8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2016 (April 27, 2016)

 

 

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   1-10765   23-2077891

(State or other jurisdiction of

Incorporation or Organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, PENNSYLVANIA 19406

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition

On April 27, 2016, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. 99.1 Universal Health Services, Inc., press release, dated April 27, 2016.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Universal Health Services, Inc.
By:  

/s/ Steve Filton

Name:   Steve Filton
Title:   Senior Vice President and Chief Financial Officer

Date: April 28, 2016


Exhibit Index

 

Exhibit
No.

  

Exhibit

99.1    Universal Health Services, Inc., press release, dated April 27, 2016.
EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

 

CONTACT:    Steve Filton   
   Chief Financial Officer    April 27, 2016
   610-768-3300   

UNIVERSAL HEALTH SERVICES, INC. REPORTS

2016 FIRST QUARTER FINANCIAL RESULTS

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended March 31, 2016 and 2015:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $190.8 million, or $1.93 per diluted share, during the first quarter of 2016 as compared to $174.3 million, or $1.73 per diluted share, during the comparable quarter of 2015. Net revenues increased 10.1% to $2.45 billion during the first quarter of 2016 as compared to $2.23 billion during the first quarter of 2015.

For the three-month period ended March 31, 2016, our adjusted net income attributable to UHS per diluted share, as calculated on the attached Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”), increased approximately 11% to $1.98 per diluted share, as compared to $1.78 per diluted share during the first quarter of 2015. As reflected on the Supplemental Schedule, included in our reported results during each of the first quarters of 2016 and 2015, are net unfavorable after-tax impacts of $.05 per diluted share related to the depreciation and amortization expense recorded in connection with the implementation of electronic health records (“EHR”) applications at our acute care hospitals.

Acute Care Services – Three-month periods ended March 31, 2016 and 2015:

During the first quarter of 2016, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) increased 7.8% and adjusted patient days increased 3.5%, as compared to the first quarter of 2015. Net revenues at these facilities increased 12.0% during the first quarter of 2016 as compared to the first quarter of the prior year. At these facilities, net revenue per adjusted admission increased 3.0% while net revenue per adjusted patient day increased 7.3% during the first quarter of 2016 as compared to the comparable quarter of 2015. On a same facility basis, the operating margin at our acute care hospitals increased to 21.1% during the first quarter of 2016 as compared to 20.5% during the first quarter of 2015. We define operating margin as net revenues less salaries, wages and benefits, other operating expenses and supplies expense (excluding the impact of EHR and other items, if applicable, as indicated on the Supplemental Schedules).

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 gross charges, amounting to approximately $345 million and $287 million during the three-month periods ended March 31, 2016 and 2015, respectively. The provision for doubtful accounts at our acute care hospitals amounted to approximately $140 million and $124 million during the three-month periods ended March 31,


2016 and 2015, respectively. Our acute care hospitals experienced an increase in the aggregate of charity care, uninsured discounts and provision for doubtful accounts, as a percentage of gross charges, during the first quarter of 2016, as compared to the first quarter of 2015.

Behavioral Health Care Services – Three-month periods ended March 31, 2016 and 2015:

During the first quarter of 2016, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.4% while adjusted patient days increased 1.0% as compared to the first quarter of 2015. At these facilities, net revenue per adjusted admission increased 1.8% while net revenue per adjusted patient day increased 2.2% during the first quarter of 2016 as compared to the comparable quarter in 2015. On a same facility basis, our behavioral health services’ net revenues increased 3.5% during the first quarter of 2016, as compared to the comparable quarter in 2015. The operating margins were 27.8% during the first quarter of 2016 and 28.4% during the first quarter of 2015.

Share Repurchase Program:

In February of 2016, our Board of Directors authorized a $400 million increase to our stock repurchase program, which increased the aggregate authorization to $800 million from the previous $400 million authorization approved during the third quarter of 2014. Pursuant to this program, we may purchase shares of our Class B Common Stock, from time to time as conditions allow, on the open market or in negotiated private transactions.

In conjunction with this program, during the first quarter of 2016, we repurchased approximately 1.3 million shares at an aggregate cost of $152.4 million (approximately $113 per share). Since inception of the program through March 31, 2016, we repurchased approximately 3.2 million shares at an aggregate cost of approximately $376.6 million (approximately $117 per share).

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 28, 2016. The dial-in number is 1-877-648-7971.

A live broadcast of the conference call will be available on our website at www.uhsinc.com. A replay of the call will be available following the conclusion of the live call and will be available for one full year.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Universal Health Services, Inc. (“UHS”) is one of the nation’s largest hospital companies operating through its subsidiaries acute care hospitals, behavioral health facilities and ambulatory centers located throughout the United States, the United Kingdom, Puerto Rico and the U.S. Virgin Islands. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.

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 Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2015), may cause the results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond


our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

We believe that operating income, operating margin, adjusted net income attributable to UHS, adjusted net income attributable to UHS 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 United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of material items related to the implementation of EHR applications at our acute care hospitals and other items that are nonrecurring or non-operational in nature including, but not limited to, costs related to extinguishment of debt, gains on sales of assets and businesses, reserves for settlements, legal judgments and lawsuits, impairments of long-lived assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2015. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

Our acute care hospitals are eligible for Medicare and Medicaid EHR incentive payments upon implementation of the EHR application, once they have demonstrated meaningful use of certified EHR technology for the applicable stage or have completed attestations to their adoption or implementation of certified EHR technology. However, there may be timing differences in the recognition of the incentive income and expenses recorded in connection with the implementation of the EHR application which may cause material period-to-period changes in our future results of operations. Pursuant to regulations, hospitals that did not qualify as a meaningful user of EHR by 2015 are subject to a reduced market basket update to the inpatient prospective payment system standardized amount in 2015 and each subsequent fiscal year. We believe that all of our acute care hospitals have met the applicable meaningful use criteria and therefore are not subject to a reduced market basked update to the inpatient prospective payment standardized amount. Under the HITECH Act, hospitals must continue to meet the applicable meaningful use criteria in each fiscal year or they will be subject to a market basket update reduction in a subsequent fiscal year.

(more)


Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended March 31,
 
     2016      2015  

Net revenues before provision for doubtful accounts

   $ 2,619,593       $ 2,380,101   

Less: Provision for doubtful accounts

     169,795         154,748   
  

 

 

    

 

 

 

Net revenues

     2,449,798         2,225,353   

Operating charges:

     

Salaries, wages and benefits

     1,148,139         1,031,703   

Other operating expenses

     561,584         505,966   

Supplies expense

     255,250         238,741   

Depreciation and amortization

     104,049         98,998   

Lease and rental expense

     24,452         22,891   
  

 

 

    

 

 

 
     2,093,474         1,898,299   
  

 

 

    

 

 

 

Income from operations

     356,324         327,054   

Interest expense, net

     29,600         30,037   
  

 

 

    

 

 

 

Income before income taxes

     326,724         297,017   

Provision for income taxes

     111,005         102,694   
  

 

 

    

 

 

 

Net income

     215,719         194,323   

Less: Income attributable to noncontrolling interests

     24,960         20,024   
  

 

 

    

 

 

 

Net income attributable to UHS

   $ 190,759       $ 174,299   
  

 

 

    

 

 

 

Basic earnings per share attributable to UHS (a)

   $ 1.95       $ 1.76   
  

 

 

    

 

 

 

Diluted earnings per share attributable to UHS (a)

   $ 1.93       $ 1.73   
  

 

 

    

 

 

 


Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended March 31,
 
     2016     2015  

(a) Earnings per share calculation:

    

Basic and diluted:

    

Net income attributable to UHS

   $ 190,759      $ 174,299   

Less: Net income attributable to unvested restricted share grants

     (89     (68
  

 

 

   

 

 

 

Net income attributable to UHS - basic and diluted

   $ 190,670      $ 174,231   
  

 

 

   

 

 

 

Weighted average number of common shares - basic

     97,607        98,910   
  

 

 

   

 

 

 

Basic earnings per share attributable to UHS:

   $ 1.95      $ 1.76   
  

 

 

   

 

 

 

Weighted average number of common shares

     97,607        98,910   

Add: Other share equivalents

     1,288        1,737   
  

 

 

   

 

 

 

Weighted average number of common shares and equiv. - diluted

     98,895        100,647   
  

 

 

   

 

 

 

Diluted earnings per share attributable to UHS:

   $ 1.93      $ 1.73   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”)

For the three months ended March 31, 2016 and 2015

(in thousands, except per share amounts)

(unaudited)

Calculation of “EBITDA”

 

     Three months ended
March 31, 2016
    Three months ended
March 31, 2015
 

Net revenues before provision for doubtful accounts

   $ 2,619,593         $ 2,380,101      

Less: Provision for doubtful accounts

     169,795           154,748      
  

 

 

      

 

 

    

Net revenues

     2,449,798         100.0     2,225,353         100.0

Operating charges:

          

Salaries, wages and benefits

     1,148,139         46.9     1,031,703         46.4

Other operating expenses

     561,584         22.9     505,966         22.7

Supplies expense

     255,250         10.4     238,741         10.7
  

 

 

    

 

 

   

 

 

    

 

 

 
     1,964,973         80.2     1,776,410         79.8
  

 

 

    

 

 

   

 

 

    

 

 

 

Operating income/margin (“EBITDAR”)

     484,825         19.8     448,943         20.2

Lease and rental expense

     24,452           22,891      

Income attributable to noncontrolling interests

     24,960           20,024      
  

 

 

    

 

 

   

 

 

    

 

 

 

Earnings before, depreciation and amortization, interest expense, and income taxes (“EBITDA”)

     435,413         17.8     406,028         18.2

Depreciation and amortization

     104,049           98,998      

Interest expense, net

     29,600           30,037      
  

 

 

      

 

 

    

Income before income taxes

     301,764           276,993      

Provision for income taxes

     111,005           102,694      
  

 

 

      

 

 

    

Net income attributable to UHS

   $ 190,759         $ 174,299      
  

 

 

      

 

 

    

Calculation of Adjusted Net Income Attributable to UHS

 

     Three months ended
March 31, 2016
     Three months ended
March 31, 2015
 
           Per            Per  
     Amount     Diluted Share      Amount     Diluted Share  

Calculation of Adjusted Net Income Attributable to UHS - including and excluding EHR impact:

         

Net income attributable to UHS

   $ 190,759      $ 1.93       $ 174,299      $ 1.73   

Plus/minus impact of EHR implementation:

         

EHR-related incentive income, pre-tax

     —             —       

EHR-related depreciation & amortization, pre-tax

     9,306           9,306     

EHR-related minority interest in earnings of consolidated entities, pre-tax

     (962        (964  

Income tax provision on EHR-related items

     (3,110        (3,109  
  

 

 

   

 

 

    

 

 

   

 

 

 

After-tax impact of EHR-related items

     5,234        0.05         5,233        0.05   
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted net income attributable to UHS

   $ 195,993      $ 1.98       $ 179,532      $ 1.78   
  

 

 

   

 

 

    

 

 

   

 

 

 


Universal Health Services, Inc.

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

     Three months
ended March 31,
 
     2016     2015  

Net income

   $ 215,719      $ 194,323   

Other comprehensive income (loss):

    

Unrealized derivative gains (loss) on cash flow hedges

     (14,299     4,132   

Amortization of terminated hedge

     (84     (84

Foreign currency translation adjustment

     5,986        (418
  

 

 

   

 

 

 

Other comprehensive income before tax

     (8,397     3,630   

Income tax expense related to items of other comprehensive income

     (5,360     1,497   
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

     (3,037     2,133   
  

 

 

   

 

 

 

Comprehensive income

     212,682        196,456   

Less: Comprehensive income attributable to noncontrolling interests

     24,960        20,024   
  

 

 

   

 

 

 

Comprehensive income attributable to UHS

   $ 187,722      $ 176,432   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

     March 31,
2016
    December 31,
2015
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 54,590      $ 61,228   

Accounts receivable, net

     1,374,737        1,302,429   

Supplies

     116,725        116,037   

Deferred income taxes

     0        135,120   

Other current assets

     89,386        103,490   
  

 

 

   

 

 

 

Total current assets

     1,635,438        1,718,304   
  

 

 

   

 

 

 

Property and equipment

     6,655,292        6,530,569   

Less: accumulated depreciation

     (2,774,740     (2,694,591
  

 

 

   

 

 

 
     3,880,552        3,835,978   
  

 

 

   

 

 

 

Other assets:

    

Goodwill

     3,594,901        3,596,114   

Deferred charges

     16,235        16,688   

Other

     437,883        448,360   
  

 

 

   

 

 

 
   $ 9,565,009      $ 9,615,444   
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Current maturities of long-term debt

   $ 88,262      $ 62,722   

Accounts payable and accrued liabilities

     1,147,384        1,033,697   

Federal and state taxes

     49,794        3,987   
  

 

 

   

 

 

 

Total current liabilities

     1,285,440        1,100,406   
  

 

 

   

 

 

 

Other noncurrent liabilities

     295,684        278,834   

Long-term debt

     3,192,144        3,368,634   

Deferred income taxes

     178,947        315,900   

Redeemable noncontrolling interest

     261,492        242,509   

UHS common stockholders’ equity

     4,289,218        4,249,647   

Noncontrolling interest

     62,084        59,514   
  

 

 

   

 

 

 

Total equity

     4,351,302        4,309,161   
  

 

 

   

 

 

 
   $ 9,565,009      $ 9,615,444   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Three months
ended March 31,
 
     2016     2015  

Cash Flows from Operating Activities:

    

Net income

   $ 215,719      $ 194,323   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation & amortization

     104,049        98,998   

Stock-based compensation expense

     13,204        10,829   

Changes in assets & liabilities, net of effects from acquisitions and dispositions:

    

Accounts receivable

     (79,962     (96,972

Accrued interest

     688        1,117   

Accrued and deferred income taxes

     91,131        79,050   

Other working capital accounts

     98,972        (29,829

Other assets and deferred charges

     (5,803     (234

Other

     20,911        17,807   

Accrued insurance expense, net of commercial premiums paid

     22,616        22,748   

Payments made in settlement of self-insurance claims

     (17,298     (26,562
  

 

 

   

 

 

 

Net cash provided by operating activities

     464,227        271,275   
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

    

Property and equipment additions, net of disposals

     (127,214     (89,276

Acquisition of property and businesses

     (19,543     (34,500
  

 

 

   

 

 

 

Net cash used in investing activities

     (146,757     (123,776
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Reduction of long-term debt

     (166,671     (158,871

Additional borrowings

     14,400        20,800   

Financing costs

     (44     0   

Repurchase of common shares

     (171,042     (28,767

Dividends paid

     (9,757     (9,899

Issuance of common stock

     2,331        1,768   

Excess income tax benefits related to stock-based compensation

     11,002        20,807   

Profit distributions to noncontrolling interests

     (3,407     (2,413

Proceeds received from sale/leaseback of real property

     0        12,551   
  

 

 

   

 

 

 

Net cash used in financing activities

     (323,188     (144,024
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (920     (466
  

 

 

   

 

 

 

(Decrease) increase in cash and cash equivalents

     (6,638     3,009   

Cash and cash equivalents, beginning of period

     61,228        32,069   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 54,590      $ 35,078   
  

 

 

   

 

 

 

Supplemental Disclosures of Cash Flow Information:

    

Interest paid

   $ 27,133      $ 27,158   
  

 

 

   

 

 

 

Income taxes paid, net of refunds

   $ 9,093      $ 2,876   
  

 

 

   

 

 

 

Noncash purchases of property and equipment

   $ 47,374      $ 33,082   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 

Same Facility:    % Change
Quarter ended
3/31/2016
 

Acute Care Hospitals

  

Revenues

     12.0

Adjusted Admissions

     7.8

Adjusted Patient Days

     3.5

Revenue Per Adjusted Admission

     3.0

Revenue Per Adjusted Patient Day

     7.3

Behavioral Health Hospitals

  

Revenues

     3.5

Adjusted Admissions

     1.4

Adjusted Patient Days

     1.0

Revenue Per Adjusted Admission

     1.8

Revenue Per Adjusted Patient Day

     2.2

 

 

 

UHS Consolidated    First quarter ended  
     3/31/2016     3/31/2015  

Revenues

   $ 2,449,798      $ 2,225,353   

EBITDA (1)

   $ 435,413      $ 406,028   

EBITDA Margin (1)

     17.8     18.2

Cash Flow From Operations

   $ 464,227      $ 271,275   

Days Sales Outstanding

     51        56   

Capital Expenditures

   $ 127,214      $ 89,276   

Debt

   $ 3,280,406      $ 3,118,642   

UHS’ Shareholders Equity

   $ 4,289,218      $ 3,906,963   

Debt / Total Capitalization

     43.3     44.6

Debt / EBITDA (2)

     2.03        2.12   

Debt / Cash From Operations (2)

     2.70        2.80   

Acute Care EBITDAR Margin (3)

     21.1     20.5

Behavioral Health EBITDAR Margin (3)

     27.8     28.4

 

(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Same facility basis, before Corporate overhead allocation and minority interest.


Universal Health Services, Inc.

Selected Hospital Statistics

For the three months ended

March 31, 2016 and 2015

 

AS REPORTED:                                     
     ACUTE           BEHAVIORAL HEALTH  
     03/31/16     03/31/15     % change     03/31/16     03/31/15     % change  

Hospitals owned and leased

     24        24        0.0     217        203        6.9

Average licensed beds

     5,854        5,792        1.1     21,751        20,985        3.7

Patient days

     325,171        317,979        2.3     1,500,705        1,443,066        4.0

Average daily census

     3,573.5        3,533.1        1.1     16,491.3        16,034.1        2.9

Occupancy-licensed beds

     61.0     61.0     0.1     75.8     76.4     -0.8

Admissions

     69,674        65,419        6.5     115,421        112,706        2.4

Length of stay

     4.7        4.9        -4.0     13.0        12.8        1.6

Inpatient revenue

   $ 4,965,537      $ 4,328,767        14.7   $ 1,959,570      $ 1,823,425        7.5

Outpatient revenue

     2,767,329        2,284,712        21.1     221,643        204,569        8.3

Total patient revenue

     7,732,866        6,613,479        16.9     2,181,213        2,027,994        7.6

Other revenue

     111,557        88,675        25.8     50,538        50,680        -0.3

Gross hospital revenue

     7,844,423        6,702,154        17.0     2,231,751        2,078,674        7.4

Total deductions

     6,417,521        5,431,864        18.1     1,040,661        971,973        7.1

Net hospital revenue before provision for doubtful accounts

     1,426,902        1,270,290        12.3     1,191,090        1,106,701        7.6

Provision for doubtful accounts

     139,755        124,350        12.4     30,044        30,356        -1.0

Net hospital revenue

   $ 1,287,147      $ 1,145,940        12.3   $ 1,161,046      $ 1,076,345        7.9
SAME FACILITY:                                     
     ACUTE           BEHAVIORAL HEALTH (1)  
     03/31/16     03/31/15     % change     03/31/16     03/31/15     % change  

Hospitals owned and leased

     24        24        0.0     201        201        0.0

Average licensed beds

     5,854        5,792        1.1     20,999        20,707        1.4

Patient days

     325,171        317,979        2.3     1,448,374        1,431,252        1.2

Average daily census

     3,573.5        3,533.1        1.1     15,916.2        15,902.8        0.1

Occupancy-licensed beds

     61.0     61.0     0.1     75.8     76.8     -1.3

Admissions

     69,674        65,419        6.5     114,109        112,327        1.6

Length of stay

     4.7        4.9        -4.0     12.7        12.7        -0.4

 

(1) Garland Behavioral Health, ALPHA (UK) entities, and the Foundations Recovery Network entities are excluded in both current and prior years.