LifePoint Health saw revenues increase in 2016, but the Brentwood, Tenn.-based hospital operator's bottom line took a hit from several nonrecurring expenses.
LifePoint reported revenues of $6.4 billion in 2016, up 22 percent from revenues of $5.2 billion in 2015. The company said the financial boost was primarily attributable to LifePoint's recent acquisitions. LifePoint has acquired several hospitals in recent years, including Clark Memorial Hospital in Jeffersonville, Ind., Fleming County Hospital in Flemingsburg, Ky., Watertown (Wis.) Regional Medical Center and Providence Hospitals, a two-hospital system in Columbia, S.C.
Although LifePoint's revenue increased last year, the company's net income fell 31.8 percent year over year to $131.8 million. LifePoint's 2016 net income included various nonrecurring expenses, such as a $24.7 million charge incurred in the first quarter to settle cardiology-related lawsuits. LifePoint self-reported the matter to the Department of Justice after discovering two cardiologists conducted improper procedures in the cardiac catheterization laboratories at two hospitals: Vaughan Regional Medical Center in Selma, Ala., and Raleigh (W.Va.) General Hospital.
In 2016, LifePoint's bottom line also took a hit from $22 million in debt transaction costs, a $1.2 million impairment charge related to the write-off of certain capital assets and a $6.2 accelerated depreciation expense for the existing Marquette (Mich.) General Hospital because the company is constructing a new replacement hospital.
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