UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2011 (October 27, 2011)

 

 

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE		1-10765		23-2077891
(State or other jurisdiction of Incorporation or Organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, PENNSYLVANIA 19406

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

---

Item 2.02 Results of Operations and Financial Condition

On October 27, 2011, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. 99.1 Universal Health Services, Inc., press release, dated October 27, 2011.

---

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: October 28, 2011

---

Exhibit Index

 

Exhibit No.		Exhibit
99.1		Universal Health Services, Inc., press release, dated October 27, 2011.

Exhibit 99.1

FOR IMMEDIATE RELEASE

 

CONTACT:		Steve Filton
		Chief Financial Officer				October 27, 2011
		610-768-3300

UNIVERSAL HEALTH SERVICES, INC. REPORTS

2011 THIRD QUARTER FINANCIAL RESULTS

Consolidated Results of Operations - Three-month periods ended September 30, 2011 and 2010:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that net income attributable to UHS was $85.1 million, or $.86 per diluted share, during the third quarter of 2011 as compared to $55.6 million, or $.57 per diluted share, during the comparable prior year quarter. After adjusting the reported results for last year’s third quarter to neutralize the impact of the below-mentioned adjustments (no such adjustments were applicable to the third quarter of 2011), our adjusted net income attributable to UHS during the third quarter of 2010 was $53.7 million, or $.55 per diluted share.

Net revenues increased 40% to $1.85 billion during the third quarter of 2011 as compared to $1.32 billion during the third quarter of 2010. The increase in net revenues during the third quarter of 2011, as compared to the comparable quarter of the prior year, was due primarily to the revenues generated at the behavioral health care facilities acquired from Psychiatric Solutions, Inc. (“PSI”) in November, 2010.

As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedules”), included in our net income attributable to UHS during the three-month period ended September 30, 2010, was net income of $1.9 million, or $.02 per diluted share, consisting of the unfavorable after-tax impact of $2.5 million, or $.02 per diluted share, resulting from transaction fees incurred in connection with the PSI acquisition, offset by a favorable discrete tax item $4.3 million, or $.04 per diluted share.

Consolidated Results of Operations - Nine-month periods ended September 30, 2011 and 2010:

During the nine-month period ended September 30, 2011, net income attributable to UHS was $302.9 million, or $3.06 per diluted share, as compared to $193.0 million, or $1.96 per diluted share, during the comparable prior year period. After adjusting the reported results for the first nine months of last year to neutralize the impact of the below-mentioned adjustments (no such adjustments were applicable to the results for the first nine months of 2011), our adjusted net income attributable to UHS during the nine-month period ended September 30, 2010 was $192.2 million, or $1.96 per diluted share.

Net revenues increased 41% to $5.66 billion during the nine-month period ended September 30, 2011 as compared to $4.01 billion during the first nine months of 2010. The increase in net revenues during the first nine months of 2011, as compared to the comparable prior year period, was due

---

primarily to the revenues generated at the behavioral health care facilities acquired from PSI in November, 2010.

As indicated on the Supplemental Schedules, included in our net income attributable to UHS during the nine-month period ended September 30, 2010, were the following which, on a net aggregate basis, had no impact on our earnings per diluted share: (i) a favorable after-tax adjustment of $10.2 million, or $.10 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2010 based upon a reserve analysis; (ii) a favorable discrete tax item $4.3 million, or $.04 per diluted share, offset by; (iii) the unfavorable after-tax impact of $13.7 million, or $.14 per diluted share, resulting from the PSI acquisition transaction fees.

Acute Care Services - Three and nine-month periods ended September 30, 2011 and 2010:

At our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) decreased 0.3% while adjusted patient days increased 2.2% during the third quarter of 2011, as compared to the third quarter of 2010. Net revenues at these facilities increased 3.1% during the third quarter of 2011 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 3.5% while net revenue per adjusted patient day increased 0.9% during the third quarter of 2011 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 decreased to 12.3% during the third quarter of 2011 as compared to 13.0% during the third quarter of 2010. As expected, the robust revenue growth experienced by our acute care facilities earlier in the year has moderated considerably as improvements in payor mix weakened in the third quarter of 2011.

During the nine-month period ended September 30, 2011, on a same facility basis, adjusted admissions decreased 0.3% while adjusted patient days increased 2.0% as compared to the comparable period of the prior year. Net revenues at these facilities increased 5.3% during the first nine months of 2011 as compared to the comparable period of the prior year. At these facilities, net revenue per adjusted admission increased 5.5% while net revenue per adjusted patient day increased 3.3% during the first nine months of 2011 as compared to the comparable period of the prior year. On a same facility basis, the operating margin at our acute care hospitals increased to 15.1% during the first nine months of 2011 as compared to 14.5% during the comparable period of the prior year.

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 $246 million and $233 million during the three-month periods ended September 30, 2011 and 2010, respectively, and $708 million and $599 million during the nine-month periods ended September 30, 2011 and 2010, respectively.

Behavioral Health Care Services - Three and nine-month periods ended September 30, 2011 and 2010:

At our behavioral health care facilities, on a same facility basis, adjusted admissions increased 7.9% while adjusted patient days increased 3.8% during the third quarter of 2011 as compared to the third quarter of 2010. Net revenues at these facilities increased 6.8% during the third quarter of 2011 as compared to the comparable quarter in the prior year. At these facilities, net revenue per adjusted

---

admission decreased 1.0% while net revenue per adjusted patient day increased 2.9% during the third quarter of 2011 as compared to the comparable quarter of the prior year. The operating margin at our behavioral health care facilities owned during both periods increased to 26.2% during the third quarter of 2011 as compared to 26.0% during the third quarter of 2010.

During the nine-month period ended September 30, 2011, on a same facility basis, adjusted admissions increased 7.2% while adjusted patient days increased 3.0% as compared to the comparable nine-month period of the prior year. Net revenues at these facilities increased 6.5% during the first nine months of 2011 as compared to the comparable period in the prior year. At these facilities, net revenue per adjusted admission decreased 0.5% while net revenue per adjusted patient day increased 3.7% during the first nine months of 2011 as compared to the comparable prior year period. The operating margin at our behavioral health care facilities owned during both periods was 26.4% during the first nine months of 2011 as compared to 26.5% during the comparable period in the prior year.

Conference Call Information:

We will hold a conference call for investors and analysts at 9:00 a.m. (eastern time) on October 28, 2011. The dial-in number is 1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on October 28, 2011 and will continue through midnight on November 11, 2011. The recording can be accessed by calling 1-855-859-2056 and entering the pass code 15136667. A live broadcast of the call will be available on our web site at www.uhsinc.com. The webcast will also be available through Thompson StreetEvents Network at www.earnings.com or www.streetevents.com, a password-protected event management site for institutional investors.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Universal Health Services, Inc. (“UHS”) is one of the nation’s largest hospital companies, operating through its subsidiaries, acute care hospitals, behavioral health facilities and ambulatory centers throughout the United States, Puerto Rico and the U.S. Virgin Islands. A wholly-owned subsidiary of UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.

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 Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2010 and in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended June 30, 2011), may cause the results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

---

We believe that operating income, operating margin, adjusted net income attributable to UHS, adjusted net income attributable to UHS 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 United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of items that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses, reserves for settlements, legal judgments and lawsuits and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2010 and Report on Form 10-Q for the quarterly period ended June 30, 2011. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

(more)

---

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

		Three months ended September 30,								Nine months ended September 30,
		2011				2010				2011				2010
Net revenues		$	1,848,662			$	1,323,264			$	5,661,424			$	4,008,732
Operating charges:
Salaries, wages and benefits			845,818				572,742				2,543,760				1,715,220
Other operating expenses			350,358				258,388				1,054,639				754,530
Supplies expense			202,817				180,024				615,581				543,766
Provision for doubtful accounts			155,899				133,467				469,932				402,621
Depreciation and amortization			75,166				55,530				219,751				163,066
Lease and rental expense			23,076				18,429				69,583				54,548
			1,653,134				1,218,580				4,973,246				3,633,751
Income from operations			195,528				104,684				688,178				374,981
Interest expense, net			48,452				11,478				154,677				36,132
Income before income taxes			147,076				93,206				533,501				338,849
Provision for income taxes			52,234				27,404				192,638				113,870
Net income			94,842				65,802				340,863				224,979
Less: Income attributable to noncontrolling interests			9,788				10,192				37,967				31,978
Net income attributable to UHS		$	85,054			$	55,610			$	302,896			$	193,001
Basic earnings per share attributable to UHS (a)		$	0.87			$	0.57			$	3.10			$	1.99
Diluted earnings per share attributable to UHS (a)		$	0.86			$	0.57			$	3.06			$	1.96

---

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

		Three months ended September 30,								Nine months ended September 30,
		2011				2010				2011				2010
(a) Earnings per share calculation:
Basic and diluted:
Net income attributable to UHS		$	85,054			$	55,610			$	302,896			$	193,001
Less: Net income attributable to unvested restricted share grants			(165	)			(233	)			(440	)			(826	)
Net income attributable to UHS - basic and diluted		$	84,889			$	55,377			$	302,456			$	192,175
Weighted average number of common shares - basic			97,397				96,777				97,447				96,673
Basic earnings per share attributable to UHS:		$	0.87			$	0.57			$	3.10			$	1.99
Weighted average number of common shares			97,397				96,777				97,447				96,673
Add: Other share equivalents			1,201				1,158				1,461				1,140
Weighted average number of common shares and equiv. - diluted			98,598				97,935				98,908				97,813
Diluted earnings per share attributable to UHS:		$	0.86			$	0.57			$	3.06			$	1.96

---

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”)

For the three months ended September 30, 2011 and 2010

(in thousands, except per share amounts)

(unaudited)

Calculation of “EBITDA”

 

		Three months ended September 30, 2011								Three months ended September 30, 2010
Net revenues		$	1,848,662				100.0	%		$	1,323,264				100.0	%
Operating charges:
Salaries, wages and benefits			845,818				45.8	%			572,742				43.3	%
Other operating expenses			350,358				19.0	%			258,388				19.5	%
Supplies expense			202,817				11.0	%			180,024				13.6	%
Provision for doubtful accounts			155,899				8.4	%			133,467				10.1	%
			1,554,892				84.1	%			1,144,621				86.5	%
Operating income/margin (“EBITDAR”)			293,770				15.9	%			178,643				13.5	%
Lease and rental expense			23,076								18,429
Income attributable to noncontrolling interests			9,788								10,192
Earnings before, depreciation and amortization, interest expense, and income taxes (“EBITDA”)			260,906								150,022
Depreciation and amortization			75,166								55,530
Interest expense, net			48,452								11,478
Income before income taxes attributable to UHS			137,288								83,014
Provision for income taxes			52,234								27,404
Net income attributable to UHS		$	85,054							$	55,610

Calculation of Adjusted Net Income Attributable to UHS

 

		Three months ended September 30, 2011								Three months ended September 30, 2010
		Amount				Per Diluted Share				Amount				Per Diluted Share
Calculation of Adjusted Net Income Attributable to UHS
Net income attributable to UHS		$	85,054			$	0.86			$	55,610			$	0.57
Plus/minus adjustments:
Acquisition transaction costs, net of income taxes			—				—				2,454				0.02
Favorable discrete tax item			—				—				(4,331	)			(0.04	)
Subtotal after-tax adjustments to net income attributable to UHS			—				—				(1,877	)			(0.02	)
Adjusted net income attributable to UHS		$	85,054			$	0.86			$	53,733			$	0.55

---

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”)

For the nine months ended September 30, 2011 and 2010

(in thousands, except per share amounts)

(unaudited)

Calculation of “EBITDA”

 

		Nine months ended September 30, 2011								Nine months ended September 30, 2010
Net revenues		$	5,661,424				100.0	%		$	4,008,732				100.0	%
Operating charges:
Salaries, wages and benefits			2,543,760				44.9	%			1,715,220				42.8	%
Other operating expenses			1,054,639				18.6	%			754,530				18.8	%
Supplies expense			615,581				10.9	%			543,766				13.6	%
Provision for doubtful accounts			469,932				8.3	%			402,621				10.0	%
			4,683,912				82.7	%			3,416,137				85.2	%
Operating income/margin (“EBITDAR”)			977,512				17.3	%			592,595				14.8	%
Lease and rental expense			69,583								54,548
Income attributable to noncontrolling interests			37,967								31,978
Earnings before, depreciation and amortization, interest expense, and income taxes (“EBITDA”)			869,962								506,069
Depreciation and amortization			219,751								163,066
Interest expense, net			154,677								36,132
Income before income taxes attributable to UHS			495,534								306,871
Provision for income taxes			192,638								113,870
Net income attributable to UHS		$	302,896							$	193,001

Calculation of Adjusted Net Income Attributable to UHS

 

		Nine months ended September 30, 2011								Nine months ended September 30, 2010
		Amount				Per Diluted Share				Amount				Per Diluted Share
Calculation of Adjusted Net Income Attributable to UHS
Net income attributable to UHS		$	302,896			$	3.06			$	193,001			$	1.96
Plus/minus adjustments:
Reduction of reserves relating to prior years for professional and general liability self-insured claims, net of income taxes			—				—				(10,198	)			(0.10	)
Acquisition transaction costs, net of income taxes			—				—				13,742				0.14
Favorable discrete tax item			—				—				(4,331	)			(0.04	)
Subtotal after-tax adjustments to net income attributable to UHS			—				—				(787	)			—
Adjusted net income attributable to UHS		$	302,896			$	3.06			$	192,214			$	1.96

---

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

		September 30, 2011				December 31, 2010
Assets
Current assets:
Cash and cash equivalents		$	39,147			$	29,474
Accounts receivable, net			945,193				837,820
Supplies			95,777				94,330
Other current assets			95,862				130,060
Deferred income taxes			103,031				120,834
Assets of facilities held for sale			92,939				118,598
Total current assets			1,371,949				1,331,116
Property and equipment			5,008,607				4,853,972
Less: accumulated depreciation			(1,757,976	)			(1,601,005	)
			3,250,631				3,252,967
Other assets:
Goodwill			2,605,951				2,589,914
Deferred charges			116,229				108,660
Other			261,171				245,279
		$	7,605,931			$	7,527,936
Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt		$	2,511			$	3,449
Accounts payable and accrued liabilities			796,041				819,334
Liabilities of facilities held for sale			2,870				3,516
Federal and state taxes			31,472				0
Total current liabilities			832,894				826,299
Other noncurrent liabilities			428,436				380,649
Long-term debt			3,685,230				3,912,102
Deferred income taxes			177,220				173,354
Redeemable noncontrolling interest			213,131				211,761
UHS common stockholders’ equity			2,221,382				1,978,772
Noncontrolling interest			47,638				44,999
Total equity			2,269,020				2,023,771
		$	7,605,931			$	7,527,936

---

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

		Nine months ended September 30,
		2011				2010
Cash Flows from Operating Activities:
Net income		$	340,863			$	224,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization			220,208				163,066
Loss (gain) on sale of assets and businesses			164				(1,993	)
Stock-based compensation expense			13,434				12,678
Changes in assets & liabilities, net of effects from acquisitions and dispositions:
Accounts receivable			(103,700	)			(6,751	)
Accrued interest			13,143				8,437
Accrued and deferred income taxes			102,949				(2,656	)
Other working capital accounts			(74,342	)			26,697
Other assets and deferred charges			20,215				(2,526	)
Other			4,146				(4,556	)
Accrued insurance expense, net of commercial premiums paid			71,186				32,770
Payments made in settlement of self-insurance claims			(45,764	)			(37,330	)
Net cash provided by operating activities			562,502				412,815
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals			(195,404	)			(177,750	)
Proceeds received from sale of assets and businesses			23,682				21,460
Restricted cash related to bond issuance held in escrow pending completion of PSI acquisition			0				(256,972	)
Acquisition of property and businesses			(8,599	)			0
Costs incurred for purchase and implementation of electronic health records application			(27,874	)			(13,216	)
Net cash used in investing activities			(208,195	)			(426,478	)
Cash Flows from Financing Activities:
Reduction of long-term debt			(267,539	)			(194,600	)
Additional borrowings			36,000				250,000
Financing costs			(23,559	)			(5,016	)
Repurchase of common shares			(44,532	)			(3,963	)
Dividends paid			(14,638	)			(14,555	)
Issuance of common stock			3,596				5,204
Profit distributions to noncontrolling interests			(33,962	)			(23,558	)
Proceeds from sale of noncontrolling interest in majority owned business			0				600
Net cash (used in) provided by financing activities			(344,634	)			14,112
Increase in cash and cash equivalents			9,673				449
Cash and cash equivalents, beginning of period			29,474				9,180
Cash and cash equivalents, end of period		$	39,147			$	9,629
Supplemental Disclosures of Cash Flow Information:
Interest paid		$	120,712			$	33,584
Income taxes paid, net of refunds		$	89,268			$	113,521

---

Universal Health Services, Inc.

Supplemental Statistical Information

(un-audited)

 

Same Facility:		% Change Quarter Ended 9/30/2011				% Change 9 months ended 9/30/2011
Acute Care Hospitals
Revenues			3.1	%			5.3	%
Adjusted Admissions			-0.3	%			-0.3	%
Adjusted Patient Days			2.2	%			2.0	%
Revenue Per Adjusted Admission			3.5	%			5.5	%
Revenue Per Adjusted Patient Day			0.9	%			3.3	%
Behavioral Health Hospitals
Revenues			6.8	%			6.5	%
Adjusted Admissions			7.9	%			7.2	%
Adjusted Patient Days			3.8	%			3.0	%
Revenue Per Adjusted Admission			-1.0	%			-0.5	%
Revenue Per Adjusted Patient Day			2.9	%			3.7	%

 

		Third Quarter Ended								Nine months Ended
UHS Consolidated		9/30/2011				9/30/2010				9/30/2011				9/30/2010
Revenues		$	1,848,662			$	1,323,264			$	5,661,424			$	4,008,732
EBITDA (1)			260,906				150,022				869,962				506,069
EBITDA Margin (1)			14.1	%			11.3	%			15.4	%			12.6	%
Cash Flow From Operations			206,726				185,091				562,502				412,815
Days Sales Outstanding			47				42				46				41
Capital Expenditures			79,164				56,110				195,404				177,750
Debt											3,687,741				759,624
Shareholders Equity											2,221,382				1,943,572
Debt / Total Capitalization											62.4	%			28.1	%
Debt / EBITDA (2)											3.42				1.14
Debt / Cash From Operations (2)											5.55				1.62
Acute Care EBITDAR Margin (3)			12.3	%			13.0	%			15.1	%			14.5	%
Behavioral Health EBITDAR Margin (3)			25.5	%			25.8	%			25.5	%			26.2	%

 

(1)	Net of Minority Interest and before prior year self insurance reserve adjustments (net of taxes) booked in 2010 and transaction related expenses (net of taxes) booked in 2010

(2)	Latest 4 quarters

(3)	Before Corporate overhead allocation, minority interest and prior year self insurance reserve adjustment booked in 2010

---

UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

FOR THE THREE MONTHS ENDED

SEPTEMBER 30, 2011

AS REPORTED:

 

		ACUTE												BEHAVIORAL HEALTH
		09/30/11				09/30/10				% change				09/30/11				09/30/10				% change
Hospitals owned and leased			21				21				0.0	%			177				82				115.9	%
Average licensed beds			5,739				5,689				0.9	%			19,372				7,983				142.7	%
Patient days			279,340				279,524				-0.1	%			1,291,753				537,860				140.2	%
Average daily census			3,036.3				3,038.3				-0.1	%			14,040.8				5,846.3				140.2	%
Occupancy-licensed beds			52.9	%			53.4	%			-0.9	%			72.5	%			73.2	%			-1.0	%
Admissions			63,305				64,969				-2.6	%			89,952				36,564				146.0	%
Length of stay			4.4				4.3				2.6	%			14.4				14.7				-2.4	%
Inpatient revenue		$	2,888,527			$	2,687,619				7.5	%		$	1,373,983			$	550,613				149.5	%
Outpatient revenue			1,435,706				1,246,661				15.2	%			147,904				78,354				88.8	%
Total patient revenue			4,324,233				3,934,280				9.9	%			1,521,887				628,967				142.0	%
Other revenue			20,934				16,878				24.0	%			35,590				6,875				417.7	%
Gross hospital revenue			4,345,167				3,951,158				10.0	%			1,557,477				635,842				144.9	%
Total deductions			3,348,954				2,985,351				12.2	%			710,059				285,114				149.0	%
Net hospital revenue		$	996,213			$	965,807				3.1	%		$	847,418			$	350,728				141.6	%

SAME FACILITY:

 

		ACUTE												BEHAVIORAL HEALTH (1)
		09/30/11				09/30/10				% change				09/30/11				09/30/10				% change
Hospitals owned and leased			21				21				0.0	%			80				80				0.0	%
Average licensed beds			5,739				5,689				0.9	%			8,002				7,779				2.9	%
Patient days			279,340				279,524				-0.1	%			550,730				529,580				4.0	%
Average daily census			3,036.3				3,038.3				-0.1	%			5,986.2				5,756.3				4.0	%
Occupancy-licensed beds			52.9	%			53.4	%			-0.9	%			74.8	%			74.0	%			1.1	%
Admissions			63,306				64,969				-2.6	%			39,498				36,549				8.1	%
Length of stay			4.4				4.3				2.6	%			13.9				14.5				-3.8	%

 

(1)	Pennsylvania Clinical School is excluded in both current and prior years. King George School is excluded in both current and prior years from July 1st through September 30th. Facilities acquired in acquisition of Psychiatric Solutions are excluded in both current and prior years.

---

UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2011

AS REPORTED:

 

		ACUTE												BEHAVIORAL HEALTH
		09/30/11				09/30/10				% change				09/30/11				09/30/10				% change
Hospitals owned and leased			21				21				0.0	%			177				82				115.9	%
Average licensed beds			5,713				5,689				0.4	%			19,391				7,978				143.1	%
Patient days			872,945				871,525				0.2	%			3,913,151				1,621,239				141.4	%
Average daily census			3,197.6				3,192.4				0.2	%			14,333.9				5,938.6				141.4	%
Occupancy-licensed beds			56.0	%			56.1	%			-0.3	%			73.9	%			74.4	%			-0.7	%
Admissions			195,818				199,815				-2.0	%			270,045				109,494				146.6	%
Length of stay			4.5				4.4				2.2	%			14.5				14.8				-2.1	%
Inpatient revenue		$	9,123,916			$	8,095,552				12.7	%		$	4,169,827			$	1,649,535				152.8	%
Outpatient revenue			4,220,883				3,535,220				19.4	%			455,247				238,318				91.0	%
Total patient revenue			13,344,799				11,630,772				14.7	%			4,625,074				1,887,853				145.0	%
Other revenue			56,901				51,868				9.7	%			105,121				22,507				367.1	%
Gross hospital revenue			13,401,700				11,682,640				14.7	%			4,730,195				1,910,360				147.6	%
Total deductions			10,318,170				8,753,512				17.9	%			2,169,220				853,442				154.2	%
Net hospital revenue		$	3,083,530			$	2,929,128				5.3	%		$	2,560,975			$	1,056,918				142.3	%

SAME FACILITY:

 

		ACUTE												BEHAVIORAL HEALTH (1)
		09/30/11				09/30/10				% change				09/30/11				09/30/10				% change
Hospitals owned and leased			21				21				0.0	%			80				80				0.0	%
Average licensed beds			5,713				5,689				0.4	%			8,024				7,834				2.4	%
Patient days			872,945				871,525				0.2	%			1,645,480				1,596,750				3.1	%
Average daily census			3,197.6				3,192.4				0.2	%			6,027.4				5,848.9				3.1	%
Occupancy-licensed beds			56.0	%			56.1	%			-0.3	%			75.1	%			74.7	%			0.6	%
Admissions			195,818				199,815				-2.0	%			117,487				109,451				7.3	%
Length of stay			4.5				4.4				2.2	%			14.0				14.6				-4.0	%

 

(1)	Pennsylvania Clinical School is excluded in both current and prior years. King George School is excluded in both current and prior years from July 1st through September 30th. Facilities acquired in acquisition of Psychiatric Solutions are excluded in both current and prior years.