IASIS Healthcare's Net Income in 1Q Stabilizes After Down Year

Share on Facebook

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.

IASISThe 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.

More Articles on IASIS Healthcare:

IASIS CEO Carl Whitmer's Compensation Tops $1.9M in Down Year
IASIS' 4Q, Year-End Profits Slump
Aurora Health Care, IASIS Healthcare Announce Joint Venture

© Copyright ASC COMMUNICATIONS 2015. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


New From Becker's Hospital CFO

Moody's affirms Mercy Health Services' 'Baa2' bond rating

Read Now