Universal Health Services, Inc. Reports Significant Increases in 2008 Fourth Quarter and Full Year Earnings from Continuing Operations Per Diluted Share and Reports 2009 Guidance
02/26/2009
Consolidated Results of Operations:
KING OF PRUSSIA, Pa.,
Reported net income was
After adjusting for the items discussed below applicable to the periods
presented, as indicated on the attached Schedules of Non-GAAP Supplemental
Consolidated Statements of Income Information ("Supplemental Schedules"),
during the fourth quarter of 2008 our adjusted income from continuing
operations was
During the year ended
Net revenues increased 5% to
"In what is proving to be an increasingly difficult operating environment,
we are extremely proud of our significantly improved financial results in
2008" said
As indicated on the attached Supplemental Schedules, our income from
continuing operations and net income for the three and twelve-month periods
ended
Acute Care Services:
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions decreased 0.4% and patient days increased 1.4% during the fourth quarter of 2008, as compared to the fourth quarter of 2007. On a same facility basis, net revenues at our acute care facilities increased 2.2% during the fourth quarter of 2008 as compared to the comparable prior year quarter. Net revenue per adjusted admission at these facilities increased 3.3% during the fourth quarter of 2008 over the comparable prior year quarter. The operating margin at our acute care hospitals owned during both periods increased to 13.9% during the fourth quarter of 2008 as compared to 13.6% during the fourth quarter of 2007.
On a same facility basis, inpatient admissions increased 0.1% and patient
days increased 0.8% during the year ended
We provide care to patients who meet certain financial or economic
criteria without charge or at amounts substantially less than our established
rates. Because we do not pursue collection of amounts determined to qualify as
charity care, they are not reported in net revenues or in accounts receivable,
net. Our acute care hospitals provided charity care and uninsured discounts,
based on charges at established rates, amounting to
Behavioral Health Care Services:
At our behavioral health facilities, on a same facility basis, inpatient admissions increased 0.7% and patient days decreased 0.2% during the fourth quarter of 2008 as compared to the fourth quarter of 2007. On a same facility basis, net revenues at our behavioral health facilities increased 4.0% during the fourth quarter of 2008 as compared to the comparable prior year quarter. Net revenue per adjusted patient day at these facilities increased 4.8% during the fourth quarter of 2008 over the comparable prior year quarter. The operating margin at our behavioral health facilities owned during both periods was 23.2% during the fourth quarter of 2008 as compared to 23.5% during the fourth quarter of 2007.
On a same facility basis, inpatient admissions increased 6.4% and patient
days increased 3.2% during the year ended
2009 Guidance:
During 2009, based upon current trends and subject to certain provisions
and adjustments, including those as set forth below in General Information,
Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures,
we estimate that we will achieve earnings per diluted share from continuing
operations of approximately
During 2009, we expect to spend approximately
Other Matters:
South Texas Health System affiliates investigation:
As previously disclosed, since November, 2005, the government has been
investigating our South Texas Health System affiliates. The investigation has
been focused on certain arrangements which, the government believes, may have
violated Medicare and Medicaid rules and regulations pertaining to payments to
physicians and the solicitation of patient referrals from physicians and other
matters relating to payments to various individuals which may have constituted
improper payments. We have been negotiating a possible settlement of this
matter with the government and we expect to continue our discussions to
attempt to resolve this matter in a manner satisfactory to us and the
government. During 2008, we recorded a pre-tax charge of
PHICO estate liquidation:
For the years of 1998 through 2001, most of our subsidiaries were covered
under commercial insurance policies with PHICO, a
Divestitures of assets and businesses:
During the fourth quarter of 2008, we completed the sale of a 125-bed
acute care hospital located in Lansdale,
Resignation of
Conference Call Information:
We will hold a conference call for investors and analysts at
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
This press release contains forward-looking statements based on current
management expectations. Numerous factors, including those disclosed herein,
those related to healthcare industry trends and those detailed in our filings
with the
We believe that operating income, operating margin, adjusted income from
continuing operations, adjusted income from continuing operations per diluted
share, adjusted net income, adjusted net income per diluted share and earnings
before interest, taxes, depreciation and amortization ("EBITDA"), which are
non-GAAP financial measures ("GAAP" is Generally Accepted Accounting
Principles in the
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Income
---------------------------------
(in thousands, except per share amounts)
Three months Twelve months
ended December 31, ended December 31,
------------------ ------------------
2008 2007 2008 2007
---- ---- ---- ----
Net revenues $1,237,402 $1,177,337 $5,022,417 $4,683,150
Operating charges:
Salaries, wages and
benefits 532,667 510,442 2,133,181 2,004,995
Other operating expenses 267,021 244,909 1,044,278 982,614
Supplies expense 170,231 166,390 694,477 666,320
Provision for doubtful
accounts 111,299 102,180 476,745 410,543
Depreciation and
amortization 51,091 47,214 193,635 180,557
Lease and rental expense 16,861 17,462 69,882 67,867
------ ------ ------ ------
1,149,170 1,088,597 4,612,198 4,312,896
--------- --------- --------- ---------
Income before interest
expense, minority interests
and income taxes 88,232 88,740 410,219 370,254
Interest expense, net 13,060 12,983 53,207 51,626
Minority interests in earnings
of consolidated entities 6,671 10,710 40,693 43,361
----- ------ ------ ------
Income before income taxes 68,501 65,047 316,319 275,267
Provision for income taxes 28,026 25,357 123,378 104,625
------ ------ ------- -------
Income from continuing
operations 40,475 39,690 192,941 170,642
Income (loss) from discontinued
operations, net of
income tax expense (a) 6,002 264 6,436 (255)
----- --- ----- ----
Net income $46,477 $39,954 $199,377 $170,387
======= ======= ======== ========
Basic earnings (loss)
per share: (b)
From continuing operations $0.81 $0.75 $3.81 $3.20
From discontinued operations 0.12 - 0.13 (0.01)
---- --- ---- -----
Total basic earnings per
share $0.93 $0.75 $3.94 $3.19
===== ===== ===== =====
Diluted earnings per share: (b)
From continuing operations $0.81 $0.75 $3.80 $3.18
From discontinued operations 0.12 - 0.13 -
---- --- ---- ---
Total diluted earnings per
share $0.93 $0.75 $3.93 $3.18
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Footnotes to Consolidated Statements of Income
----------------------------------------------
(in thousands, except per share amounts)
Three months Twelve months
ended ended
December 31, December 31,
---------------------------------
2008 2007 2008 2007
---- ---- ---- ----
(a) Calculation of income (loss)
from discontinued operations,
net of income tax:
-----------------------------------
(Loss) income from operations, net
of minority interest ($3,702) $427 ($2,996) ($411)
Gain on divestiture 13,413 - 13,413 -
------ --- ------ ---
Income (loss) from discontinued
operations, pre-tax 9,711 427 10,417 (411)
Income tax (expense) benefit (3,709) (163) (3,981) 156
------ ---- ------ ---
Income (loss) from discontinued
operations, net of taxes $6,002 $264 $6,436 ($255)
====== ==== ====== =====
(b) Earnings per share calculation:
-----------------------------------
Basic:
------
Income from continuing operations $40,475 $39,690 $192,941 $170,642
Less: Dividends on unvested
restricted stock, net of taxes (10) (17) (49) (79)
--- --- --- ---
Income from continuing operations
- basic 40,465 39,673 192,892 170,563
Income (loss) from discontinued
operations 6,002 264 6,436 (255)
----- --- ----- ----
Net income - basic $46,467 $39,937 $199,328 $170,308
======= ======= ======== ========
Weighted average number of common
shares - basic 50,008 53,051 50,611 53,381
------ ------ ------ ------
Basic earnings (loss) per share:
From continuing operations $0.81 $0.75 $3.81 $3.20
From discontinued operations 0.12 0.00 0.13 (0.01)
---- ---- ---- -----
Total basic earnings per share $0.93 $0.75 $3.94 $3.19
===== ===== ===== =====
Diluted:
--------
Income from continuing operations $40,475 $39,690 $192,941 $170,642
Less: Dividends on unvested
restricted stock, net of taxes (10) (17) (49) (79)
--- --- --- ---
Income from continuing operations
- diluted 40,465 39,673 192,892 170,563
Income (loss) from discontinued
operations 6,002 264 6,436 (255)
----- --- ----- ----
Net income - diluted $46,467 $39,937 $199,328 $170,308
======= ======= ======== ========
Weighted average number of common
shares 50,008 53,051 50,611 53,381
Add: Other share equivalents 189 182 165 188
--- --- --- ---
Weighted average number of common
shares and equiv. - diluted 50,197 53,233 50,776 53,569
------ ------ ------ ------
Diluted earnings per share:
From continuing operations $0.81 $0.75 $3.80 $3.18
From discontinued operations 0.12 0.00 0.13 0.00
---- ---- ---- ----
Total diluted earnings per share $0.93 $0.75 $3.93 $3.18
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
--------------------------------------------------------------------
For the three months ended December 31, 2008 and 2007
-----------------------------------------------------
(in thousands, except per share amounts)
Three months ended Three months ended
December 31, 2008 December 31, 2007
----------------- -----------------
Net revenues $1,237,402 100.0% $1,177,337 100.0%
Operating charges:
Salaries, wages and benefits 532,667 43.0% 510,442 43.4%
Other operating expenses 267,021 21.6% 244,909 20.8%
Supplies expense 170,231 13.8% 166,390 14.1%
Provision for doubtful
accounts 111,299 9.0% 102,180 8.7%
------- --- ------- ---
1,081,218 87.4% 1,023,921 87.0%
--------- ---- --------- ----
Operating income/margin 156,184 12.6% 153,416 13.0%
Lease and rental expense 16,861 17,462
Minority interests in earnings
of consolidated entities 6,671 10,710
----- ------
Earnings before hurricane
related expenses, depreciation
and amortization, interest
expense, and income taxes
("EBITDA") 132,652 125,244
Depreciation and
amortization 51,091 47,214
Interest expense, net 13,060 12,983
------ ------
Income before income taxes 68,501 65,047
Provision for income taxes 28,026 25,357
------ ------
Income from continuing
operations 40,475 39,690
Income from discontinued
operations, net of income
taxes 6,002 264
------- -------
Net income $46,477 $39,954
======= =======
Three months ended Three months ended
December 31, 2008 December 31, 2007
----------------- -----------------
Per Per
Diluted Diluted
Amount Share Amount Share
------ -------- ------ --------
Calculation of Adjusted Income
from Continuing Operations
------------------------------
Income from continuing
operations $40,475 $0.81 $39,690 $0.75
Plus/minus adjustments:
South Texas Health System
affiliates reserve, net of
income taxes 9,153 0.18 - -
PHICO estate liquidation
proceeds, net of income
taxes (5,968) (0.12) - -
------ ----- --- ---
Subtotal after-tax adjustments
to income from continuing
operations 3,185 0.06 - -
----- ---- --- ---
Adjusted income from
continuing operations $43,660 $0.87 $39,690 $0.75
======= ===== ======= =====
Calculation of Adjusted Net Income
----------------------------------
Net income $46,477 $0.93 $39,954 $0.75
After-tax adjustments to
income from continuing
operations, as indicated above 3,185 0.06 - -
After-tax gain on divestiture (8,287) (0.17) - -
------ ----- --- ---
Adjusted net income $41,375 $0.82 $39,954 $0.75
======= ===== ======= =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
--------------------------------------------------------------------
For the twelve months ended December 31, 2008 and 2007
------------------------------------------------------
(in thousands, except per share amounts)
Twelve months Twelve months
ended ended
December 31, December 31,
2008 2007
------------- ------------
Net revenues $5,022,417 100.0% $4,683,150 100.0%
Operating charges:
Salaries, wages and
benefits 2,133,181 42.5% 2,004,995 42.8%
Other operating expenses 1,044,278 20.8% 982,614 21.0%
Supplies expense 694,477 13.8% 666,320 14.2%
Provision for doubtful
accounts 476,745 9.5% 410,543 8.8%
------- --- ------- ---
4,348,681 86.6% 4,064,472 86.8%
--------- ---- --------- ----
Operating income/margin 673,736 13.4% 618,678 13.2%
Lease and rental expense 69,882 67,867
Minority interests in
earnings of consolidated
entities 40,693 43,361
------ ------
Earnings before hurricane
related expenses,
depreciation and
amortization, interest
expense, and income taxes
("EBITDA") 563,161 507,450
Depreciation and
amortization 193,635 180,557
Interest expense, net 53,207 51,626
------ ------
Income before income taxes 316,319 275,267
Provision for income taxes 123,378 104,625
------- -------
Income from continuing
operations 192,941 170,642
Income (loss) from
discontinued operations, net
of income taxes 6,436 (255)
-------- --------
Net income $199,377 $170,387
======== ========
Twelve months Twelve months
ended ended
December 31, December 31,
2008 2007
------------ ------------
Per Per
Diluted Diluted
Amount Share Amount Share
------ -------- ------ --------
Calculation of Adjusted Income
from Continuing Operations
------------------------------
Income from continuing
operations $192,941 $3.80 $170,642 $3.18
Plus/minus adjustments:
Gain on sale of real
property and other
investment, net of income
taxes (4,894) (0.09) (1,364) (0.02)
South Texas Health System
affiliates reserve, net of
income taxes 15,255 0.30 - -
PHICO estate liquidation
proceeds, net of income
taxes (5,968) (0.12) - -
Reduction of professional
and general liability expense,
net of minority interests
and income taxes - - (10,104) (0.19)
Unfavorable prior period
effect of Texas Medicaid
supplemental payments
and cost report settlements,
net of income taxes - - 3,419 0.07
Favorable tax reserve
adjustment - - (2,079) (0.04)
Reserve for legal judgment
and lawsuit, net of income
taxes - - 2,307 0.04
Write-down of investment in
joint-venture, net of income
taxes - - 1,612 0.03
--- --- ----- ----
Subtotal after-tax
adjustments to income from
continuing operations 4,393 0.09 (6,209) (0.11)
----- ---- ------ -----
Adjusted income from
continuing operations $197,334 $3.89 $164,433 $3.07
======== ===== ======== =====
Calculation of Adjusted
Net Income
-----------------------
Net income $199,377 $3.93 $170,387 $3.18
After-tax adjustments to
income from continuing
operations, as indicated
above 4,393 0.09 (6,209) (0.11)
After-tax gain on divestiture (8,287) (0.17) - -
------ ----- --- ---
Adjusted net income $195,483 $3.85 $164,178 $3.07
======== ===== ======== =====
Universal Health Services, Inc.
-------------------------------
Condensed Consolidated Balance Sheets
-------------------------------------
(in thousands)
December 31, December 31,
2008 2007
---- ----
Assets:
Cash and cash equivalents $5,460 $16,354
Accounts receivable, net 625,437 627,186
Other current assets 136,940 131,307
Current assets held for sale 21,580 -
Property, plant and equipment, net 2,100,292 1,933,916
Other assets 852,753 899,894
------- -------
Total Assets $3,742,462 $3,608,657
========== ==========
Liabilities and Stockholders' Equity:
Current portion of long-term debt $8,708 $3,116
Other current liabilities 552,417 484,595
Other noncurrent liabilities 407,652 344,755
Long-term debt 990,661 1,008,786
Deferred income taxes 12,439 40,022
Minority interests 226,735 210,184
Stockholders' equity 1,543,850 1,517,199
--------- ---------
Total Liabilities and Stockholders'
Equity $3,742,462 $3,608,657
========== ==========
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Cash Flows
-------------------------------------
(in thousands)
Twelve months
ended December 31,
------------------
2008 2007
---- ----
Cash Flows from Operating Activities:
Net income $199,377 $170,387
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization 195,766 183,281
Gains on sales of assets and businesses, net of
losses (21,464) (3,722)
Provision for settlements 25,000 -
Changes in assets & liabilities, net of effects
from acquisitions and dispositions:
Accounts receivable 22,445 (13,050)
Construction management and other receivable (20,693) 1,510
Accrued interest (123) 2,143
Accrued and deferred income taxes (3,483) 9,648
Other working capital accounts 3,878 (26,547)
Other assets and deferred charges 21,003 (4,700)
Other 16,928 8,688
Minority interest in earnings of consolidated
entities, net of distributions 9,614 10,334
Accrued insurance expense, net of commercial
premiums paid 73,413 64,131
Payments made in settlement of self-insurance
claims (58,561) (53,608)
------- -------
Net cash provided by operating activities 463,100 348,495
------- -------
Cash Flows from Investing Activities:
Property and equipment additions, net of
disposals (354,537) (339,813)
Proceeds received from sale of assets 82,062 6,818
Settlement proceeds received related to prior year
acquisition, net of expenses 1,539 -
Investment in joint-venture (1,249) -
Acquisition of assets and businesses (23,481) (101,792)
Purchase of minority ownership interest in
majority owned business (1,058) (14,762)
------ -------
Net cash used in investing activities (296,724) (449,549)
-------- --------
Cash Flows from Financing Activities:
Additional borrowings 151,129 183,206
Reduction of long-term debt (166,557) (8,716)
Repurchase of common shares (149,404) (74,091)
Dividends paid (16,150) (17,169)
Issuance of common stock 2,354 2,264
Financing costs (975) (588)
Capital contributions from minority member 2,333 17,563
----- ------
Net cash (used in) provided by financing
activities (177,270) 102,469
-------- -------
(Decrease) increase in cash and cash equivalents (10,894) 1,415
Cash and cash equivalents, beginning of period 16,354 14,939
------ ------
Cash and cash equivalents, end of period $5,460 $16,354
====== =======
Supplemental Disclosures of Cash Flow Information:
Interest paid $62,285 $58,567
======= =======
Income taxes paid, net of refunds $130,379 $93,519
======== =======
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter 12 months
Ended ended
--------------
Same Facility: 12/31/2008 12/31/2008
-------------- ---------- ----------
Acute Care Hospitals
--------------------
Revenues 2.2% 4.8%
Adjusted Admissions -1.0% 0.0%
Adjusted Patient Days 0.7% 0.7%
Revenue Per Adjusted Admission 3.3% 4.8%
Revenue Per Adjusted Patient Day 1.4% 4.1%
Behavioral Health Hospitals
---------------------------
Revenues 4.0% 7.6%
Adjusted Admissions 0.3% 6.1%
Adjusted Patient Days -0.6% 2.9%
Revenue Per Adjusted Admission 3.9% 1.4%
Revenue Per Adjusted Patient Day 4.8% 4.6%
----------------
UHS Consolidated Fourth Quarter Ended Twelve months Ended
---------------- -------------------- -------------------
12/31/2008 12/31/2007 12/31/2008 12/31/2007
---------- ---------- ---------- ----------
Revenues $1,237,402 $1,177,337 $5,022,417 $4,683,150
EBITDA (1)(5) 132,652 125,244 563,161 507,450
EBITDA Margin(1) 10.7% 10.6% 11.2% 10.8%
Cash Flow From Operations 67,157 25,714 463,100 348,495
Days Sales Outstanding 47 49 46 49
Capital Expenditures 114,657 76,447 354,537 339,813
Debt 999,369 1,011,902
Shareholders Equity 1,543,850 1,517,199
Debt / Total Capitalization 39.3% 40.0%
Debt / EBITDA (2) 1.77 1.99
Debt / Cash From
Operations (2) 2.16 2.90
Acute Care EBITDAR
Margin(3)(4)(5) 13.6% 13.1% 14.1% 13.7%
Behavioral Health EBITDAR
Margin(3)(4) 22.7% 22.8% 23.3% 22.9%
(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation and minority interest
(4) Excluding discontinued operations
(5) 2008 Acute care margin excludes $25.1 million South Texas Reserve
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2008
------------
AS REPORTED:
------------
ACUTE (1)
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 22 22 0.0%
Average licensed beds 5,450 5,415 0.6%
Patient days 291,885 285,286 2.3%
Average daily census 3,172.7 3,100.9 2.3%
Occupancy-licensed beds 58.2% 57.3% 1.7%
Admissions 65,302 64,425 1.4%
Length of stay 4.5 4.4 0.9%
Inpatient revenue $2,292,917 $2,075,508 10.5%
Outpatient revenue 906,669 850,047 6.7%
Total patient revenue 3,199,586 2,925,555 9.4%
Other revenue 16,837 14,881 13.1%
Gross hospital revenue 3,216,423 2,940,436 9.4%
Total deductions 2,323,146 2,088,830 11.2%
Net hospital revenue $893,277 $851,606 4.9%
------------
AS REPORTED:
------------
BEHAVIORAL HEALTH
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 81 85 -4.7%
Average licensed beds 7,742 7,573 2.2%
Patient days 505,028 517,818 -2.5%
Average daily census 5,489.4 5,628.5 -2.5%
Occupancy-licensed beds 70.9% 74.3% -4.6%
Admissions 31,325 30,548 2.5%
Length of stay 16.1 17.0 -4.9%
Inpatient revenue $484,524 $467,737 3.6%
Outpatient revenue 64,741 62,362 3.8%
Total patient revenue 549,265 530,099 3.6%
Other revenue 8,096 7,750 4.5%
Gross hospital revenue 557,361 537,849 3.6%
Total deductions 247,251 239,349 3.3%
Net hospital revenue $310,110 $298,500 3.9%
SAME FACILITY:
--------------
ACUTE (2)
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 22 22 0.0%
Average licensed beds 5,285 5,290 -0.1%
Patient days 283,507 279,560 1.4%
Average daily census 3,081.6 3,038.7 1.4%
Occupancy-licensed beds 58.3% 57.4% 1.5%
Admissions 62,860 63,092 -0.4%
Length of stay 4.5 4.4 1.8%
BEHAVIORAL HEALTH (3)
12/31/08 12/31/07 % change
-------- -------- --------
Hospitals owned and leased 81 81 0.0%
Average licensed beds 7,546 7,354 2.6%
Patient days 500,848 501,869 -0.2%
Average daily census 5,444.0 5,455.1 -0.2%
Occupancy-licensed beds 72.1% 74.2% -2.7%
Admissions 30,652 30,449 0.7%
Length of stay 16.3 16.5 -0.9%
(1) Acute care hospitals located in New Orleans and discontinued
operations are excluded in 2007 and 2008.
(2) Acute care hospitals located in New Orleans , discontinued
operations and Centennial Hills Hospital are excluded in
current and prior years.
(3) Casa de Lago, Central Florida , Summit Ridge Hospital and Shenandoah
Valley are excluded in both current and prior years. Highlands
Behavioral is included in both current and prior years from March 1st
through year to date. Dover Behavioral is included in both current
and prior years from May 1st through year to date. Foundations
Behavioral is included in both current and prior years from July 1st
through year to date. Cottonwood Treatment is included in both
current and prior years from August 1st through year to date. Broad
Horizons, Highlander RTC, Midwest Youth and Vista Group Homes are
excluded in both current and prior years from July 1st through year to
date.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2008
------------
AS REPORTED:
------------
ACUTE (1)
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 22 22 0.0%
Average licensed beds 5,452 5,417 0.6%
Patient days 1,200,672 1,172,130 2.4%
Average daily census 3,280.5 3,211.3 2.2%
Occupancy-licensed beds 60.2% 59.3% 1.5%
Admissions 268,207 262,147 2.3%
Length of stay 4.5 4.5 0.1%
Inpatient revenue $9,292,596 $8,375,435 11.0%
Outpatient revenue 3,655,051 3,382,862 8.0%
Total patient revenue 12,947,647 11,758,297 10.1%
Other revenue 72,578 58,661 23.7%
Gross hospital revenue 13,020,225 11,816,958 10.2%
Total deductions 9,350,721 8,406,590 11.2%
Net hospital revenue $3,669,504 $3,410,368 7.6%
------------
AS REPORTED:
------------
BEHAVIORAL HEALTH
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 81 85 -4.7%
Average licensed beds 7,658 7,573 1.1%
Patient days 2,085,114 2,007,119 3.9%
Average daily census 5,697.0 5,499.0 3.6%
Occupancy-licensed beds 74.4% 72.6% 2.5%
Admissions 129,553 119,730 8.2%
Length of stay 16.1 16.8 -4.0%
Inpatient revenue $1,951,560 $1,806,835 8.0%
Outpatient revenue 258,022 235,920 9.4%
Total patient revenue 2,209,582 2,042,755 8.2%
Other revenue 34,330 29,688 15.6%
Gross hospital revenue 2,243,912 2,072,443 8.3%
Total deductions 992,796 926,365 7.2%
Net hospital revenue $1,251,116 $1,146,078 9.2%
SAME FACILITY:
--------------
ACUTE (2)
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 22 22 0.0%
Average licensed beds 5,287 5,292 -0.1%
Patient days 1,158,353 1,149,422 0.8%
Average daily census 3,164.9 3,149.1 0.5%
Occupancy-licensed beds 59.9% 59.5% 0.6%
Admissions 256,873 256,681 0.1%
Length of stay 4.5 4.5 0.7%
BEHAVIORAL HEALTH (3)
12/31/08 12/31/07 % change
-------- -------- ---------
Hospitals owned and leased 81 81 0.0%
Average licensed beds 7,443 7,231 2.9%
Patient days 2,038,217 1,974,322 3.2%
Average daily census 5,568.9 5,409.1 3.0%
Occupancy-licensed beds 74.8% 74.8% 0.0%
Admissions 127,226 119,585 6.4%
Length of stay 16.0 16.5 3.0%
(1) Acute care hospitals located in New Orleans and discontinued
operations are excluded in 2007 and 2008.
(2) Acute care hospitals located in New Orleans , discontinued operations
and Centennial Hills Hospital are excluded in current and prior years.
(3) Casa de Lago, Central Florida , Summit Ridge Hospital and Shenandoah
Valley are excluded in both current and prior years. Highlands
Behavioral is included in both current and prior years from March 1st
through year to date. Dover Behavioral is included in both current
and prior years from May 1st through year to date. Foundations
Behavioral is included in both current and prior years from July 1st
through year to date. Cottonwood Treatment is included in both current
and prior years from August 1st through year to date. Broad Horizons,
Highlander RTC, Midwest Youth and Vista Group Homes are excluded in
both current and prior years from July 1st through year to date.
SOURCE
Steve Filton, Chief Financial Officer of
Web Site: http://www.uhsinc.com /
(UHS UHT)