In the second quarter ended June 30, 2013, King of Prussia, Pa.-based Universal Health Services recorded a 41.2 percent jump in profit, from $107.6 million last year to $151.8 million this year.
UHS' bottom line was boosted by a $38 million gain related to a reduction in its liability self-insurance reserves. However, UHS' acute-care hospitals also took a $5 million hit on implementing electronic health records.
Second-quarter revenue for UHS rose 6.5 percent, from $1.72 billion to $1.83 billion. EBITDA also increased from $293.4 million in the second quarter last year to $369.8 million this year.
For the first six months of fiscal year 2013, UHS recorded $271.6 million in net income, a 15 percent increase from the first six months of FY 2012. Revenue through the first six months stood at $3.67 billion, up from last year's $3.52 billion.
UHS currently operates 23 acute-care hospitals and 182 behavioral health facilities. On the acute-care side, UHS reported a 9.4 percent increase in inpatient revenue and 10.9 percent boost in outpatient revenue due in part to a 1.6 percent hike in admissions.
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