past 12 months: $11.1 billion
Same-hospital net revenue in Q4 of 2013: 6 percent increase
Same-hospital admissions in Q4 of 2013: 2.3 percent decrease
Same-hospital net revenue per adjusted admission in Q4 of 2013: 2.7 percent increase
LifePoint Hospitals (Brentwood, Tenn.) — 60 hospitals
Issuer default rating: BB
Total debt: $2.39 billion
Total liquidity: $967.1 million
EBITDA in the past 12 months: $562.4 million
Net revenue in the past 12 months: $3.68 billion
Same-hospital net revenue in Q4 of 2013: 1.2 percent increase
Same-hospital admissions in Q4 of 2013: 7.6 percent decrease
Same-hospital net revenue per adjusted admission in Q4 of 2013: 5.4 percent increase
Universal Health Services (King of Prussia, Pa.) — 24 hospitals
Note: UHS has 193 behavioral hospitals in addition to the 24 acute-care hospitals
Issuer default rating: BB
Total debt: $3.08 billion
Total liquidity: $837.2 million
EBITDA in the past 12 months: $1.38 billion
Net revenue in the past 12 months: $7.28 billion
Same-hospital net revenue in Q4 of 2013: 1.1 percent increase
Same-hospital admissions in Q4 of 2013: 2.5 percent increase
Same-hospital net revenue per adjusted admission in Q4 of 2013: 2.9 percent increase
IASIS Healthcare (Franklin, Tenn.) — 16 hospitals
Issuer default rating: N/A
Total debt: $1.87 billion
Total liquidity: $575.9 million
EBITDA in the past 12 months: $247.2 million
Net revenue in the past 12 months: $2.35 billion
Same-hospital net revenue in Q4 of 2013: 2.2 percent increase
Same-hospital admissions in Q4 of 2013: 4.1 percent decrease
Same-hospital net revenue per adjusted admission in Q4 of 2013: 2.9 percent increase
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