While revenues were mixed during the third quarter for the major for-profit hospital operators, net income was universally down for these companies.
Here is a breakdown of how these operators performed during the quarter ended Sept. 30.
Nashville, Tenn.-based HCA Healthcare saw revenues of $14.97 billion in the third quarter of 2022, down from $15.28 billion over the same period last year, according to its financial report released Oct. 21. Net income for the 182-hospital system totaled $1.13 billion, down from $2.27 billion over the same period in 2021.
Dallas-based Tenet Healthcare reported similar net operating revenues in the third quarter compared to the same period in 2021, but its net income for the nine months ended Sept. 30, 2022, was $308 million compared with $665 million in the same period in 2021. During the third quarter, the company experienced ongoing consequences from a cyberattack in April and dealt with a "very active" COVID-19 spike among some of its employees, the company said.
Franklin, Tenn.-based Community Health Systems reported a net loss of $42 million for the third quarter amid continued high labor costs, fewer inpatient admissions, unfavorable payer issues and a generally challenging environment. The loss compares with net income of $111 million in the same period ending Sept. 30, 2021. The company also reported a net loss of $369 million for the nine months ending Sept. 30 compared with net income of $52 million for the same period in 2021.
While King of Prussia, Pa.-based Universal Health Services reported higher revenues both in the third quarter and for the nine months ended Sept. 30, 2022, compared to similar periods in 2021, the company's net income was lower both in the third quarter and for the first nine months of the year as it continued to struggle with labor challenges. Net income for the third quarter totaled $182.8 million compared with $218.4 million in the same period of 2021. Net income for the nine months ending Sept. 30, 2022, totaled just over $500 million compared with $752.5 million in 2021.