CHS records $112M profit, says it will sell 4 more hospitals by year-end

CHS stated its third-quarter results show progress on various strategic efforts executed at the health system, including its hospital divestiture strategy. So far in 2020, CHS has actually sold 12 health centers and shut down one center..

The company saw its expenses decrease year over year, from $3.1 billion in the 2nd quarter of 2019 to $2.8 billion in the 2nd quarter of 2020.
CHS ended the 3rd quarter with operating income of $285 million, up from $184 million taped in the very same period last year..

More articles on health care finance: New Hampshire health system files for bankruptcyHospitals fail to inform uninsured COVID-19 patients their expenses are covered, NPR findsHospital groups prompt Congress to more delay 2% Medicare payment cut

The medical facility operator received pandemic relief funds in previous quarters, CHS said no pandemic relief funds were recognized during the 3 months ended Sept. 30.

Alia Paavola –
Tuesday, October 27th, 2020
Print|Email.

” Our lead to the third quarter show strong progress on tactical activities happening across the organization and the ability of our markets to efficiently fulfill the difficulty of an international pandemic,” said Wayne Smith, CHS chairman and CEO. “While we have actually directed our attention and resources to handling through the pandemic, we have also stayed focused on the completion of our divestiture work, financial investments to support development in our markets and margin improvement programs. These strategic activities continue to produce positive results, and we stay optimistic about our chances for even more progress moving on.”.

In the three-month period ended Sept. 30, CHS saw its net earnings decrease 3.7 percent to $3.1 billion, compared to the third quarter of 2019. The decrease was mainly associated to a dip in client volume amid the COVID-19 pandemic. CHS said on a same-facility basis, admissions were down 6.1 percent compared to the very same duration in 2019..

CHS stated it plans to sell 4 more hospitals by the end of the year..

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

In the three-month duration ended Sept. 30, CHS saw its net earnings decrease 3.7 percent to $3.1 billion, compared to the third quarter of 2019. The decrease was mainly associated to a dip in client volume amidst the COVID-19 pandemic.” Our results in the third quarter show strong progress on strategic activities taking place across the organization and the ability of our markets to successfully fulfill the difficulty of a global pandemic,” said Wayne Smith, CHS chairman and CEO. “While we have directed our attention and resources to managing through the pandemic, we have also remained focused on the conclusion of our divestiture work, financial investments to support development in our markets and margin enhancement programs.

Franklin, Tenn.-based Community Health Systems saw its income decrease in the third quarter of 2020, however ended the period with a $112 million profit, according to monetary documents launched Oct. 27. This compares to a net loss of $17 million in the 3rd quarter of 2019..

.