As a result of the “rural floor settlement” in which HHS and CMS compensated 2,200 hospitals that were underpaid from the Medicare inpatient prospective payment system from 1999 to 2011, LifePoint recognized $31.3 million of additional Medicare revenue and about $5.7 million of related costs during the three months ended March 31, 2012.
LifePoint’s first quarter revenue consequently swelled 12.2 percent, from $758.5 million in 2011 to $851 million in 2012. Adjusted EBITDA increased from $143.8 million in the first three months of 2011 to $164.7 million this past quarter.
LifePoint’s same-hospital statistics varied across the board. Admissions were down 3.9 percent, and inpatient surgeries fell 1.8 percent. However, same-hospital outpatient surgeries jumped 4.9 percent, emergency room visits increased 1.6 percent and revenues per equivalent admission rose 8.8 percent.
Bill Carpenter, president and CEO of the 52-hospital for-profit chain, and the other executives raised LifePoint’s outlook for the rest of the year due to the strong first quarter. LifePoint estimates the full-year adjusted EBITDA will be between $565 million and $595 million. Previously, it estimated adjusted EBITDA would be between $540 million and $570 million.
More Articles on LifePoint Hospitals:
48 Statistics on For-Profit Hospital Operator Executive Compensation
LifePoint Hospitals CEO Bill Carpenter Earns More Than $7.7M in 2011
LifePoint CNO Susan Peach: Streamlining Hospital ED Patient Flow Through Lean Process Management
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
