Triad Hospitals, Plano, Texas, reported higher profits from continuing operations but lower net income for the first quarter compared with the year-ago quarter, reflecting the late 2004 divestiture of six hospitals and three surgery centers. And like HCA, Triad said its expanded discount policy for uninsured patients decreased both net revenue and bad-debt expense, which fell to 9.3% of revenue from 10.2% in the year-ago quarter. Triad earned $66.2 million, or 83 cents per share, for the three months ended March 31, compared with net income of $97.8 million, or $1.29 per share, in the year-ago quarter. Revenue was up 9.6% to $1.21 billion. Without the divested facilities, Triad's 2004 first-quarter earnings were $48.8 million, or 65 cents per share. Triad also disclosed it paid $27.5 million for HCA's 28.5% interest in Vicksburg (Miss.) Health System, giving Triad 99.5% ownership of the system. Triad owns or operates 53 hospitals and 16 outpatient surgery centers. -- by Vince Galloro
Triad says operating profits up, bad debt down
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