Rural hospital chains LifePoint Hospitals and Province Healthcare Co., both based in Brentwood, Tenn., reported profit growth of about 22% and 88%, respectively, in the second quarter ended June 30, thanks in part to rising surgical volumes. LifePoint earned $18.7 million, or 48 cents per share, for the quarter, compared with $15.3 million, or 40 cents per share, in the year-ago quarter. Revenue was up 11.2% to $246.4 million. LifePoint said same-hospital equivalent admissions were up 0.1%, but same-hospital inpatient surgeries rose 7.8%, compared with the year-ago quarter. For the six months, LifePoint said profits rose nearly 30% to $42.6 million, or $1.08 per share, on revenue of $503 million. LifePoint owns or operates 30 hospitals.
Province earned $18.2 million, or 34 cents per share, for the second quarter, compared with $9.7 million, or 20 cents per share, in the year-ago quarter. Revenue was up 13.4% to $208.5 million. Province credited recruitment of specialist physicians for boosting net patient revenue per adjusted admission by 8.5% and surgeries by 2.9% for the quarter. Those factors helped Province offset a 0.4% reduction in same-hospital adjusted admissions. Province's profits also were boosted by the sale of its Brim Healthcare management unit for $13.2 million and a net gain of $6.8 million in the quarter. After completing the purchase of Memorial Medical Center of Las Cruces, N.M., Province owns or operates 20 hospitals. -- by Vince Galloro
