Our acute care hospitals provided charity care and uninsured discounts based on charges at established rates amounting to $315 million and $223 million during the three-month period ended March 31, 2012 and 2011.
As a percentage of acute care net revenues, bad debt, charity, care expense and the uninsured discount in this year’s first quarter were at levels higher than those experienced during the first quarter 2011.
However, due primarily to the increase in behavioral health revenues and the very low levels of bad debt and uninsured discounts in that business, our overall percentage of bad debt, charity care and uninsured discounts were lower than those experienced during the first quarter of 2011.
Our cash from operating activities was approximately $134 million during the first quarter of 2012, as compared to $183 million in the first quarter of 2011.Our accounts receivable days outstanding increased to 56 days during the first quarter of 2012, primarily due to a lack of Medicaid payments from the State of Illinois and the lack of disproportionate share payments from Texas, as well as the Rural Floor settlement recorded as receivable during the quarter. At March 31, 2012 our ratio of debt-to-total capitalization was 59.6%. We spent $93 million on capital expenditures during the first quarter, included in our capital expenditures were the construction cost related to the ongoing construction of a new acute care hospital in Temecula, California and a new bed tower at our Wellington facility in Florida. Active in the first quarter of 2012, we have completed all of the divestitures required by the FTC as part of the PSI acquisition. Alan and I would be pleased to answer your questions at this time. Question-and-Answer Session Operator (Operator Instructions) Your first question comes from the line of Adam Feinstein of Barclays. Bryan Sekino – Barclays Hi. Good morning. This is Bryan Sekino on behalf of Adam this morning. Just wanted to know if you could provide us with some details in Vegas on some of the mix shift that you saw in acute care versus the strong Q1 of ‘11, if you could provide us with some details on how the mix shift, if that was really the bullish of the mix shift in the quarter? Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV