During the fourth quarter of FY 2011, LifePoint adopted the Financial Accounting Standards Board’s new Accounting Standards Update 2011-07, which requires healthcare organizations to present revenues net of the provision for “doubtful accounts,” or bad debt. Generally, bad debt has been classified as an operating expense rather than a revenue reduction.
Therefore, LifePoint’s revenues before the provision for doubtful accounts in the fourth quarter were $916.4 million, an increase of 7.4 percent from the fourth quarter of 2010. With ASU 2011-07, total revenue from continuing operations equaled $781.3 million, up 6.6 percent from the same period a year ago.
For the entire 2011 fiscal year, LifePoint’s profit totaled $162.9 million, up 4.8 percent from the $155.5 million in profit recorded in 2010. Revenue from continuing operations in 2011 increased 7.4 percent from 2010 to $3.03 billion. Revenue before the provision for doubtful accounts was $3.54 billion in FY 2011. LifePoint’s adjusted EBITDA for the year ended Dec. 31, 2011, reached $536.2 million.
LifePoint also reported same-hospital statistics for FY 2011. Admissions decreased 0.4 percent, as did equivalent admission. Revenues per equivalent admission jumped 3.5 percent in 2011 from 2010 to $7,185. Inpatient surgeries fell 5.7 percent on the year, outpatient surgeries dropped 2.7 percent and emergency room visits increased 2.2 percent.
Related Articles on LifePoint Hospitals:
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Hospital Leadership is a Culture, Not a Person: Q&A With LifePoint Hospitals CEO Bill Carpenter
LifePoint Hospitals Reports 3Q Revenue of $877M, Profit of $38.8M
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