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8-K - FORM 8-K - HCA Healthcare, Inc.d811633d8k.htm

Exhibit 99.1

 

HCA

  news

 

   FOR IMMEDIATE RELEASE
INVESTOR CONTACT:    MEDIA CONTACT:
Mark Kimbrough    Ed Fishbough
615-344-2688    615-344-2810

HCA Reports Third Quarter 2014 Results

Board Authorizes $1 Billion Share Repurchase Program

Nashville, Tenn., October 28, 2014 – HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating results for the third quarter ended September 30, 2014.

Key third quarter metrics (all percentage changes compare 3Q 2014 to 3Q 2013 unless noted):

 

    Revenues increased 9.0 percent to $9.220 billion

 

    Net income attributable to HCA Holdings, Inc. totaled $518 million, or $1.16 per diluted share

 

    Adjusted EBITDA increased 14.0 percent to $1.828 billion

 

    Cash flows from operations increased 25.3 percent to $1.128 billion

 

    Same facility equivalent admissions increased 4.1 percent, while same facility admissions increased 2.8 percent

 

    Same facility revenue per equivalent admission increased 3.8 percent

“Results for the Company’s third quarter reflect a continuation of solid volume trends and improving payor and service mix,” stated R. Milton Johnson, HCA President and CEO.

The HCA Holdings, Inc. Board of Directors has also authorized a share repurchase program for up to $1 billion of the Company’s outstanding common stock. Repurchases will be made in accordance with applicable securities laws from time to time in the open market, through privately negotiated transactions, or otherwise.

Revenues in the third quarter increased to $9.220 billion, compared to $8.456 billion in the third quarter of 2013. Net income attributable to HCA Holdings, Inc. totaled $518 million, or $1.16 per diluted share, compared to $365 million, or $0.79 per diluted share, in the third quarter of 2013. Third quarter 2014 results include losses on sales of facilities of $12 million, or $0.02 per diluted share. Adjusted EBITDA totaled $1.828 billion compared to $1.603 billion in the third quarter of 2013. Adjusted EBITDA is a non-GAAP financial measure. A table reconciling net income attributable to HCA Holdings, Inc. to Adjusted EBITDA is included in this release.

 

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During the quarter ended September 30, 2014, HCA recorded two changes in estimates which had the net effect of increasing revenues $26 million. The Company recorded $94 million of Medicare revenues as the estimated settlement amount for certain claims denied by Recovery Audit Contractors (“RAC”) entities conducting reviews on behalf of the Centers for Medicare & Medicaid Services (“CMS”) and currently in the pending appeals process. CMS is offering an administrative agreement to providers willing to withdraw their pending appeals in exchange for a timely partial payment (generally 68 percent of the claim amount, subject to certain adjustments). The Company also recorded a $68 million reduction to Medicaid revenues related to the Texas Medicaid Waiver Program. On October 1, 2014, the Texas Health and Human Services Commission (“THHSC”) issued a notice to hospitals participating in the Texas Medicaid Waiver Program. According to the notice, a review conducted by CMS identified certain local government/hospital affiliations it believes may be inconsistent with the waiver. As a result of these findings, CMS notified THHSC that it is deferring the federal portion of the Medicaid payments associated with these affiliations while it completes its review.

Same facility revenue per equivalent admission increased 3.8 percent in the third quarter of 2014 compared to the third quarter of 2013, reflecting improved payor mix and growth in case mix, or acuity, of 2.0 percent on a same facility basis in the quarter.

Same facility equivalent admissions increased 4.1 percent in the third quarter of 2014 compared to the prior year period. Same facility admissions increased 2.8 percent compared to the prior year period. Same facility emergency room visits increased 7.3 percent in the third quarter of 2014, compared to the prior year period. Same facility inpatient surgeries increased 1.4 percent, while same facility outpatient surgeries increased 1.9 percent in the third quarter of 2014 compared to the same period of 2013.

During the third quarter of 2014, salaries and benefits, supplies and other operating expenses totaled $7.438 billion, or 80.7 percent of revenues, compared to $6.937 billion, or 82.0 percent of revenues, in the third quarter of 2013.

Nine Months Ended September 30, 2014

Revenues for the nine months ended September 30, 2014 totaled $27.282 billion compared to $25.346 billion in the same period of 2013. Net income attributable to HCA Holdings, Inc. was $1.348 billion, or $2.98 per diluted share, compared to $1.132 billion, or $2.44 per diluted share, for the first nine months of 2013. Results for the nine months ended September 30, 2014 include losses on retirement of debt of $226 million, or $0.32 per diluted share, gains on sales of facilities of $20 million, or $0.03 per diluted share, and legal claim costs of $78 million, or $0.11 per diluted share. Results for the nine months ended September 30, 2013 include losses on sales of facilities of $13 million, or $0.02 per diluted share, and losses on retirement of debt of $17 million, or $0.02 per diluted share.

 

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Balance Sheet and Cash Flows from Operations

As of September 30, 2014, HCA Holdings, Inc.’s balance sheet reflected cash and cash equivalents of $515 million, total debt of $28.470 billion, and total assets of $29.825 billion. During the third quarter of 2014, capital expenditures totaled $569 million, excluding acquisitions. Cash flows provided by operating activities in the quarter totaled $1.128 billion compared to $900 million in the third quarter of 2013. The $228 million increase in cash flows from operating activities related primarily to the combined impact of a $144 million increase in net income and a $58 million benefit from changes in income taxes for the third quarter of 2014 compared to the third quarter of 2013.

As of September 30, 2014, HCA’s leverage ratio as measured by Total Debt/Adjusted EBITDA was 3.96x, compared to 4.32x as of December 31, 2013. As of September 30, 2014, HCA operated 165 hospitals and 113 freestanding surgery centers.

In October 2014, HCA Inc. completed a $2 billion bond offering consisting of $1.4 billion 5.25% senior secured notes due 2025 and $600 million 4.25% senior secured notes due 2019. Net proceeds will be used to redeem the Company’s existing $1.4 billion 7.25% senior secured notes due 2020, to pay related fees and expenses and for general corporate purposes.

Today, the Company also announced the signing of an agreement to acquire CareNow, a privately-held company with 24 urgent care centers in the Dallas – Fort Worth area. Terms of the agreement were not disclosed. HCA expects to complete the transaction in the fourth quarter of this year.

2014 Guidance

On October 15, 2014, the Company raised its previously issued financial guidance ranges for 2014.

 

     July 2014 Guidance    October 2014 Guidance

Revenues

   $36.00 – $36.50 billion    $36.50 –$37.00 billion

Adjusted EBITDA

   $7.00 – $7.15 billion    $7.25 –$7.35 billion

Adjusted EPS (diluted)

   $4.00 – $4.25    $4.40 – $4.60

Capital Expenditures

   Approximately $2.2 billion    unchanged

The revised guidance assumes (1) benefit to Adjusted EBITDA from the Patient Protection and Affordable Care Act (Health Reform Law) in 2014 of approximately 4 percent of Adjusted EBITDA, (2) the inclusion of adjustments to revenues from the indigent care component of the Texas Medicaid Waiver Program and Medicare RAC settlements, (3) estimated electronic health record incentive income assumptions in a range of $110-$130 million and EHR expenses in a range of $110-$130 million, and (4) estimated increases in share-based compensation expense to approximately $160 million from $113 million in 2013. Guidance excludes the impact of items, if applicable, that are non-operational in nature including items such as, but not limited to, gains

 

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or losses on sales of facilities and businesses, gains or losses on early debt retirement and impairments of long-lived assets. This guidance is also subject to certain risks including those as set forth below in the Company’s “Forward-Looking Statements”.

Earnings Conference Call

HCA will host a conference call for investors at 9:00 a.m. Central Daylight Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed at: https://event.webcasts.com/starthere.jsp?ei=1043273 or through the Company’s Investor Relations web page, www.hcahealthcare.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include statements that do not relate solely to historical facts. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms, (2) the effects related to the implementation of the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act (collectively, the “Health Reform Law”), possible delays in or complications related to implementation of the Health Reform Law, the possible enactment of additional federal or state health care reforms and possible changes to the Health Reform Law and other federal, state or local laws or regulations affecting the health care industry, (3) the effects related to the continued implementation of the sequestration spending reductions required under the Budget Control Act of 2011 (the “BCA”), and related legislation extending these reductions, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (4) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (5) the ability to achieve operating and financial targets, and attain expected levels of patient volumes and control the costs of providing services, (6) possible changes in the Medicare, Medicaid and other state programs, including Medicaid upper payment limit programs or waiver programs, that may impact reimbursements to health care providers and insurers, (7) the highly competitive nature of the health care business, (8) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under managed care agreements, the ability to enter into and renew managed care provider agreements on acceptable terms and the impact of consumer driven health plans

 

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and physician utilization trends and practices, (9) the efforts of insurers, health care providers and others to contain health care costs, (10) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (11) increases in wages and the ability to attract and retain qualified management and personnel, including affiliated physicians, nurses and medical and technical support personnel, (12) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (13) changes in accounting practices, (14) changes in general economic conditions nationally and regionally in our markets, (15) the emergence and effects related to infectious diseases, including Ebola, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, appeals and litigation associated with our tax positions, (20) potential adverse impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and recognize income for the related Medicare or Medicaid incentive payments, and (22) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2013 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views 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.

All references to “Company” and “HCA” as used throughout this release refer to HCA Holdings, Inc. and its affiliates.

 

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HCA Holdings, Inc.

Condensed Consolidated Comprehensive Income Statements

Third Quarter

(Dollars in millions, except per share amounts)

 

     2014     2013  
     Amount     Ratio     Amount     Ratio  
        

Revenues before provision for doubtful accounts

   $ 9,978        $ 9,411     

Provision for doubtful accounts

     758          955     
  

 

 

     

 

 

   

Revenues

     9,220        100.0 %      8,456        100.0

Salaries and benefits

     4,211        45.7        3,916        46.3   

Supplies

     1,539        16.7        1,457        17.2   

Other operating expenses

     1,688        18.3        1,564        18.5   

Electronic health record incentive income

     (32 )      (0.3 )      (75     (0.9

Equity in earnings of affiliates

     (14 )      (0.2 )      (9     (0.1

Depreciation and amortization

     460        5.0        443        5.3   

Interest expense

     427        4.6        458        5.4   

Losses on sales of facilities

     12        0.1        1          
  

 

 

   

 

 

   

 

 

   

 

 

 
     8,291        89.9        7,755        91.7   
  

 

 

   

 

 

   

 

 

   

 

 

 
        

Income before income taxes

     929        10.1        701        8.3   

Provision for income taxes

     318        3.5        234        2.8   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     611        6.6        467        5.5   

Net income attributable to noncontrolling interests

     93        1.0        102        1.2   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to HCA Holdings, Inc.

   $ 518        5.6      $ 365        4.3   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 1.16        $ 0.79     

Shares used in computing diluted earnings per share (000)

     447,260          463,569     

Comprehensive income attributable to HCA Holdings, Inc.

   $ 511        $ 417     
  

 

 

     

 

 

   

 

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HCA Holdings, Inc.

Condensed Consolidated Comprehensive Income Statements

For the Nine Months Ended September 30, 2014 and 2013

(Dollars in millions, except per share amounts)

 

     2014     2013  
     Amount     Ratio     Amount     Ratio  

Revenues before provision for doubtful accounts

   $ 29,619        $ 28,078     

Provision for doubtful accounts

     2,337          2,732     
  

 

 

     

 

 

   

Revenues

     27,282        100.0     25,346        100.0

Salaries and benefits

     12,359        45.3        11,681        46.1   

Supplies

     4,603        16.9        4,406        17.4   

Other operating expenses

     4,977        18.2        4,594        18.1   

Electronic health record incentive income

     (97     (0.4     (166     (0.7

Equity in earnings of affiliates

     (32     (0.1     (29     (0.1

Depreciation and amortization

     1,361        5.1        1,292        5.0   

Interest expense

     1,314        4.8        1,392        5.5   

Losses (gains) on sales of facilities

     (20     (0.1     13        0.1   

Losses on retirement of debt

     226        0.8        17        0.1   

Legal claim costs

     78        0.3                 
  

 

 

   

 

 

   

 

 

   

 

 

 
     24,769        90.8        23,200        91.5   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     2,513        9.2        2,146        8.5   

Provision for income taxes

     816        3.0        704        2.8   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     1,697        6.2        1,442        5.7   

Net income attributable to noncontrolling interests

     349        1.3        310        1.2   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to HCA Holdings, Inc.

   $ 1,348        4.9      $ 1,132        4.5   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 2.98        $ 2.44     

Shares used in computing diluted earnings per share (000)

     452,538          463,051     

Comprehensive income attributable to HCA Holdings, Inc.

   $ 1,399        $ 1,215     
  

 

 

     

 

 

   

 

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HCA Holdings, Inc.

Supplemental Non-GAAP Disclosures

Operating Results Summary

(Dollars in millions, except per share amounts)

 

                   For the Nine Months  
     Third Quarter      Ended September 30,  
     2014      2013      2014     2013  

Revenues

   $ 9,220       $ 8,456       $ 27,282      $ 25,346   

Net income attributable to HCA Holdings, Inc.

   $ 518       $ 365       $ 1,348      $ 1,132   

Losses (gains) on sales of facilities (net of tax)

     9         1         (11     9   

Losses on retirement of debt (net of tax)

                     143        11   

Legal claim costs (net of tax)

                     49          
  

 

 

    

 

 

    

 

 

   

 

 

 

Net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs (a)

     527         366         1,529        1,152   

Depreciation and amortization

     460         443         1,361        1,292   

Interest expense

     427         458         1,314        1,392   

Provision for income taxes

     321         234         919        714   

Net income attributable to noncontrolling interests

     93         102         349        310   
  

 

 

    

 

 

    

 

 

   

 

 

 

Adjusted EBITDA (a)

   $ 1,828       $ 1,603       $ 5,472      $ 4,860   
  

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share:

          

Net income attributable to HCA Holdings, Inc.

   $ 1.16       $ 0.79       $ 2.98      $ 2.44   

Losses (gains) on sales of facilities

     0.02                 (0.03     0.02   

Losses on retirement of debt

                     0.32        0.02   

Legal claim costs

                     0.11          
  

 

 

    

 

 

    

 

 

   

 

 

 

Net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs(a)

   $ 1.18       $ 0.79       $ 3.38      $ 2.48   
  

 

 

    

 

 

    

 

 

   

 

 

 

Shares used in computing diluted earnings per share (000)

     447,260         463,569         452,538        463,051   

 

(a) Net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles (“GAAP”). We believe net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and Adjusted EBITDA as the primary measures to review and assess operating performance of its hospital facilities and their management teams.

 

     Management and investors review both the overall performance (including net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and GAAP net income attributable to HCA Holdings, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies.

 

     Net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Holdings, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Holdings, Inc., excluding losses (gains) on sales of facilities, losses on retirement of debt and legal claim costs, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.

 

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HCA Holdings, Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

 

     September 30.     June 30,     December 31,  
     2014     2014     2013  

ASSETS

      

Current assets:

      

Cash and cash equivalents

   $ 515      $ 658      $ 414   

Accounts receivable, net

     5,524        5,472        5,208   

Inventories

     1,258        1,211        1,179   

Deferred income taxes

     320        500        489   

Other

     910        931        747   
  

 

 

   

 

 

   

 

 

 

Total current assets

     8,527        8,772        8,037   

Property and equipment, at cost

     32,301        31,841        31,073   

Accumulated depreciation

     (18,423     (18,120     (17,454
  

 

 

   

 

 

   

 

 

 
     13,878        13,721        13,619   

Investments of insurance subsidiaries

     441        426        448   

Investments in and advances to affiliates

     167        150        121   

Goodwill and other intangible assets

     5,899        5,909        5,903   

Deferred loan costs

     221        230        237   

Other

     692        614        466   
  

 

 

   

 

 

   

 

 

 
   $ 29,825      $ 29,822      $ 28,831   
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

      

Current liabilities:

      

Accounts payable

   $ 1,787      $ 1,717      $ 1,803   

Accrued salaries

     1,238        1,140        1,193   

Other accrued expenses

     1,563        1,992        1,913   

Long-term debt due within one year

     1,044        1,046        786   
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     5,632        5,895        5,695   

Long-term debt

     27,426        27,942        27,590   

Professional liability risks

     1,045        1,019        949   

Income taxes and other liabilities

     1,740        1,554        1,525   

EQUITY (DEFICIT)

      

Stockholders’ deficit attributable to HCA Holdings, Inc.

     (7,384     (7,990     (8,270

Noncontrolling interests

     1,366        1,402        1,342   
  

 

 

   

 

 

   

 

 

 

Total deficit

     (6,018     (6,588     (6,928
  

 

 

   

 

 

   

 

 

 
   $ 29,825      $ 29,822      $ 28,831   
  

 

 

   

 

 

   

 

 

 

 

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HCA Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2014 and 2013

(Dollars in millions)

 

     2014     2013  

Cash flows from operating activities:

    

Net income

   $ 1,697      $ 1,442   

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

    

Changes in operating assets and liabilities

     (2,945     (3,319

Provision for doubtful accounts

     2,337        2,732   

Depreciation and amortization

     1,361        1,292   

Income taxes

     (61     158   

Losses (gains) sales of facilities

     (20     13   

Loss on retirement of debt

     226        17   

Legal claim costs

     78          

Amortization of deferred loan costs

     33        41   

Share-based compensation

     118        81   

Other

     (3     (3
  

 

 

   

 

 

 

Net cash provided by operating activities

     2,821        2,454   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchase of property and equipment

     (1,482     (1,347

Acquisition of hospitals and health care entities

     (97     (463

Disposition of hospitals and health care entities

     38        31   

Change in investments

     22        97   

Other

     7        8   
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,512     (1,674
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Issuance of long-term debt

     3,502          

Net change in revolving credit facilities

     (160     630   

Repayment of long-term debt

     (3,525     (1,300

Distributions to noncontrolling interests

     (325     (308

Payment of debt issuance costs

     (49     (5

Repurchase of common stock

     (750       

Distributions to stockholders

     (7     (13

Income tax benefits

     119        70   

Other

     (13     (75
  

 

 

   

 

 

 

Net cash used in financing activities

     (1,208     (1,001
  

 

 

   

 

 

 

Change in cash and cash equivalents

     101        (221

Cash and cash equivalents at beginning of period

     414        705   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 515      $ 484   
  

 

 

   

 

 

 

Interest payments

   $ 1,441      $ 1,464   

Income tax payments, net

   $ 758      $ 476   

 

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HCA Holdings, Inc.

Operating Statistics

 

                 For the Nine Months  
     Third Quarter     Ended September 30,  
     2014     2013     2014     2013  

Operations:

        

Number of Hospitals

     165        162        165        162   

Number of Freestanding Outpatient Surgery Centers

     113        114        113        114   

Licensed Beds at End of Period

     43,241        42,038        43,241        42,038   

Weighted Average Licensed Beds

     43,226        42,005        43,069        41,905   

Reported:

        

Admissions

     449,400        432,600        1,337,300        1,309,800   

% Change

     3.9       2.1  

Equivalent Admissions

     751,300        711,800        2,198,500        2,128,500   

% Change

     5.5       3.3  

Revenue per Equivalent Admission

   $ 12,273      $ 11,880      $ 12,410      $ 11,908   

% Change

     3.3       4.2  

Inpatient Revenue per Admission

   $ 12,227      $ 11,661      $ 12,281      $ 11,731   

% Change

     4.9       4.7  

Patient Days

     2,150,300        2,033,200        6,483,100        6,256,000   

% Change

     5.8       3.6  

Equivalent Patient Days

     3,595,700        3,346,100        10,658,200        10,166,000   

% Change

     7.5       4.8  

Inpatient Surgery Cases

     131,300        128,900        386,300        380,100   

% Change

     1.9       1.6  

Outpatient Surgery Cases

     222,700        215,600        658,200        648,900   

% Change

     3.3       1.4  

Emergency Room Visits

     1,886,700        1,738,100        5,501,500        5,213,800   

% Change

     8.6       5.5  

Outpatient Revenues as a

        

Percentage of Patient Revenues

     38.4     38.3     37.8     37.5

Average Length of Stay

     4.8        4.7        4.8        4.8   

Occupancy

     54.1     52.6     55.1     54.7

Equivalent Occupancy

     90.5     86.6     90.6     88.9

Same Facility:

        

Admissions

     444,400        432,200        1,332,700        1,308,200   

% Change

     2.8       1.1  

Equivalent Admissions

     740,400        711,000        2,167,900        2,124,500   

% Change

     4.1       2.0  

Revenue per Equivalent Admission

   $ 12,276      $ 11,830      $ 12,398      $ 11,892   

% Change

     3.8       4.3  

Inpatient Revenue per Admission

   $ 12,267      $ 11,669      $ 12,343      $ 11,735   

% Change

     5.1       5.2  

Inpatient Surgery Cases

     130,500        128,800        383,500        379,700   

% Change

     1.4       1.0  

Outpatient Surgery Cases

     219,000        215,000        647,000        647,400   

% Change

     1.9       -0.1  

Emergency Room Visits

     1,857,600        1,731,000        5,416,900        5,195,300   

% Change

     7.3       4.3  

 

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