Effective Oct. 1, Nashville, Tenn.-based Hospital Corporation of America completed its acquisition of IASIS’ three Florida hospitals. Earnings from those discontinued operations netted IASIS more than $9.6 million, which helped offset a $618,000 operating loss.
Costs and expenses were a major contributor to IASIS’ sluggish quarter from an operations perspective. They rose 4.8 percent to $615.5 million. Net revenue, on the other hand, only increased 4 percent to $614.6 million.
IASIS continues to experience slow inpatient volumes as well. In the first quarter, admissions decreased 4.1 percent compared with the same period a year ago, while adjusted admissions fell 0.1 percent.
IASIS owns and operates 16 acute-care hospitals. The company’s 2013 fiscal year ended Sept. 30, and it posted a $3.6 million loss in the fourth quarter. Net profit for the entire year totaled only $3.3 million — an 86 percent drop from FY 2012.
More Articles on IASIS Healthcare:
IASIS Appoints Private Equity Adviser Thomas Geiser to Board
Profit at IASIS Healthcare Plummets 86% in 2013
IASIS Issues Dividend to Shareholders Following Transactions
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
