UHS grows to 360 hospitals, posts $218M profit in Q3

King of Prussia, Pa.-based Universal Health Services reported higher revenue but a lower profit in the third quarter of 2021. 

The hospital chain's revenues increased 8.4 percent year over year to $3.2 billion in the third quarter of this year. The company's 360 acute care and behavioral health hospitals contributed to the growth. 

Revenues from UHS' acute care services were up 13.1 percent year over year on a same-facility basis, while revenues from behavioral healthcare services climbed 2 percent. During the third quarter, same-facility acute care admissions adjusted for outpatient activity increased 12.4 percent, according to financial documents released Oct. 25. 

"Patient volumes at our acute care hospitals during the third quarter of 2021 included a continuation of relatively robust non-COVID patient volumes as well as an increase in COVID-related patients as compared to volumes experienced during the second quarter of 2021," UHS said in an earnings release. 

Three of UHS' behavioral health facilities in Louisiana and Pennsylvania were damaged and temporarily closed as a result of Hurricane Ida. One of the facilities reopened in September, and the other two are expected to reopen by mid-November, the company said. 

UHS saw expenses increase from $2.6 billion in the third quarter of last year, when it leased or owned 356 hospitals, to $2.8 billion in the same period this year. The company reported higher expenses across several categories, including labor and supplies. 

After factoring in nonoperating items, UHS ended the third quarter of this year with net income of $218.4 million. The company reported net income of $241.3 million in the same period of 2020. 

Looking at the first nine months of this year, UHS reported net income of $752.5 million on revenues of $9.4 billion. A year earlier, the company posted net income of $635.2 million on revenues of $8.5 billion. 

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