Reversing a $27 million loss from a year ago, Iasis Healthcare Corp., Franklin, Tenn., said it earned $8.8 million for its third quarter ended June 30. Revenue was up 10.6% to $239.9 million. The biggest factor in the reversal was the $16.6 million in charges the privately held Iasis took in its third quarter last year for the closing of 118-bed Rocky Mountain Medical Center, Salt Lake City. For the nine months ended June 30, Iasis earned $21.8 million on $705.2 million in revenue, compared with a loss of $25.3 million on $669 million in revenue in the year-ago period. In other for-profit hospital news, Community Health Systems, Brentwood, Tenn., paid $7.5 million for 195-bed Lock Haven (Pa.) Hospital and agreed to pour at least $10 million into facility improvements and physician recruitment, said Alvin Snowiss, the hospital board's lawyer. The board decided to sell because the hospital wasn't able to borrow money to upgrade its facilities or recruit physicians, and malpractice insurance costs were "going through the roof," Snowiss said. For-profit Community owns, leases or operates 61 hospitals in 21 states. -- by Vince Galloro
Iasis posts profit; Community buys Pa. hospital
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