Franklin, Tenn.-based IASIS Healthcare posted a profit of $2.47 million in the first quarter of its 2013 fiscal year — an increase of more than 82 percent from last year's $1.35 million.
The boost in IASIS's net earnings was more a product of a more normal quarter. The for-profit hospital operator lost millions in the first quarter of its 2012 fiscal year after adopting new accounting provisions and due to a decline in premium revenue from its Medicare and Medicaid managed health plan in Arizona, but those trends stabilized in the most recent quarter.
IASIS's net revenue increased a modest 2.8 percent, from $623.7 million in the first quarter of FY 2012 to $641.3 million this year. Adjusted EBITDA was down slightly to $69.4 million, compared with $72.2 million in the prior year's quarter, due to lower Medicare and Medicaid electronic health record incentives and $1.5 million of start-up costs related to a new campus of St. Joseph Medical Center, which is based in Houston.
IASIS, which currently owns and operates 19 acute-care hospitals, also reported a 3.1 percent increase in adjusted admissions. Overall admissions were down 0.4 percent, and outpatient revenue increased to 42.7 percent of the company's gross patient revenue.
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