Vanguard Health Systems, Nashville, earned $2.4 million for its fiscal 2003 first quarter ended Sept. 30, compared with a loss of $4.2 million for the year-ago quarter. The fiscal 2002 quarter included a $6.7 million charge for early debt retirement. Revenue was up 29.2% to $267.9 million in the most recent quarter, reflecting the addition of two hospitals. Vanguard operated 10 hospitals as of Sept. 30. Discharges at the eight hospitals operated in both quarters ticked up slightly, 0.2%, and patient days were up 0.4%. Vanguard did not provide same-hospital data for adjusted discharges or adjusted patient days. Vanguard spokesman Trip Pilgrim said the small gains compared favorably with volume declines in the previous fiscal year, when the company lost some business by driving harder bargains with managed-care organizations and by converting money-losing skilled-nursing units to acute-care uses. For the fiscal year ended June 30, 2002, Vanguard's same-hospital discharges and patient days fell 1.3% and 0.6%, respectively.
Meanwhile, MedCath Corp., Charlotte, NC, earned $1.4 million, or 8 cents per share, in its fourth quarter ended Sept. 30, compared with a loss of $2.8 million, or 17 cents per share, in the year-ago quarter. Net revenue grew 18.9% to $110.5 million. For the year, MedCath earned $24.4 million on revenue of $477.6 million, compared with $1.05 million on revenue of $377.0 million in fiscal 2001. In partnership with physicians, MedCath owns nine heart hospitals and has begun development on four additional ones. -- by Vince Galloro and Julie Piotrowski