King of Prussia, Pa.-based Universal Health Services saw its revenue and profit increase in the first quarter of 2021 and announced plans to return $188 million in federal relief aid, according to financial results released April 26.
The for-profit hospital operator posted revenue of $3 billion in the first quarter ended March 31, up 6.5 percent from the same period one year earlier, when revenue totaled $2.8 billion.
UHS said adjusted admissions decreased 12.1 percent, and adjusted patient days decreased 0.7 percent at its acute care hospitals in the first quarter when compared to the same period last year. But net revenue per adjusted admission increased 26.3 percent and net revenue per adjusted day increased 11.8 percent during the first quarter compared to the same three-month period last year. This revenue increase was due to a boost in the acuity of patients treated, according to UHS.
In the first quarter, the health system recorded an operating income of $295.7 million, up from $236.7 million recorded in the first quarter of 2020.
After factoring in expenses and nonoperating losses, UHS ended the first quarter of 2021 with a net income of $209.1 million, up from $142 million recorded in the first quarter of 2020.
Due to its positive results, UHS plans to return the $188 million in relief funds received during the first quarter of 2021. UHS also repaid $695 million in funds received from the Medicare Accelerated and Advance Payment Program.
Access the full financial report here.