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TheStreet Open House

Universal Health Services' CEO Discusses Q2 2012 Results - Earnings Call Transcript

We would like to highlight just a couple of developments and business trends before opening the call up to questions. As discussed in our press release last night, the company reported net income attributable to UHS per diluted share of $1.10 for the quarter, after adjusting for the prior year impact of several reimbursement items recorded during the quarter, and the revenues and expenses associated with the implementation of electronic health records applications at our acute care hospitals, our adjusted net income attributable to UHS per diluted share for the quarter ended June 30, 2012, was $1.12.

On the same facility basis, revenues in our Behavioral Health division increased 4.1% during the second quarter of 2012 over the comparable prior year quarter. Adjusted admissions inpatient days who are behavioral health facilities owned for more than a year increased 3.3% and 0.2% respectively during the second quarter.

Revenue per adjusted patient day rose 3.5% during the second quarter of 2012 over the comparable prior year quarter. Operating margins for our behavioral health hospitals owned for more than a year increased to 28.6% during the quarter ended June 30, 2012, as compared to 26.9% during the comparable prior year period.

On a same facility basis in our acute care division, revenues decreased 2.2% during the second quarter 2012. The decrease resulted primarily from a 1.3% decrease in adjusted admissions and a 0.9% decrease in revenue per adjusted admissions who are hospital’s own for more than a year.

The revenue decline reflects a difficult comparison to the prior year quarter when our net revenues were favorably impacted by positive changes in payer mix, especially stabilization in uninsured volumes.

On a same facility basis operating margins for our acute care hospitals decreased to 16.3% during the second quarter of 2012 from 17.8% during the second quarter of 2011. Our acute care hospitals provided charity care and uninsured discounts based on charges at established rates amounting to $266 million and $239 million during the three-month period ended June 30, 2012 and 2011 respectively.

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