Eight of the largest for-profit hospital operators reported quarterly earnings over the past month. Six of the eight recorded fourth quarter and total 2011 year financials, while Vanguard Health Systems posted second quarter results for fiscal year 2012 and IASIS Healthcare reported first quarter results for FY 2012. Here are the quarterly financials of all eight hospital companies, starting with the most recent.
1. Dallas-based Tenet Healthcare reported a net loss of $76 million in the fourth quarter of 2011, compared with a gain of $74 million in the fourth quarter of 2010, as it paid off some debt early in order to extend other debt maturities and reduce future interest costs. For the year ended Dec. 31, 2011, Tenet made a profit of $58 million, a 95 percent drop from the $1.1 billion in profit from 2010.
2. Net income at King of Prussia, Pa.-based Universal Health Services soared 156 percent during the fourth quarter of 2011, from $37.2 million in 2010 to $95.3 million in 2011, due to its year-old acquisition of Psychiatric Solutions. For the entire 2011 fiscal year, UHS reported a profit of $398.2 million, a significant increase from the $230.2 million recorded in 2010.
3. Net income at Franklin, Tenn.-based Community Health Systems fell 55.5 percent in the fourth quarter ended Dec. 31, 2011, to $30.9 million due in large part to a $42 million after-tax charge from the early extinguishment of debt. For the entire 2011 fiscal year, CHS recorded net income of $201.9 million, a decrease of 27.9 percent.
4. Brentwood, Tenn.-based LifePoint Hospitals' net income in the fourth quarter of fiscal year 2011 rose 4.1 percent from the same period last year to a total of $37.7 million. For the entire 2011 fiscal year, LifePoint's profit totaled $162.9 million, up 4.8 percent from the $155.5 million in profit recorded in 2010.
5. Profit in the fourth quarter of fiscal year 2011 for Naples, Fla.-based Health Management Associates increased 9.5 percent from the same period in 2010 to a total of $30.8 million thanks in part to higher net revenue. For the year ended Dec. 31, 2011, Health Management posted net income of $178.7 million, up more than 19 percent from the $150 million profit posted last year.
6. Net earnings attributable to Franklin, Tenn.-based IASIS Healthcare were $1.35 million in the first quarter of fiscal year 2012, a drop of more than 88 percent from the first quarter of FY 2011.
7. Nashville, Tenn.-based Hospital Corporation of America recorded a net income of $1.94 billion in the fourth quarter of fiscal year 2011, a significant increase from the $283 million net income recorded in the fourth quarter of 2010. HCA's profit surged because it closed on the purchase of the Colorado Health Foundation's 40 percent interest in HCA-HealthONE joint venture. Overall, HCA recorded $2.47 billion in net income in 2011, up from $1.21 billion in 2010.
8. Vanguard Health Systems, based in Nashville, Tenn., recorded net income of $12.9 million in the quarter ended Dec. 31, 2011, compared with a net loss of $4.2 million in the second quarter of last year. For the first six months of Vanguard's FY 2012, the hospital operator still has a net loss of $8.6 million, compared with a net loss of $2 million last year, due to expenses incurred from Vanguard's "significant acquisitions" made during FY 2011.
1. Dallas-based Tenet Healthcare reported a net loss of $76 million in the fourth quarter of 2011, compared with a gain of $74 million in the fourth quarter of 2010, as it paid off some debt early in order to extend other debt maturities and reduce future interest costs. For the year ended Dec. 31, 2011, Tenet made a profit of $58 million, a 95 percent drop from the $1.1 billion in profit from 2010.
2. Net income at King of Prussia, Pa.-based Universal Health Services soared 156 percent during the fourth quarter of 2011, from $37.2 million in 2010 to $95.3 million in 2011, due to its year-old acquisition of Psychiatric Solutions. For the entire 2011 fiscal year, UHS reported a profit of $398.2 million, a significant increase from the $230.2 million recorded in 2010.
3. Net income at Franklin, Tenn.-based Community Health Systems fell 55.5 percent in the fourth quarter ended Dec. 31, 2011, to $30.9 million due in large part to a $42 million after-tax charge from the early extinguishment of debt. For the entire 2011 fiscal year, CHS recorded net income of $201.9 million, a decrease of 27.9 percent.
4. Brentwood, Tenn.-based LifePoint Hospitals' net income in the fourth quarter of fiscal year 2011 rose 4.1 percent from the same period last year to a total of $37.7 million. For the entire 2011 fiscal year, LifePoint's profit totaled $162.9 million, up 4.8 percent from the $155.5 million in profit recorded in 2010.
5. Profit in the fourth quarter of fiscal year 2011 for Naples, Fla.-based Health Management Associates increased 9.5 percent from the same period in 2010 to a total of $30.8 million thanks in part to higher net revenue. For the year ended Dec. 31, 2011, Health Management posted net income of $178.7 million, up more than 19 percent from the $150 million profit posted last year.
6. Net earnings attributable to Franklin, Tenn.-based IASIS Healthcare were $1.35 million in the first quarter of fiscal year 2012, a drop of more than 88 percent from the first quarter of FY 2011.
7. Nashville, Tenn.-based Hospital Corporation of America recorded a net income of $1.94 billion in the fourth quarter of fiscal year 2011, a significant increase from the $283 million net income recorded in the fourth quarter of 2010. HCA's profit surged because it closed on the purchase of the Colorado Health Foundation's 40 percent interest in HCA-HealthONE joint venture. Overall, HCA recorded $2.47 billion in net income in 2011, up from $1.21 billion in 2010.
8. Vanguard Health Systems, based in Nashville, Tenn., recorded net income of $12.9 million in the quarter ended Dec. 31, 2011, compared with a net loss of $4.2 million in the second quarter of last year. For the first six months of Vanguard's FY 2012, the hospital operator still has a net loss of $8.6 million, compared with a net loss of $2 million last year, due to expenses incurred from Vanguard's "significant acquisitions" made during FY 2011.
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