Common Well being Providers’ revenue spiked dramatically in the course of the third quarter of 2020, the for-profit hospital and behavioral well being chain introduced Thursday.
Web revenue attributable to UHS’ shareholders was $241.three million within the quarter ended Sept. 30, a virtually 150% spike from the prior-year interval, when it was $97.2 million. The King of Prussia, Pa.-based firm generated $2.9 billion in internet income within the quarter, up three.2% from $2.eight billion in 2019 interval.
UHS stated its internet revenue benefited from having acknowledged about $213 million in grants below the Coronavirus Assist, Aid, and Financial Safety Act within the 9 months ending Sept. 30. Of that cash, $161 million went to its acute-care hospitals and $52 million went to its behavioral well being division, which not too long ago settled a sweeping federal lawsuit over allegedly admitting sufferers unnecessarily and holding them for so long as their insurance coverage paid out.
UHS stated its third quarter outcomes replicate a reversal of about $5 million in beforehand acknowledged grants.
Like its friends, UHS’ services have struggled with decrease volumes in the course of the COVID-19 pandemic. Adjusted admissions to its acute-care hospitals declined 17.three% on a same-store foundation year-over-year. Like HCA Healthcare and Tenet Healthcare Corp., UHS’ internet income per adjusted admission noticed a dramatic year-over-year spike: 26.2%. Different firms have stated that is as a result of the sufferers staying in hospitals in the course of the pandemic are typically sicker and fewer Medicare sufferers are searching for care.
The corporate’s earnings earlier than curiosity, taxes, depreciation and amortization additionally bought a lift within the quarter, leaping 58% year-over-year to $471 million within the quarter ended Sept. 30.