Drops in admissions and surgeries, coupled with higher-than-expected operating expenses, led to a down second quarter for Brentwood, Tenn.-based LifePoint Hospitals. LifePoint's net income in the quarter fell 32 percent, from $40.3 million to $27.4 million.
Same-hospital admissions sank 3.3 percent, while inpatient and outpatient surgeries tumbled 6.9 percent and 2 percent, respectively. LifePoint also recorded a 2.9 percent decline in emergency room visits in the second quarter.
However, LifePoint's second-quarter revenue increased 8.2 percent to $894.9 million as several new hospital acquisitions paid dividends. Results were padded from LifePoint's acquisitions of Scott Memorial Hospital in Scottsburg, Ind., Marquette (Mich.) General Hospital, Twin County Regional Hospital in Galax, Va., and Woods Memorial Hospital in Etowah, Tenn.
In the first six months of LifePoint's 2013 fiscal year, profit was down 38 percent, from $96.4 million to $59.8 million. Revenue in the first six months rose from $1.68 billion to $1.83 billion. LifePoint's adjusted EBITDA stood at $254.2 million through the first six months, as well.
LifePoint currently owns 57 acute-care hospitals, mostly in rural areas. The for-profit hospital operator has announced several other hospital acquisitions so far this year — Fauquier Health in Warrenton, Va., Bell Hospital in Ishpeming, Mich., and Portage Health in Hancock, Mich. — all of which still need to be approved and finalized.
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