Last year, Vanguard Health Systems in Nashville, Tenn., got off to a rough start in its first quarter, posting a $21.7 million loss. However, the tides turned for the for-profit hospital chain's first quarter of fiscal year 2013, as Vanguard reported a profit of $13.9 million.
Profit turned around heavily mostly due to higher Medicare and Medicaid electronic health record incentive payments, and Vanguard did not pay off any debt early, which resulted in penalties last year.
Vanguard's total revenue also increased 2.4 percent, but that was lower than company estimates. Total revenue equaled $1.47 billion in the first quarter of FY 2013 compared with $1.44 billion in the first quarter of FY 2012. Adjusted EBITDA in the first quarter rose 12.2 percent, from $118.7 million last year to $133.2 million this year.
For the quarter ended Sept. 30, Vanguard also recorded a 0.8 percent decrease in same-hospital adjusted discharges, but a 2 percent increase in patient revenue per adjusted discharge. Same-hospital observation cases swelled 10.3 percent, but inpatient and outpatient surgeries dropped 5.4 percent and 3.1 percent, respectively.
Profit turned around heavily mostly due to higher Medicare and Medicaid electronic health record incentive payments, and Vanguard did not pay off any debt early, which resulted in penalties last year.Vanguard's total revenue also increased 2.4 percent, but that was lower than company estimates. Total revenue equaled $1.47 billion in the first quarter of FY 2013 compared with $1.44 billion in the first quarter of FY 2012. Adjusted EBITDA in the first quarter rose 12.2 percent, from $118.7 million last year to $133.2 million this year.
For the quarter ended Sept. 30, Vanguard also recorded a 0.8 percent decrease in same-hospital adjusted discharges, but a 2 percent increase in patient revenue per adjusted discharge. Same-hospital observation cases swelled 10.3 percent, but inpatient and outpatient surgeries dropped 5.4 percent and 3.1 percent, respectively.
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