The 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
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
