Brentwood, Tenn.-based LifePoint Hospitals recorded profit of $56.1 million in the first quarter of 2012, a 22 percent upsurge from the $46.1 million profit recorded in the first quarter of 2011.
As a result of the "rural floor settlement" in which HHS and CMS compensated 2,200 hospitals that were underpaid from the Medicare inpatient prospective payment system from 1999 to 2011, LifePoint recognized $31.3 million of additional Medicare revenue and about $5.7 million of related costs during the three months ended March 31, 2012.
LifePoint's first quarter revenue consequently swelled 12.2 percent, from $758.5 million in 2011 to $851 million in 2012. Adjusted EBITDA increased from $143.8 million in the first three months of 2011 to $164.7 million this past quarter.
LifePoint's same-hospital statistics varied across the board. Admissions were down 3.9 percent, and inpatient surgeries fell 1.8 percent. However, same-hospital outpatient surgeries jumped 4.9 percent, emergency room visits increased 1.6 percent and revenues per equivalent admission rose 8.8 percent.
Bill Carpenter, president and CEO of the 52-hospital for-profit chain, and the other executives raised LifePoint's outlook for the rest of the year due to the strong first quarter. LifePoint estimates the full-year adjusted EBITDA will be between $565 million and $595 million. Previously, it estimated adjusted EBITDA would be between $540 million and $570 million.
As a result of the "rural floor settlement" in which HHS and CMS compensated 2,200 hospitals that were underpaid from the Medicare inpatient prospective payment system from 1999 to 2011, LifePoint recognized $31.3 million of additional Medicare revenue and about $5.7 million of related costs during the three months ended March 31, 2012.
LifePoint's first quarter revenue consequently swelled 12.2 percent, from $758.5 million in 2011 to $851 million in 2012. Adjusted EBITDA increased from $143.8 million in the first three months of 2011 to $164.7 million this past quarter.
LifePoint's same-hospital statistics varied across the board. Admissions were down 3.9 percent, and inpatient surgeries fell 1.8 percent. However, same-hospital outpatient surgeries jumped 4.9 percent, emergency room visits increased 1.6 percent and revenues per equivalent admission rose 8.8 percent.
Bill Carpenter, president and CEO of the 52-hospital for-profit chain, and the other executives raised LifePoint's outlook for the rest of the year due to the strong first quarter. LifePoint estimates the full-year adjusted EBITDA will be between $565 million and $595 million. Previously, it estimated adjusted EBITDA would be between $540 million and $570 million.
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