Nashville, Tenn.-based Hospital Corporation of America, the largest for-profit hospital operator in the country, reported net income of $391 million in the second quarter of 2012 — a 70.7 percent upsurge from last year's second quarter profit of $229 million.
HCA strung together its second massive quarterly gain in a row. In the first quarter, HCA reported profit of $540 million, more than double its total from 2011.
Total revenue in the second quarter spiked 11.9 percent, from $7.25 billion last year to $8.11 billion this year. Increased patient volume and the consolidation of HCA's HealthONE joint venture were the primary drivers of the increase in revenue and profit. In the second quarter, same-hospital admissions were up 2.5 percent, equivalent admissions grew 3.9 percent, outpatient surgeries increased 0.3 percent and emergency room visits shot up 8.8 percent.
For the six months ended June 30, 2012, HCA recorded profit of $931 million, a 98.5 percent increase from $469 million last year. Total revenue topped $16.5 billion in the first six months, a 12.7 percent uptick, and adjusted EBITDA stands at $3.39 billion.
HCA's same-hospital admissions grew 2.9 percent in the first six months of 2012, while equivalent admissions climbed 4.4 percent. Same-hospital ER visits increased 7.1 percent to more than 3.2 million.
However, HCA's stock plunged after it released details that the Civil Division of the U.S. Attorney's office in Miami requested information on reviews assessing the medical necessity of interventional cardiology services at 10 HCA facilities, most of which are in Florida.
HCA strung together its second massive quarterly gain in a row. In the first quarter, HCA reported profit of $540 million, more than double its total from 2011.
Total revenue in the second quarter spiked 11.9 percent, from $7.25 billion last year to $8.11 billion this year. Increased patient volume and the consolidation of HCA's HealthONE joint venture were the primary drivers of the increase in revenue and profit. In the second quarter, same-hospital admissions were up 2.5 percent, equivalent admissions grew 3.9 percent, outpatient surgeries increased 0.3 percent and emergency room visits shot up 8.8 percent.
For the six months ended June 30, 2012, HCA recorded profit of $931 million, a 98.5 percent increase from $469 million last year. Total revenue topped $16.5 billion in the first six months, a 12.7 percent uptick, and adjusted EBITDA stands at $3.39 billion.
HCA's same-hospital admissions grew 2.9 percent in the first six months of 2012, while equivalent admissions climbed 4.4 percent. Same-hospital ER visits increased 7.1 percent to more than 3.2 million.
However, HCA's stock plunged after it released details that the Civil Division of the U.S. Attorney's office in Miami requested information on reviews assessing the medical necessity of interventional cardiology services at 10 HCA facilities, most of which are in Florida.
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