Iasis Healthcare reported $5.2 million in income in the fourth quarter of its fiscal 2014 as it booked more revenue and saw more patients in both its acute-care and health plan businesses. That compares to a $3.6 million loss during the same period last year.
The privately held, Franklin, Tenn.-based chain reported a 16.4% increase in revenue, or $655.4 million compared with $563 million in the year-ago period. Iasis attributed the improvement to a 2.6% increase in adjusted admissions, a 5.2% rise in revenue per adjusted admission and an 18.8% increase in lives covered under Health Choice, its health plan business.
The company said an improving economy and greater employment in its local markets as well as a better payer and service line mix also boosted results.
Iasis has been pruning its hospital portfolio to focus on Health Choice, this month announcing a deal to sell North Vista Hospital, North Las Vegas, to Prime Healthcare Services and exit the Las Vegas market. It already divested its three Florida hospitals to HCA at the beginning of its fiscal year.
Despite the fourth-quarter improvement, Iasis still finished the year with an overall $2.4 million loss on $2.5 billion in revenue for fiscal 2014, which ended Sept. 30. In fiscal 2013, it recorded $3.3 million in income on $2.3 billion in revenue.
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