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.
More Articles on Vanguard Health Systems:
For-Profit Hospital Stock Report: Week of Oct. 22-26, 2012
Compensation for Vanguard CEO Charles Martin Jr. Doubles to $7.9M in 2012
Vanguard, Arizona Medicaid Extend Phoenix Health Plan Contract
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