Net income at Franklin, Tenn.-based IASIS Healthcare fell 34 percent to $11.2 million in the second quarter of its 2012 fiscal year, which comes on the heels of an 88 percent drop in profit in IASIS's first quarter.
One of the biggest contributors of IASIS's lower second-quarter profit, compared with the second-quarter in 2011, was higher expenses. Total costs and expenses increased 6.4 percent to $626 million, while net revenue only increased 3.8 percent to $647.6 million.
However, like several other for-profit hospital operators, IASIS received an infusion of revenue from the industry-wide settlement with HHS over the rural floor provision. The settlement resulted in an increase of $15.4 million to IASIS' acute-care revenue in the second quarter, but a recalculation of its Medicare Disproportionate Share Hospital reimbursement led to a reduction of $4.3 million in the second quarter. The net gain from these adjustments was a positive $11.1 million.
In the first six months ended March 31, 2012, IASIS' net income totaled $12.5 million compared with $28.8 million in the same period last year. Net revenue was $1.27 billion, up slightly from $1.24 billion in the first six months of 2011.
IASIS also recorded same-hospital operating statistics for the second quarter. Admissions ticked up 0.3 percent, while adjusted admissions increased 2.1 percent. Inpatient and outpatient surgery figures were not included.
One of the biggest contributors of IASIS's lower second-quarter profit, compared with the second-quarter in 2011, was higher expenses. Total costs and expenses increased 6.4 percent to $626 million, while net revenue only increased 3.8 percent to $647.6 million.
However, like several other for-profit hospital operators, IASIS received an infusion of revenue from the industry-wide settlement with HHS over the rural floor provision. The settlement resulted in an increase of $15.4 million to IASIS' acute-care revenue in the second quarter, but a recalculation of its Medicare Disproportionate Share Hospital reimbursement led to a reduction of $4.3 million in the second quarter. The net gain from these adjustments was a positive $11.1 million.
In the first six months ended March 31, 2012, IASIS' net income totaled $12.5 million compared with $28.8 million in the same period last year. Net revenue was $1.27 billion, up slightly from $1.24 billion in the first six months of 2011.
IASIS also recorded same-hospital operating statistics for the second quarter. Admissions ticked up 0.3 percent, while adjusted admissions increased 2.1 percent. Inpatient and outpatient surgery figures were not included.
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