Universal Health Services, King of Prussia, Pa., saw its profits for the fourth quarter nearly triple compared with the hurricane-ravaged fourth quarter of 2005, and the company also reported increased patient volume in both its acute-care hospitals and behavioral-health facilities for the quarter.
Profits for the fourth quarter of 2006 were $34.2 million, compared with profits of $12.3 million in 2005s fourth quarter. Revenue was up 10.5%, to $1.07 billion. Comparing the quarters on a same-facility basis, admissions were up 2.4% for acute-care hospitals and 3.7% for behavioral-health facilities. Similarly, adjusted admissions increased 2.1% for acute-care hospitals and 4.2% for behavioral-health facilities.
For 2006, UHS said its profits increased 7.7%, to $259.5 million from $240.8 million in 2005. Revenue increased 6.5%, to $4.19 billion. Patient volume performance for 2006 was weaker than for the fourth quarter, but still saw same-facility increases of 1.7% in admissions and 1.6% in adjusted admissions on the acute-care side, and 3.7% in admissions and 2.6% in adjusted admissions on the behavioral-health side.
UHS said that its McAllen, Texas, operations have stabilized, but that the company is still losing its best-paying patients to a physician-owned competitor. So far in 2007, executives said on a conference call, the company is picking up volume in Las Vegas, where hospitals owned by Nashville-based HCA were dropped from the network of Sierra Health Services, Las Vegas, in a contract dispute. -- by Vince Galloro