Nashville, Tennessee-based hospital operator HCA Holdings posted a fourth quarter profit of nearly $527 million, the company said on Wednesday, driven by higher volumes and an increase in Medicaid payments. The profit excluded net income from non-controlling interests.
The company posted revenue of $9.6 billion in the quarter, a 9 percent jump over the same period last year. HCA saw same facility admission climb 5 percent and emergency visits jump nearly 11 percent compared to the prior year. Fourth quarter revenue also included a $68 million bump due to the reversal of a Texas Medicaid Waiver Program adjustment that trimmed revenue in the previous quarter.
Follow Healthcare Finance on Twitter and LinkedIn.
The company's profit included $9 million from sales of certain facilities.
“We believe our focus on clinical excellence, strategic capital deployment and operational execution has positioned the Company well for the future,” CEO R. Milton Johnson said in a statement.
For the full year, HCA said it earned about $1.9 billion attributable to its holdings on revenue of $36.9 billion, up from revenue of $34.1 billion in the prior year.
The company said it expects revenue up to $39.5 billion in the coming year.
| Operating Statistics | ||||||||||||||||||||||
| Fourth Quarter | For the Years Ended Dec. 31 | |||||||||||||||||||||
|
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||||
| Operations: | ||||||||||||||||||||||
| Number of Hospitals | 166 | 165 | 166 | 165 | ||||||||||||||||||
| Number of Freestanding Outpatient Surgery Centers | 113 | 115 | 113 | 115 | ||||||||||||||||||
| Licensed Beds at End of Period | 43,356 | 42,896 | 43,356 | 42,896 | ||||||||||||||||||
| Weighted Average Licensed Beds | 43,321 | 42,809 | 43,132 | 42,133 | ||||||||||||||||||
| Reported: | ||||||||||||||||||||||
| Admissions | 458,000 | 434,300 | 1,795,300 | 1,744,100 | ||||||||||||||||||
|
% Change |
5.5 | % | 2.9 | % | ||||||||||||||||||
| Equivalent Admissions | 760,200 | 716,200 | 2,958,700 | 2,844,700 | ||||||||||||||||||
|
% Change |
6.1 | % | 4.0 | % | ||||||||||||||||||
| Revenue per Equivalent Admission | $ | 12,676 | $ | 12,337 | $ | 12,478 | $ | 12,016 | ||||||||||||||
|
% Change |
2.7 | % | 3.8 | % | ||||||||||||||||||
| Inpatient Revenue per Admission | $ | 12,461 | $ | 12,124 | $ | 12,327 | $ | 11,829 | ||||||||||||||
|
% Change |
2.8 | % | 4.2 | % | ||||||||||||||||||
| Patient Days | 2,216,700 | 2,085,200 | 8,699,800 | 8,341,200 | ||||||||||||||||||
|
% Change |
6.3 | % | 4.3 | % | ||||||||||||||||||
| Equivalent Patient Days | 3,679,000 | 3,438,600 | 14,337,200 | 13,604,600 | ||||||||||||||||||
|
% Change |
7.0 | % | 5.4 | % | ||||||||||||||||||
| Inpatient Surgery Cases | 132,600 | 128,700 | 518,900 | 508,800 | ||||||||||||||||||
|
% Change |
3.0 | % | 2.0 | % | ||||||||||||||||||
| Outpatient Surgery Cases | 233,400 | 233,000 | 891,600 | 881,900 | ||||||||||||||||||
|
% Change |
0.2 | % | 1.1 | % | ||||||||||||||||||
| Emergency Room Visits | 1,949,200 | 1,754,300 | 7,450,700 | 6,968,100 | ||||||||||||||||||
|
% Change |
11.1 | % | 6.9 | % | ||||||||||||||||||
|
Outpatient Revenues as a Percentage of Patient Revenues |
38.9 | % | 38.8 | % | 38.1 | % | 37.9 | % | ||||||||||||||
| Average Length of Stay | 4.8 | 4.8 | 4.8 | 4.8 | ||||||||||||||||||
| Occupancy | 55.6 | % | 52.9 | % | 55.3 | % | 54.2 | % | ||||||||||||||
| Equivalent Occupancy | 92.3 | % | 87.1 | % | 91.1 | % | 88.4 | % | ||||||||||||||
| Same Facility: | ||||||||||||||||||||||
| Admissions | 450,500 | 428,900 | 1,770,800 | 1,734,700 | ||||||||||||||||||
|
% Change |
5.0 | % | 2.1 | % | ||||||||||||||||||
| Equivalent Admissions | 744,100 | 704,700 | 2,907,700 | 2,825,900 | ||||||||||||||||||
|
% Change |
5.6 | % | 2.9 | % | ||||||||||||||||||
| Revenue per Equivalent Admission | $ | 12,677 | $ | 12,363 | $ | 12,475 | $ | 12,011 | ||||||||||||||
|
% Change |
2.5 | % | 3.9 | % | ||||||||||||||||||
| Inpatient Revenue per Admission | $ | 12,525 | $ | 12,205 | $ | 12,392 | $ | 11,854 | ||||||||||||||
|
% Change |
2.6 | % | 4.5 | % | ||||||||||||||||||
| Inpatient Surgery Cases | 130,800 | 127,700 | 513,600 | 506,700 | ||||||||||||||||||
|
% Change |
2.4 | % | 1.3 | % | ||||||||||||||||||
| Outpatient Surgery Cases | 228,200 | 228,900 | 873,400 | 874,300 | ||||||||||||||||||
|
% Change |
-0.3 | % | -0.1 | % | ||||||||||||||||||
| Emergency Room Visits | 1,909,700 | 1,728,300 | 7,317,300 | 6,915,300 | ||||||||||||||||||
|
% Change |
10.5 | % | 5.8 | % | ||||||||||||||||||
Twitter: @HenryPowderly