HealthSouth spent $1.6 million in preopening startup costs for three new hospitals: a 50-bed facility in Altamonte Springs, Fla.; a 50-bed hospital in Newnan, Ga.; and a 34-bed facility in Middletown, Del. All three are expected to open in the fourth quarter, CEO Jay Grinney said during an earnings call.
Each facility also must treat 30 patients, without reimbursement, before it can receive Medicare certification.
In addition, the company expects its 26-bed Quillen Rehabilitation Hospital in Johnson City, Tenn., to be operational by year-end, Grinney said. The hospital is part of a joint venture with Mountain States Health Alliance.
HealthSouth also is planning two more hospitals for 2015: a 50-bed facility in Savannah, Ga., in partnership with Memorial University Medical Center, and a 40-bed facility in Franklin, Tenn., for which it recently received approval from the state Court of Appeals.
HealthSouth revised its earnings projections for the full year, lowering its earnings per share forecast range to $2.24 to $2.27, down from earlier guidance of $2.25 to $2.31.
The new results take into account a $13 million loss from early repayment of its debt. HealthSouth completed a debt refinancing in September and October.
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