Franklin, Tenn.-based IASIS Healthcare recorded profit of $1.2 million in the second quarter of 2013 — an 89 percent freefall from the $11.2 million posted in the same period last year.
IASIS executives attributed the drop in profit to several factors, including last year's nonrecurring "rural floor settlement" with HHS and CMS, in which IASIS received an extra $11.1 million in revenue. In addition, Medicaid rate reductions in Texas affected several IASIS hospitals, and start-up costs related to the company's new St. Joseph Medical Center in the Heights, a 48-bed hospital in Houston, also added to expenses.
Admissions fell 1.3 percent in IASIS' second quarter, a similar trend from the other major for-profit hospital operators in the quarter ended March 31. However, net revenue increased slightly to $654.1 million.
For the six months ended March 31, IASIS' net revenue totaled a shade less than $1.3 billion, up from $1.27 billion recorded in the first six months of 2012. Six-month profit equaled $3.7 million compared with $12.5 million in the same period last year.
At the end of the second quarter, IASIS had no cash and cash equivalents on hand, but the hospital company's assets totaled more than $2.69 billion. IASIS currently owns and operates 19 acute-care hospitals across eight states.
IASIS executives attributed the drop in profit to several factors, including last year's nonrecurring "rural floor settlement" with HHS and CMS, in which IASIS received an extra $11.1 million in revenue. In addition, Medicaid rate reductions in Texas affected several IASIS hospitals, and start-up costs related to the company's new St. Joseph Medical Center in the Heights, a 48-bed hospital in Houston, also added to expenses.Admissions fell 1.3 percent in IASIS' second quarter, a similar trend from the other major for-profit hospital operators in the quarter ended March 31. However, net revenue increased slightly to $654.1 million.
For the six months ended March 31, IASIS' net revenue totaled a shade less than $1.3 billion, up from $1.27 billion recorded in the first six months of 2012. Six-month profit equaled $3.7 million compared with $12.5 million in the same period last year.
At the end of the second quarter, IASIS had no cash and cash equivalents on hand, but the hospital company's assets totaled more than $2.69 billion. IASIS currently owns and operates 19 acute-care hospitals across eight states.
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