LifePoint Hospitals, Brentwood, Tenn., said its profits more than doubled for the second quarter even as its inpatient admissions declined 2.3% and its equivalent admissions declined 1.1%, compared with 2007s second quarter. The company attributed the volume declines to discontinuing two unprofitable obstetric programs and a weakening economy, offset by less bad debt and higher acuity.
LifePoint recorded net income of $30.5 million for the quarter, compared with $13.4 million in the year-ago quarter. Revenue was up nearly 4.1%, to $680.8 million. The company said that its intensive review over the past year or so of its seven largest hospitals is starting to pay off in boosting or adding profitable service lines and paring unprofitable services. Physician recruitment should bring a net increase of 5% to its medical staff companywide in 2008, LifePoint said.
These organic growth projects take a little bit of time, but we know theyre going to pay off, said Bill Carpenter, LifePoints president and chief executive officer. -- by Vince Galloro