CHS revenues grew to $4.78 billion during the second quarter, a 49.8 percent increase over the $3.19 billion in revenues for the same period in 2013.
The large growth in profit is due to the system's acquisition of Naples, Fla.-based Health Management Associates. CHS' second-quarter earnings include HMA's operating results beginning on Jan. 27, the date CHS completed its acquisition of HMA.
The health systems' income from continuing operations increased from $53 million in the second quarter of 2013 to $75 million. CHS's second-quarter adjusted EBITDA was $677 million compared with $420 million for the same period in 2013 — a 61.2 percent increase.
CHS's financials for the second quarter reflect a 47.8 percent increase in total admissions and a 51.6 percent increase in total adjusted admissions over the second quarter of 2013.
"We are pleased with our performance for the second quarter of fiscal 2014 and our ability to execute our strategy in an evolving healthcare environment," said Wayne T. Smith, chairman and CEO of CHS, in a news release. "We have already realized the early benefits of healthcare reform in the second quarter with a decline in uninsured admissions and a modest shift in payer mix, and we expect this trend to continue with further expansion of insurance coverage."
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