Community Health Systems Reports Q4, 2014 Results
FRANKLIN, Tenn. – Community Health Systems Inc. ended 2014 with net operating revenues totaling $18.6 billion, up 45.4% from 2013, CHS reported after the close of markets Thursday.
The company, which operates ValleyCare Health System of Ohio in northeastOhio and Sharon Regional Health System in western Pennsylvania, reported net operating revenues for the fourth quarter totaled $4.9 billion, a 54.1% increase from $3.2 billion for the same period in 2013.
Adjusted earnings for the year were $2.8 billion compared with just under $2 billion for the same period in 2013, a 49.3% increase. For the three months ended Dec. 31, adjusted earnings were $785 million compared with $459 million for the same period in 2013, representing a 71.0% increase.
Consolidated operating results for the year ended Dec. 31 reflect a 43.7% increase in total admissions and a 47.3% increase in total adjusted admissions compared with 2013.
CHS delivered “a solid performance for 2014,” a year that included completion of the company’s acquisition of Health Management Associates Inc., which took place Jan. 27, said Wayne T. Smith, chairman and CEO.
“Since that time, we have worked hard to assimilate these additional hospitals, and we have made considerable progress in achieving our targeted operating synergies. We are pleased with the incremental improvement in operating revenues across our hospital network,” Smith remarked. “We are also encouraged by more favorable volume trends, partly driven by a more severe flu season during the fourth quarter, and we will continue to focus on initiatives to improve our overall admissions.”
In addition, the Affordable Care Act has been “a watershed event” for health-care providers, “and we expect to realize additional benefits from proposed policy initiatives to cover the uninsured in more of our hospital markets,” the CEO said.
SOURCE: Community Health Systems.
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