King of Prussia, Pa.-based Universal Health Services reported net income of $172.8 million for the fourth quarter of fiscal 2014, up 38.8 percent from $124.5 million for the same period of the prior year.
UHS net revenues for the quarter ended Dec. 31, 2014, was $2.1 billion compared to $1.8 billion during the fourth quarter of fiscal 2013. The increase was attributable partially to $11 million of additional revenues recorded in connection with the Texas Delivery Service Reform Incentive program.
For the full fiscal year 2014, UHS posted net income of $545.3 million, up from $510.7 million for the full 2013 fiscal year. The for-profit hospital operator's revenues for FY 2014 increased 10.7 percent to $8.1 billion compared to $7.3 billion during fiscal 2013.
Higher patient volume attributed to the boost in UHS' finances in FY 2014. Same-facility adjusted admissions at UHS acute-care hospitals increased 3.1 percent, as compared to the preceding year.
UHS attributed its increased operating performance at its acute-care facilities in 2014 to improved economic conditions as well as a decrease in the number of uninsured patients treated at its hospitals due to the Patient Protection and Affordable Care Act.
For FY 2015, UHS estimates its net revenues will be approximately $8.7 to $8.8 billion.
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