Net earnings from continuing operations for the year totaled $75.8 million, compared to $38.3 million the year prior. Admissions and net patient revenue per adjusted admission also both increased, by 0.7 percent and 3.8 percent, respectively.
For the fourth quarter of 2010, net revenue totaled $629.9 million, up 1.6 percent compared to the same quarter a year ago. Net earnings from continuing operations for the fourth quarter totaled $12.6 million, compared to a net loss from continuing operations of $27.3 million in the prior year quarter, which included a $64.6 million non-cash charge for the impairment of goodwill.
Admissions decreased 1.3 percent during the fourth quarter compared to the year prior, but net patient revenue per adjusted admission increased 1.3 percent.
W. Carl Whitmer, president and CEO of IASIS, commented,”The effect of industry-wide pressures, including volume softness, payor mix shifts and Medicaid reimbursement cuts, created a challenging 2010 year. Despite these obstacles, our ability to generate significant cash flows, expand in new and existing markets, and maintain a strong financial position highlights the strength of our company.”
Read the release on IASIS’ earnings (pdfs).
Read previous coverage on IASIS.
– Tennessee’s IASIS Healthcare Acquires Brim Holdings
– Tennessee’s IASIS Healthcare Names COO
– IASIS Hires Former HCA Executive James Hoffman to Oversee Transactions
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