LifePoint Health saw its net income soar in the third quarter of fiscal year 2015, as the Brentwood, Tenn.-based hospital operator benefitted from acquisitions.
LifePoint reported third-quarter revenue of $1.31 billion, up 12.3 percent from the same period a year ago. The for-profit hospital operator's revenue growth in the third quarter was partially attributable to transactions it closed on during the quarter.
During the third quarter, LifePoint closed on the acquisitions of Clark Memorial Hospital in Jeffersonville, Ind., Fleming County Hospital in Flemingsburg, Ky., and Watertown (Wis.) Regional Medical Center. Together, those hospitals added almost $300 million in annual net revenue to the company. LifePoint also entered into new deals to acquire Columbus, Ga.-based St. Francis Hospital and Columbia, S.C.-based Providence Hospitals in the third quarter.
"We are excited about our acquisition strategy and the opportunity to expand margins in recently acquired hospitals," said LifePoint Chairman and CEO William F. Carpenter III.
With the addition of its new hospitals, overall patient volume increased in the third quarter. However, admissions were down 4.7 percent on a same-hospital basis. When adjusted for outpatient activity, admissions were up 0.1 percent year over year. Mr. Carpenter said more than 60 percent of LifePoint's total business now comes from its outpatient business.
LifePoint ended the third quarter with net income of $43.6 million, up 58.5 percent from the same period of last year.
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