HCA records $668M profit in Q3

HCA Healthcare, a 187-hospital system based in Nashville, Tenn., said its revenue and profit increased in the third quarter of this year, which ended Sept. 30. 

HCA posted revenue of $13.3 billion in the third quarter of this year, up 4.9 percent from the same period a year earlier, when revenue totaled $12.7 billion. 

The company said same-hospital admissions declined 3.8 percent year over year. Same-facility emergency room visits were down 20.3 percent, while inpatient surgeries and outpatient surgeries each declined more than 6 percent. 

After factoring in operating expenses and nonoperating items, the company ended the third quarter of this year with net income of $668 million. That’s up from net income of $612 million in the same period last year. 

The company’s results for the third quarter of this year included the reversal of $822 million in government grants recorded in the second quarter. HCA is returning $1.6 billion in provider relief grants it received under the Coronavirus Aid, Relief and Economic Security Act. 

In the first nine months of this year, HCA reported net income of $2.3 billion on revenue of $37.2 billion. The company posted net income of $2.4 billion on revenue of $37.8 billion in the first nine months of 2019. 

More articles on healthcare finance:
Up to 28 Kentucky hospitals at risk of closure
9 hospitals with strong finances
73-year-old Georgia hospital closes


© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.