Encompass Health sees slight rebound in third quarter




, Encompass Health sees slight rebound in third quarter

Inpatient rehabilitation hospital and residential well being operator Embody Well being noticed a slight uptick in its third quarter web working income, the corporate mentioned Wednesday.

The Birmingham, Ala.-based firm reported web working income of $1.2 billion in the course of the third quarter that ended Sept. 30, up 1% from the earlier 12 months. That compares to a 5% loss in web working income in the course of the second quarter.

“Our groups are doing a unprecedented job in managing by way of the COVID-19 pandemic,” Embody Well being President and CEO Mark Tarr mentioned in an announcement. “Our volumes recovered considerably within the third quarter, and we stay assured within the longer-term outlook for our firm.”

Embody Well being attributed income progress to inpatient rehabilitation pricing however famous that these good points had been partially offset by decrease volumes in each inpatient rehabilitation and residential well being and hospice operations, in addition to decrease pricing within the house well being and hospice phase.

Within the third quarter, the corporate introduced plans for seven new inpatient rehabilitation hospitals. Embody Well being plans to open eight inpatient rehabilitation hospitals in each 2021 and 2022.

Embody additionally on Sept. 30 issued $400 million in bonds that may mature in 2031 as a part of a $700 million refinancing. The corporate mentioned it will use the cash from the providing, in addition to $300 million in money, to repay at face worth $700 million in 5.75% coupon senior notes due in 2024.

Embody Well being operates 136 hospitals, 242 house well being places and 83 hospice places in 39 states and Puerto Rico.