Universal Health Services, Inc. Reports Significant Increases In 2009 Second Quarter and Six-Month Earnings, Raises Full Year Guidance
07/28/2009
Consolidated Results of Operations - Three-month periods endedJune 30, 2009
and 2008
KING OF PRUSSIA, Pa.,
As indicated on the attached Schedules of Non-GAAP Supplemental
Consolidated Statements of Income Information ("Supplemental Schedules"),
included in our income from continuing operations and net income during the
three and six-month periods ended
After adjusting the reported results for the second quarter of 2009 to
neutralize the net favorable impact of the above-mentioned adjustments (there
were no adjustments applicable to the second quarter of 2008), our adjusted
income from continuing operations attributable to UHS during the second
quarter of 2009 was
During the second quarter of 2009, adjusted net income attributable to UHS
was
Net revenues increased 3% to
Consolidated Results of Operations - Six-month periods ended
Reported net income attributable to UHS was
As indicated on the attached Supplemental Schedules, during the six-month
period ended
Adjusted net income attributable to UHS was
Net revenues increased 3% to
Acute Care Services - Three-month periods ended
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions increased 1.5% while patient days decreased 0.8% during the second quarter of 2009, as compared to the second quarter of 2008. Net revenues at these facilities increased 2.9% during the second quarter of 2009 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission decreased 0.2% while net revenue per adjusted patient day increased 2.0% during the second quarter of 2009 as compared to the comparable quarter of the prior year. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other operating expenses, supplies expense and provision for doubtful accounts) at our acute care hospitals increased to 16.8% during the second quarter of 2009 as compared to 14.7% during the second quarter of 2008.
We provide care to patients who meet certain financial or economic
criteria without charge or at amounts substantially less than our established
rates. Because we do not pursue collection of amounts determined to qualify as
charity care, they are not reported in net revenues or in accounts receivable,
net. Our acute care hospitals provided charity care and uninsured discounts,
based on charges at established rates, amounting to
Acute Care Services - Six-month periods ended
During the six-month period ended
Our acute care hospitals provided charity care and uninsured discounts,
based on charges at established rates, amounting to
Behavioral Health Care Services - Three-month periods ended
At our behavioral health care facilities, on a same facility basis, inpatient admissions increased 1.5% and patient days increased 1.0% during the second quarter of 2009 as compared to the second quarter of 2008. Net revenues at these facilities increased 4.0% during the second quarter of 2009 as compared to the comparable quarter in the prior year. Net revenue per adjusted patient day at these facilities increased 3.5% during the second quarter of 2009 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods was 26.3% during the second quarter of 2009 as compared to 25.1% during the second quarter of 2008.
Behavioral Health Care Services - Six-month periods ended
During the six-month period ended
2009 Full Year Guidance Increased to
Based upon the operating trends and financial results experienced during
the first six months of 2009, and subject to certain assumptions, provisions
and adjustments, including those as set forth below in General Information,
Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures,
we are increasing our estimated range of earnings per diluted share from
continuing operations for the year ended
Recent Acquisition:
On
Conference Call Information:
We will hold a conference call for investors and analysts at
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
This press release contains forward-looking statements based on current
management expectations. Numerous factors, including those disclosed herein,
those related to healthcare industry trends and those detailed in our filings
with the
We believe that operating income, operating margin, adjusted income from
continuing operations, adjusted income from continuing operations per diluted
share, adjusted net income, adjusted net income per diluted share and earnings
before interest, taxes, depreciation and amortization ("EBITDA"), which are
non-GAAP financial measures ("GAAP" is Generally Accepted Accounting
Principles in the
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Income
---------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months Six months
ended June 30, ended June 30,
-------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Net revenues $1,303,640 $1,262,577 $2,616,059 $2,540,553
Operating charges:
Salaries, wages and
benefits 541,950 528,081 1,083,247 1,069,656
Other operating
expenses 232,894 259,313 506,115 507,958
Supplies expense 176,411 174,264 350,378 353,503
Provision for
doubtful
accounts 120,670 120,646 239,648 240,443
Depreciation and
amortization 51,085 47,336 102,219 94,079
Lease and rental
expense 17,587 17,866 34,659 35,421
------ ------ ------ ------
1,140,597 1,147,506 2,316,266 2,301,060
--------- --------- --------- ---------
Income from continuing
operations before
interest expense
and income taxes 163,043 115,071 299,793 239,493
Interest expense, net 11,879 13,249 24,517 26,728
------ ------ ------ ------
Income from
continuing
operations before
income taxes 151,164 101,822 275,276 212,765
Provision for
income taxes 57,187 35,205 99,265 72,816
------ ------ ------ ------
Income from continuing
operations 93,977 66,617 176,011 139,949
Income from continuing
operations attributable
to minority interests 13,084 11,427 27,577 24,706
------ ------ ------ ------
Income from
continuing
operations
attributable to UHS 80,893 55,190 148,434 115,243
(Loss) income from
discontinued operations,
net of income tax
expense (a) - (950) - 660
------- ------- -------- --------
Net income
attributable to UHS $80,893 $54,240 $148,434 $115,903
======= ======= ======== ========
Basic earnings (loss)
per share attributable
to UHS (b)
From continuing
operations $1.65 $1.09 $3.01 $2.25
From discontinued
operations - (0.02) - 0.02
-- ----- -- ----
Total basic
earnings per
share $1.65 $1.07 $3.01 $2.27
===== ===== ===== =====
Diluted earnings (loss)
per share attributable
to UHS (b)
From continuing
operations $1.64 $1.08 $3.01 $2.25
From discontinued
operations - (0.02) - 0.01
-- ----- -- ----
Total diluted
earnings per
share $1.64 $1.06 $3.01 $2.26
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Footnotes to Consolidated Statements of Income
----------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months Six months
ended June 30, ended June 30,
------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
(a) Calculation of income from
discontinued operations,
net of income tax:
------------------
(Loss) income from discontinued
operations, pre-tax - ($1,540) - $1,069
Income tax benefit (expense) - 590 - (409)
---- --- ---- ----
(Loss) income from discontinued
operations, net of taxes - ($950) - $660
==== ===== ==== ====
(b) Earnings per share calculation:
-----------------------------------
Basic and diluted:
------------------
Income from continuing operations
attributable to UHS $80,893 $55,190 $148,434 $115,243
Less: Net income
attributable to unvested
restricted share grants (381) (229) (695) (488)
--- --- --- ---
Income from continuing
operations - basic and
diluted 80,512 54,961 147,739 114,755
Income from discontinued
operations - (950) - 660
---- ---- ---- ---
Net income attributable
to UHS - basic and
diluted $80,512 $54,011 $147,739 $115,415
======= ======= ======== ========
Weighted average number
of common shares - basic 48,850 50,629 49,028 50,946
------ ------ ------ ------
Basic earnings (loss) per
share attributable to UHS:
From continuing operations $1.65 $1.09 $3.01 $2.25
From discontinued operations - (0.02) - 0.02
---- ----- ---- ----
Total basic earnings per
share $1.65 $1.07 $3.01 $2.27
===== ===== ===== =====
Weighted average number
of common shares 48,850 50,629 49,028 50,946
Add: Other share equivalents 202 113 101 65
--- --- --- --
Weighted average number
of common shares and
equiv. - diluted 49,052 50,742 49,129 51,011
------ ------ ------ ------
Diluted earnings (loss) per
share attributable to UHS:
From continuing operations $1.64 $1.08 $3.01 $2.25
From discontinued operations - (0.02) - 0.01
---- ----- ---- ----
Total diluted earnings
per share $1.64 $1.06 $3.01 $2.26
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
-------------------------------------
For the three months ended June 30, 2009 and 2008
-------------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
June 30, 2009 June 30, 2008
------------- -------------
Net revenues $1,303,640 100.0% $1,262,577 100.0%
Operating charges:
Salaries, wages
and benefits 541,950 41.6% 528,081 41.8%
Other operating
expenses 232,894 17.9% 259,313 20.5%
Supplies expense 176,411 13.5% 174,264 13.8%
Provision for
doubtful
accounts 120,670 9.3% 120,646 9.6%
------- --- ------- ---
1,071,925 82.2% 1,082,304 85.7%
--------- ---- --------- ----
Operating income/
margin 231,715 17.8% 180,273 14.3%
Lease and rental
expense 17,587 17,866
Income from
continuing
operations
attributable to
minority
interests 13,084 11,427
------ ------
Earnings before,
depreciation and
amortization,
interest expense,
and income taxes
("EBITDA") 201,044 150,980
Depreciation and
amortization 51,085 47,336
Interest expense,
net 11,879 13,249
------ ------
Income before
income taxes 138,080 90,395
Provision for
income taxes 57,187 35,205
------ ------
Income from
continuing
operations
attributable to
UHS 80,893 55,190
Loss from
discontinued
operations, net of
income taxes - (950)
------- -------
Net income
attributable to
UHS $80,893 $54,240
======= =======
Three months ended Three months ended
June 30, 2009 June 30, 2008
------------- -------------
Per Per
Diluted Diluted
Amount Share Amount Share
------ ------- ------ -------
Calculation of Adjusted
Income from Continuing
Operations Attributable
to UHS
-----------------------
Income from
continuing
operations
attributable to
UHS $80,893 $1.64 $55,190 $1.08
Plus/minus adjustments:
Reduction of reserve
for professional and
general liability
self-insured claims,
net of income taxes (14,168) (0.29) - -
Unfavorable discrete
tax item 4,331 0.09
Subtotal after-tax
adjustments to income
from continuing
operations attributable ----- ---- ---- ----
to UHS (9,837) (0.20) - -
----- ---- ---- ----
Adjusted income from
continuing operations
attributable to UHS $71,056 $1.44 $55,190 $1.08
======= ===== ======= =====
Calculation of Adjusted Net
Income Attributable to UHS
--------------------------
Net income attributable
to UHS $80,893 $1.64 $54,240 $1.06
After-tax adjustments to
income from continuing
operations attributable to
UHS, as indicated above (9,837) (0.20) - -
----- ---- ---- ----
Adjusted net income
attributable to UHS $71,056 $1.44 $54,240 $1.06
======= ===== ======= =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
-------------------------------------
For the six months ended June 30, 2009 and 2008
-----------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Six months ended Six months ended
June 30, 2009 June 30, 2008
------------- -------------
Net revenues $2,616,059 100.0% $2,540,553 100.0%
Operating charges:
Salaries, wages
and benefits 1,083,247 41.4% 1,069,656 42.1%
Other operating
expenses 506,115 19.3% 507,958 20.0%
Supplies
expense 350,378 13.4% 353,503 13.9%
Provision for
doubtful
accounts 239,648 9.2% 240,443 9.5%
------- --- ------- ---
2,179,388 83.3% 2,171,560 85.5%
--------- ---- --------- ----
Operating income/
margin 436,671 16.7% 368,993 14.5%
Lease and rental
expense 34,659 35,421
Income from
continuing
operations
attributable to
minority
interests 27,577 24,706
------ ------
Earnings before,
depreciation and
amortization,
interest expense,
and income taxes
("EBITDA") 374,435 308,866
Depreciation and
amortization 102,219 94,079
Interest expense,
net 24,517 26,728
------ ------
Income before
income taxes 247,699 188,059
Provision for
income taxes 99,265 72,816
------ ------
Income from
continuing
operations
attributable to
UHS 148,434 115,243
Income from
discontinued
operations, net
of income taxes - 660
---- ---
Net income
attributable to
UHS $148,434 $115,903
======== ========
Six months ended Six months ended
June 30, 2009 June 30, 2008
------------- -------------
Per Per
Amount Diluted Share Amount Diluted Share
------ ------------- ------ -------------
Calculation of Adjusted
Income from Continuing
Operations Attributable
to UHS
-----------------------
Income from
continuing
operations
attributable to
UHS $148,434 $3.01 $115,243 $2.25
Plus/minus
adjustments:
Reduction of
reserve for
professional and
general liability
self-insured
claims, net of
income taxes (14,168) (0.29) - -
Unfavorable
discrete tax
item 4,331 0.09
Subtotal after-
tax adjustments
to income from
continuing operations
attributable to UHS (9,837) (0.20) - -
----- ---- ---- ----
Adjusted income
from continuing
operations
attributable to
UHS $138,597 $2.81 $115,243 $2.25
======== ===== ======== =====
Calculation of Adjusted
Net Income Attributable
to UHS
-----------------------
Net income
attributable to
UHS $148,434 $3.01 $115,903 $2.26
After-tax
adjustments to
income from
continuing
operations
attributable to
UHS, as indicated
above (9,837) (0.20) - -
------ ----- ---- -----
Adjusted net income
attributable to
UHS $138,597 $2.81 $115,903 $2.26
======== ===== ======== =====
Universal Health Services, Inc.
-------------------------------
Condensed Consolidated Balance Sheets
-------------------------------------
(in thousands, unaudited)
(unaudited)
June 30, December 31,
2009 2008
---- ----
Assets
Current assets:
Cash and cash equivalents $10,623 $5,460
Accounts receivable, net 605,870 625,437
Supplies 78,885 76,043
Other current assets 31,182 26,375
Deferred income taxes 38,933 34,522
Current assets held for sale 21,580 21,580
------ ------
Total current assets 787,073 789,417
------- -------
Property and equipment 3,549,211 3,355,974
Less: accumulated depreciation (1,345,692) (1,255,682)
---------- ----------
2,203,519 2,100,292
--------- ---------
Other assets:
Goodwill 733,887 732,937
Deferred charges 10,318 10,428
Other 102,079 109,388
------- -------
$3,836,876 $3,742,462
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term
debt $8,730 $8,708
Accounts payable and accrued
liabilities 561,471 542,008
Federal and state taxes 16,098 10,409
------ ------
Total current
liabilities 586,299 561,125
------- -------
Other noncurrent liabilities 389,572 407,652
Long-term debt 913,148 990,661
Deferred income taxes 19,806 12,439
UHS common stockholders' equity 1,677,996 1,543,850
Minority interest 250,055 226,735
------- -------
Total equity 1,928,051 1,770,585
---------- ----------
$3,836,876 $3,742,462
========== ==========
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Cash Flows
-------------------------------------
(in thousands)
(unaudited)
Six months
ended June 30,
--------------
2009 2008
---- ----
Cash Flows from Operating Activities:
Net income attributable to UHS $148,434 $115,903
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization 102,219 95,379
Changes in assets & liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable 4,392 (74,863)
Construction management and other receivable 21,003 (8,016)
Accrued interest 106 811
Accrued and deferred income taxes 7,934 3,288
Other working capital accounts (1,499) 18,331
Other assets and deferred charges 3,844 15,821
Other 3,327 5,410
Minority interest in earnings of consolidated
entities, net of distributions 23,320 13,307
Accrued insurance expense, net of commercial
premiums paid 13,323 38,743
Payments made in settlement of self-insurance
claims (29,823) (25,648)
------- -------
Net cash provided by operating activities 296,580 198,466
------- -------
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals (183,248) (156,062)
Acquisition of property and business (9,006) -
Proceeds received from sale of assets - 2,235
Settlement proceeds received related to prior year
acquisitions, net of expenses - 1,539
Investment in joint-venture - (2,095)
- ------
Net cash used in investing activities (192,254) (154,383)
-------- --------
Cash Flows from Financing Activities:
Reduction of long-term debt (77,356) (109,727)
Additional borrowings 170 150,155
Repurchase of common shares (15,437) (89,816)
Dividends paid (7,890) (8,096)
Issuance of common stock 1,350 1,151
Capital contributions from minority member - 2,107
- -----
Net cash used in financing activities (99,163) (54,226)
------- -------
Increase (decrease) in cash and cash equivalents 5,163 (10,143)
Cash and cash equivalents, beginning of period 5,460 16,354
----- ------
Cash and cash equivalents, end of period $10,623 $6,211
======= ======
Supplemental Disclosures of Cash Flow Information:
Interest paid $28,723 $29,335
======= =======
Income taxes paid, net of refunds $90,942 $70,269
======= =======
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 6 months ended
Same Facility: 6/30/2009 6/30/2009
------------- --------- ---------
Acute Care Hospitals
--------------------
Revenues 2.9% 1.9%
Adjusted Admissions 3.1% 1.5%
Adjusted Patient Days 0.9% -0.2%
Revenue Per Adjusted
Admission -0.2% 0.3%
Revenue Per Adjusted
Patient Day 2.0% 2.0%
Behavioral Health Hospitals
---------------------------
Revenues 4.0% 3.4%
Adjusted Admissions 1.0% 0.7%
Adjusted Patient Days 0.5% -0.7%
Revenue Per Adjusted
Admission 3.0% 2.6%
Revenue Per Adjusted
Patient Day 3.5% 4.2%
UHS Consolidated Second Quarter Ended Six months Ended
---------------- -------------------- ----------------
6/30/2009 6/30/2008 6/30/2009 6/30/2008
--------- --------- --------- ---------
Revenues $1,303,640 $1,262,577 $2,616,059 $2,540,553
EBITDA (1) 178,244 150,980 351,635 308,866
EBITDA Margin (1) 13.7% 12.0% 13.4% 12.2%
Cash Flow From Operations 144,578 66,790 296,580 198,466
Days Sales Outstanding 42 51 41 50
Capital Expenditures 105,029 74,311 183,248 156,062
Debt 921,878 1,053,305
Shareholders Equity 1,677,996 1,544,474
Debt / Total Capitalization 35.5% 40.5%
Debt / EBITDA (2) 1.67 1.96
Debt / Cash From Operations (2) 2.06 2.71
Acute Care EBITDAR
Margin (3) 16.8% 14.7% 17.2% 15.5%
Behavioral Health
EBITDAR Margin (3) 25.8% 24.3% 25.0% 23.7%
(1) Net of Minority Interest and before prior year self insurance reserve
adjustment booked in 2009
(2) Latest 4 quarters
(3) Before Corporate overhead allocation, minority interest and prior year
self insurance reserve adjustment booked in 2009
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
JUNE 30, 2009
AS REPORTED:
------------
ACUTE (1) BEHAVIORAL HEALTH
06/30/09 06/30/08 % change 06/30/09 06/30/08 % change
-------- -------- --------- -------- -------- ---------
Hospitals
owned and
leased 21 21 0.0% 83 83 0.0%
Average
licensed
beds 5,465 5,453 0.2% 7,857 7,668 2.5%
Patient
days 289,661 291,892 -0.8% 529,536 530,769 -0.2%
Average
daily
census 3,183.1 3,207.6 -0.8% 5,819.1 5,832.6 -0.2%
Occupancy-
licensed
beds 58.2% 58.8% -1.0% 74.1% 76.1% -2.6%
Admissions 65,946 4,991 1.5% 34,059 32,560 4.6%
Length of
stay 4.4 4.5 -2.2% 15.5 16.3 -4.6%
Inpatient
revenue $2,469,774 $2,300,755 7.3% $524,246 $489,317 7.1%
Outpatient
revenue 1,047,095 924,984 13.2% 72,513 65,335 11.0%
Total
patient
revenue 3,516,869 3,225,739 9.0% 596,759 554,652 7.6%
Other
revenue 19,102 19,541 -2.2% 8,342 9,893 -15.7%
Gross
hospital
revenue 3,535,971 3,245,280 9.0% 605,101 564,545 7.2%
Total
deductions 2,583,393 2,319,649 11.4% 272,512 247,229 10.2%
Net
hospital
revenue $952,578 $925,631 2.9% $332,589 $317,316 4.8%
SAME FACILITY:
--------------
ACUTE (1) BEHAVIORAL HEALTH (2)
06/30/09 06/30/08 % change 06/30/09 06/30/08 % change
-------- -------- --------- -------- -------- ---------
Hospitals
owned and
leased 21 21 0.0% 79 79 0.0%
Average
licensed
beds 5,465 5,453 0.2% 7,611 7,477 1.8%
Patient
days 289,644 291,883 -0.8% 521,721 516,562 1.0%
Average
daily
census 3,182.9 3,207.5 -0.8% 5,733.2 5,676.5 1.0%
Occupancy-
licensed
beds 58.2% 58.8% -1.0% 75.3% 75.9% -0.8%
Admissions 65,946 64,991 1.5% 32,983 32,502 1.5%
Length of
stay 4.4 4.5 -2.2% 15.8 15.9 -0.5%
(1) Acute care hospitals located in New Orleans and Central Montgomery
Medical Center are excluded in current and prior years.
(2) Centennial Peaks, Central Florida , Coastal Behavioral, Summit Ridge
Hospital , Broad Horizons, Highlander RTC, Midwest Youth, Vista Group
Homes and Shenandoah Valley are excluded incurrent and prior years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE SIX MONTHS ENDED
JUNE 30, 2009
AS REPORTED:
------------
ACUTE (1) BEHAVIORAL HEALTH
06/30/09 06/30/08 % change 06/30/09 06/30/08 % change
-------- -------- -------- -------- -------- --------
Hospitals
owned and
leased 21 21 0.0% 83 83 0.0%
Average
licensed
beds 5,465 5,453 0.2% 7,826 7,632 2.5%
Patient
days 596,950 606,142 -1.5% 1,042,470 1,060,724 -1.7%
Average
daily
census 3,279.9 3,330.5 -1.5% 5,727.9 5,828.2 -1.7%
Occupancy-
licensed
beds 60.0% 61.1% -1.7% 73.2% 76.4% -4.2%
Admissions 134,144 133,947 0.1% 68,020 65,442 3.9%
Length of
stay 4.5 4.5 -1.7% 15.3 16.2 -5.4%
Inpatient
revenue $5,049,913 $4,740,040 6.5% $1,027,927 $978,050 5.1%
Outpatient
revenue 2,042,794 1,830,400 11.6% 140,641 131,923 6.6%
Total
patient
revenue 7,092,707 6,570,440 7.9% 1,168,568 1,109,973 5.3%
Other
revenue 36,777 37,714 -2.5% 16,251 18,051 -10.0%
Gross
hospital
revenue 7,129,484 6,608,154 7.9% 1,184,819 1,128,024 5.0%
Total
deductions 5,217,192 4,731,254 10.3% 530,077 497,850 6.5%
Net
hospital
revenue $1,912,292 $1,876,900 1.9% $654,742 $630,174 3.9%
SAME FACILITY:
--------------
ACUTE (1) BEHAVIORAL HEALTH (2)
06/30/09 06/30/08 % change 06/30/09 06/30/08 % change
-------- -------- --------- -------- -------- ---------
Hospitals
owned and
leased 21 21 0.0% 79 79 0.0%
Average
licensed
beds 5,465 5,453 0.2% 7,596 7,441 2.1%
Patient
days 596,920 606,133 -1.5% 1,028,876 1,030,793 -0.2%
Average
daily
census 3,297.9 3,330.4 -1.0% 5,684.4 5,663.7 0.4%
Occupancy-
licensed
beds 60.3% 61.1% -1.2% 74.8% 76.1% -1.7%
Admissions 134,144 133,947 0.1% 66,136 65,287 1.3%
Length of
stay 4.4 4.5 -1.7% 15.6 15.8 -1.5%
(1) Acute care hospitals located in New Orleans and Central Montgomery
Medical Center are excluded in current and prior years.
(2) Centennial Peaks, Central Florida , Coastal Behavioral, Summit Ridge
Hospital , Broad Horizons, Highlander RTC, Midwest Youth, Vista Group
Homes and Shenandoah Valley are excluded incurrent and prior years.
SOURCE
Steve Filton, Chief Financial Officer of
(UHS)