Vanguard Health Systems, Nashville, reported higher patient volume for the quarter ended June 30, bucking the trend for most of the acute-care hospital companies.
Vanguard sees rise in patient volume
Comparing its fiscal 2010 fourth quarter with the prior-year quarter, Vanguard said its discharges increased 1.8% and adjusted discharges increased 3.3%. The increase is explained partially by weakness in the prior-year quarter, when Vanguard's San Antonio hospitals were affected by two competing hospitals that opened in the first half of 2009, Vice Chairman Keith Pitts said. Hospitals in its Chicago, Massachusetts and Phoenix markets also performed well on volume, Pitts said.
For the quarter, Vanguard reported a profit of $2.8 million vs. $1.8 million in the year-ago quarter. Revenue increased 3.9% to $858.4 million. For the fiscal year, Vanguard reported a loss of $49.2 million vs. a profit of $28.6 in fiscal 2009. The costs of the company's debt refinancing in January and a noncash charge to write down the value of two hospitals in the Chicago area caused after-tax losses of $77.2 million.
Even with pending deals to acquire six-hospital Detroit Medical Center and a heart hospital and associated cardiology practice in Phoenix, Vanguard continues to look for deals, Pitts said.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.