IASIS Healthcare, a hospital chain based in Franklin, Tenn., reported its net income fell to $5.1 million in the first quarter of 2015, down from $5.2 million for the same period the prior year.
In January, IASIS completed its sale of 177-bed North Vista Hospital in North Las Vegas, Nev., to Ontario, Calif.-based Prime Healthcare. In 2013, IASIS also sold three of its Florida hospitals to Nashville, Tenn.-based Hospital Corporation of America. Leaving those markets had a negative effect on the hospital chain's bottom line.
Before factoring in discontinued operations and income taxes, IASIS posted $16.2 million in operating income for the first quarter of 2015, up from $3.2 million in the same period of the prior year. However, after accounting for those items, the hospital chain's net income was down for the quarter.
IASIS' revenue was up 15.2 percent for quarter, which ended Dec. 31, 2014, climbing to $686.7 million. Its acute-care revenue increased 4.6 percent in the first quarter of fiscal 2015 compared to the same period of the prior year, and excluding the effect of $2.9 million of revenue associated with the federal health insurer fee, the hospital chain's premium and service revenues increased 44.5 percent in first quarter of fiscal 2015.
Earlier this month, IASIS announced its intent to go public and filed for an initial public offering.
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