HCA Healthcare, a 186-hospital system based in Nashville, Tenn., said its revenue declined and its profit increased in the second quarter of this year, which ended June 30.
HCA posted revenue of $11.07 billion in the second quarter of this year, down 12 percent from the same period a year earlier when revenue totaled $12.6 billion. In the second quarter of this year, HCA recorded $822 million in stimulus income from the federal government made available under the Coronavirus Aid, Relief and Economic Security Act. It also reported losses on the sales of facilities of $27 million.
The company said same-hospital admissions declined nearly 13 percent year over year. Same-facility inpatient surgeries were down 16 percent, while outpatient surgeries and emergency room visits each declined nearly 33 percent.
"Patient volumes across most service lines were significantly impacted in April due to state and local policies implemented to contain the spread of COVID-19 and preserve personal protective equipment," HCA said in an earnings release. "Patient volumes gradually improved in May and June as states began to re-open and allow for non-emergent procedures."
Cash flows from operations for the second quarter of this year included $4.4 billion of accelerated Medicare payments, which HCA must repay.
After factoring in operating expenses and nonoperating items, the company ended the second quarter of this year with net income of $1.08 billion. That's up from net income of $783 million in the same period a year earlier.
Looking at the first six months of this year, HCA reported net income of $1.66 billion on revenue of $23.9 billion. The company posted net income of $1.82 billion on revenue of $25.1 billion in the first six months of 2019.