Nashville, Tenn.-based HCA Healthcare ended the third quarter of 2017 with net income of $426 million, down 31 percent from $618 million in the same period of the year prior, according to a preliminary earnings statement released Wednesday.
HCA, which operates more than 170 hospitals, saw revenue increase 4.1 percent year over year to $10.7 billion. However, the company's rising expenses offset its revenue gains.
HCA said it took a $140 million hit from hurricanes Harvey and Irma in the third quarter of this year. The hurricanes caused HCA to incur additional expenses and miss out on revenues.
The Texas Medicaid Waiver program also took a toll on HCA finances. The company said it took a $50 million hit related to the program in the third quarter of this year.
HCA saw an increase in patient volume in the third quarter of 2017. Same-facility admissions and emergency room visits were up 0.6 percent and 0.3 percent, respectively, year over year. However, HCA said the hurricanes stifled growth in admissions and ER visits in the third quarter of 2017.
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