Sale of Florida Market Keeps IASIS’ First Quarter in Black

Franklin, Tenn.-based IASIS Healthcare posted $5.2 million in net income in its first quarter ended Dec. 31, but that number would have been in the red if the company hadn’t sold its Florida market to a competitor.

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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

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