Three of the four major for-profit hospital operators that recently posted financial results saw their profits climb in the third quarter of 2021.
Below is a breakdown of how the for-profit hospital operators performed in the third quarter ended Sept. 30.
1. HCA Healthcare, a 183-hospital system based in Nashville, Tenn., posted revenue of $15.3 billion in the quarter ended Sept. 30, up 14.8 percent from the $13.3 billion recorded in the third quarter of 2020. After factoring in expenses and nonoperating items, HCA's net income totaled $2.3 billion in the third quarter of 2021, more than triple the $688 million recorded in the third quarter last year. HCA attributed its revenue growth to an increase of same-facility admissions and emergency department visits as well as seeing higher acuity patients and a more favorable payer mix. HCA stated the results also include more than $1 billion in gains on the sale of four hospitals in Georgia and other money from investments.
2. Franklin, Tenn.-based Community Health Systems saw its revenue fall less than 1 percent year over year to $3.1 billion in the third quarter. After factoring in costs and one-time expenses, the 83-hospital system ended the third quarter with net income of $144 million, compared to $128 million in the same period of 2020. CHS reported $121 million of net cash provided by operating activities in the third quarter of this year, including the repayment of $133 million in Medicare accelerated payments.
3. Dallas-based Tenet Healthcare ended the third quarter of this year with a net income of $448 million on revenue of $4.9 billion. In the same quarter last year, Tenet recorded an operating loss of $197 million on revenue of $4.6 billion. Tenet ended the third quarter with an operating income of $1 billion. In the same quarter last year, Tenet had an operating income of $271 million. Tenet recorded revenue growth in its hospital and ambulatory divisions, but saw revenue decline in its revenue cycle division, Conifer.
4. King of Prussia, Pa.-based Universal Health Services, which operates 360 acute care and behavioral health hospitals, posted revenue of $3.2 billion in the third quarter, up 8.4 percent year over year. UHS said revenue from its acute care services was up 13.1 percent year over year, while its behavioral health hospitals revenue increased 2 percent. After factoring in nonoperating items, UHS ended the third quarter of this year with net income of $218.4 million. In the same period last year, UHS recorded a net income of $241.3 million.