King of Prussia, Pa.-based Universal Health Services reported higher revenue but a lower profit in the second quarter of 2022.
The hospital chain's revenues increased 3.9 percent year over year to $3.3 billion in the second quarter of this year. Revenues from UHS' acute care services were up 3.3 percent year over year on a same-facility basis, while revenues from behavioral healthcare services increased less than 1 percent, according to financial documents released July 25.
UHS said the nationwide shortage of nurses and other clinical staff has been a significant operating issue.
"In some areas, the labor scarcity is putting a strain on our resources and staff, which has required us to utilize higher‑cost temporary labor and pay premiums above standard compensation for essential workers," UHS said in an earnings release. "This staffing shortage has required us to hire expensive temporary personnel and/or enhance wages and benefits to recruit and retain nurses and other clinical staff and support personnel. At certain facilities, particularly within our behavioral health care segment, we have been unable to fill all vacant positions and, consequently, have been required to limit patient volumes."
UHS saw expenses increase from $2.8 billion in the second quarter of 2021 to nearly $3.1 billion in the same period this year.
After factoring in nonoperating items, UHS ended the second quarter of this year with net income of $164.06 million. The company reported net income of $325.28 million in the same period of 2021.
Looking at the first six months of this year, UHS reported net income of $317.98 million on revenues of $6.62 billion. A year earlier, the company posted net income of $534.12 million on revenues of $6.21 billion.