Community Health Systems, Inc., the largest publicly traded hospital company in the United States, increased its operating revenues for the first three months of 2010.
The Franklin, Tenn.-based firm released its first quarter financial results this week. Net operating revenues for the three months ending March 31, 2010, totaled $3.2 billion, an 8.5 percent increase compared to $2.9 billion for the same period in 2009. Income from continuing operations increased to $85 million for the three months of 2010, compared with $70.8 million for the same period in 2009.
Community Health Systems runs general acute care hospitals in non-urban and mid-sized markets throughout the country. The company owns, leases or operates 122 hospitals in 29 states with an aggregate of approximately 18,000 licensed beds.
According to Wayne T. Smith, the company's CEO, the positive financial results for the first quarter reflect a 3 percent increase in total admissions and a 4.7 percent increase in total adjusted admissions, compared to the same period in 2009.
The increase is due primarily to acquisitions during the past 12 months, he said. On a same-store basis, admissions decreased 1.2 percent and adjusted admissions increased 0.1 percent, compared to the same period in 2009. On a same-store basis, net operating revenues increased 3.7 percent, compared to the same period in 2009.
"We have continued to focus on driving operating synergies at the individual hospital level, especially at our more recently acquired facilities," Smith said. "Our success as an operator is supported by consistent growth in revenues and earnings, in spite of a challenging economic environment."
The company also announced that its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter was $433.3 million, compared to $403.5 million for the same period in 2009, representing a 7.4 percent increase. Net cash provided by operating activities for the first quarter was $299.4 million, compared to $259.4 million for the same period in 2009.
"Looking ahead, our primary focus for 2010 will be on leveraging our existing assets and improving our operations by focusing on the key areas for success in our business – a proven operating model, disciplined expense management, a successful physician recruitment program and strategic capital investments," Smith said.