King of Prussia, Pa.-based Universal Health Services saw its net income increase nearly 150 percent in the third quarter of 2020, compared to the third quarter of 2019, according to financial documents released Oct. 29.
In the three months ended Sept. 30, the hospital operator recorded a profit of $241.3 million, up from a profit of $97.2 million in the same period last year.
UHS' net revenue increased 3.2 percent to $2.9 billion in the third quarter. This compares to $2.8 billion recorded in the third quarter of 2019.
Overall, UHS ended the third quarter with an operating income of $349.7 million, an increase of more than $161 million from the same quarter in 2019.
The hospital operator said although some of its hospitals and behavioral health facilities are located in states that are seeing a resurgence of COVID-19 cases, "non-COVID-19 patient volumes at our hospitals have not been as dramatically impacted in recent months by increases experienced from time-to-time in COVID-19 patient volumes."
During the third quarter of 2020, UHS said it recorded $4 million of grant income revenues for its acute care services business, while its behavioral health services reversed about $9 million of previously recorded grant revenues.