Vanguard Health Systems' — which acquired Detroit Medical Center on Jan. 1 — reported a revenue increase of 14.3 percent to $960.6 million for the quarter ended Dec. 31, 2010, compared to the same quarter the year prior, according to a Vanguard news release.
Patient service revenues increased $120.6 million from the prior year quarter, and health plan premium revenues decreased $0.5 million or 0.2 percent from the prior year quarter. Patient service revenues were positively impacted by Vanguard's Aug. 1, 2010 acquisition of West Suburban Medical Center and Westlake Hospital and its acquisition of Arizona Heart Hospital on Oct. 1, 2010. On a same facility basis, patient service revenues increased $25.2 million or 4.0 percent during the quarter compared to the prior year quarter.
The hospital operator experienced a net loss of $4.2 million for the quarter, compared to $19.9 million a year ago. Adjusted EBITDA for the quarter was $86.4 million, a 2.5 percent increase compared to the prior year quarter.
The company experienced an 11.3 percent increase in discharges. On a same-facility basis, discharges decreased 0.4 percent. Emergency room visits were up 2.7 percent, while same hospital inpatient surgeries and outpatient surgeries decreased 8.1 percent and 6.4 percent respectively, compared to the prior year quarter. Vanguard attributed this drop to weak demand for elective surgeries.
Total revenues for the six months ended Dec., 2010 were $1,874.5 million, an increase of $214.1 million or 12.9 percent from the prior year period. Income from continuing operations was $0.2 million for the six months ended Dec. 31, 2010 compared to a $16.1 million loss from continuing operations during the prior year period.
Vanguard owns and operates 26 acute-care and specialty hospitals and complementary facilities and services in Chicago, Phoenix, San Antonio, Detroit and Massachusetts.
Read the release on Vanguard Health Systems.
Read more coverage on Vanguard Health Systems:
- Vanguard's Baptist Health System Acquires Heart and Vascular Institute of Texas
- Vanguard Begins Restructuring DMC's Sinai-Grace Hospital
Patient service revenues increased $120.6 million from the prior year quarter, and health plan premium revenues decreased $0.5 million or 0.2 percent from the prior year quarter. Patient service revenues were positively impacted by Vanguard's Aug. 1, 2010 acquisition of West Suburban Medical Center and Westlake Hospital and its acquisition of Arizona Heart Hospital on Oct. 1, 2010. On a same facility basis, patient service revenues increased $25.2 million or 4.0 percent during the quarter compared to the prior year quarter.
The hospital operator experienced a net loss of $4.2 million for the quarter, compared to $19.9 million a year ago. Adjusted EBITDA for the quarter was $86.4 million, a 2.5 percent increase compared to the prior year quarter.
The company experienced an 11.3 percent increase in discharges. On a same-facility basis, discharges decreased 0.4 percent. Emergency room visits were up 2.7 percent, while same hospital inpatient surgeries and outpatient surgeries decreased 8.1 percent and 6.4 percent respectively, compared to the prior year quarter. Vanguard attributed this drop to weak demand for elective surgeries.
Total revenues for the six months ended Dec., 2010 were $1,874.5 million, an increase of $214.1 million or 12.9 percent from the prior year period. Income from continuing operations was $0.2 million for the six months ended Dec. 31, 2010 compared to a $16.1 million loss from continuing operations during the prior year period.
Vanguard owns and operates 26 acute-care and specialty hospitals and complementary facilities and services in Chicago, Phoenix, San Antonio, Detroit and Massachusetts.
Read the release on Vanguard Health Systems.
Read more coverage on Vanguard Health Systems:
- Vanguard's Baptist Health System Acquires Heart and Vascular Institute of Texas
- Vanguard Begins Restructuring DMC's Sinai-Grace Hospital