A revenue spike from hospital admissions buoyed HCA Holdings, which maintained the top spot on Modern Healthcare's list of the largest investor-owned healthcare providers in 2014. Almost all the ranked companies saw a surge in 2014 operating revenue over 2013.
Nashville-based HCA, which operates 166 hospitals in 20 states, saw an 8% increase in operating revenue. The company attributed that to its 3.1% increase in revenue per equivalent admission, as well as a 4% increase in overall equivalent admissions over the prior year. Equivalent admissions is a general measure of combined inpatient and outpatient volume.
The hospital company saw increases in revenue from Medicare and Medicaid. Medicare revenue was up 5.1%, rebounding from a 4.1% dip in 2013. Medicaid revenue continued its upward trend, rising 24.9% in 2014 after a 1% increase in 2013.
HCA boosted its revenue even as its uncompensated-care costs rose. Provision for doubtful accounts shrank 17.9% in 2014, but charity care and uninsured discounts both rose. HCA paid out 2.4% more in total uncompensated care than in 2013, and 15.2% more than in 2012.