LifePoint Scores Boosts in Q1 Profit, Revenue
In the first quarter of fiscal year 2014, Brentwood, Tenn.-based LifePoint Hospitals posted $37.1 million in net earnings, a 14.5 percent increase from the same period a year ago.
The bump in profit stemmed from LifePoint's increased revenue, which topped $1 billion in the quarter compared with $931.1 million in 2013. Although LifePoint's profit in the first quarter of this year was up from 2013, it was still down significantly from 2012, when net income totaled $56.1 million.
LifePoint Chairman and CEO Bill Carpenter was bullish on the earnings release, saying the company's hospitals have been benefitting from healthcare reform. "We had a good start to 2014, with over $1 billion in revenues driven by our disciplined growth strategy," Mr. Carpenter said. "Medicaid expansion and insurance exchange enrollment are each yielding participation rates at the high end of our reform estimates, and we are well-positioned to capitalize on these trends moving forward."
LifePoint added several hospitals to its revenue base since last year, including Fauquier Health in Warrenton, Va., Bell Hospital in Ishpeming, Mich., and Portage Health in Hancock, Mich. The for-profit hospital operator is likely not done acquiring other facilities, as Mr. Carpenter said the company is "excited about additional opportunities in our pipeline."
Despite the gains, LifePoint still struggled with utilization like the rest of the hospital sector. LifePoint's same-hospital admissions in the first quarter of 2014 were down 5.3 percent, although revenues per equivalent admissions were up 1.6 percent. Inpatient surgeries, outpatient surgeries and emergency room visits were all down across the board, as well.
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