Universal Health Services, King of Prussia, Pa., said profits fell 12.5% for the first quarter to $46.2 million, or 74 cents per share, from $52.3 million, or 84 cents per share, in the year-ago period. The decline was in line with Universal's profit warning last month. Revenue rose 17% to more than $1 billion. Adjusted admissions for Universal's acute-care hospitals were up only 0.5%, showing the continued hit the company is taking in markets in South Carolina and Texas. Universal's behavioral-health hospitals, however, posted a 10.1% increase in adjusted admissions. Bad-debt expense worsened in the quarter to 8.4% of revenue from 7.4% in the year-ago period. Universal owns or operates 28 acute-care and 39 behavioral-health hospitals. -- by Vince Galloro
Bad debt, soft admissions hit Universal's income
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