Before I turn the call over to Richard, let me remind everyone that should today’s call contain any forward-looking statements, they are based on management’s current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. Many of these factors are listed in today’s press release and in our various SEC filings.
Many of the factors that will determine the Company’s future results are beyond the ability of the Company to control or predict. In light of the significant uncertainties inherent in any forward-looking statements, you should not place undue reliance on these statements. The Company undertakes no obligation to revise or update any forward-looking statements whether as a result of new information or future events. And as you heard, the call is being recorded with replay available later today.
With that, let me turn the call over to Richard.
Richard BrackenAll right, thank you Vic and thanks to all for joining our call this morning. Let me just say at the outset that we were pleased with our overall performance in the second quarter. In general, we saw a continuation of trends that we’ve been reporting on in recent quarters; that is, favorable growth in patient volumes, effective expense management, and continued pressure on revenue rate growth. Regarding our revenue rate growth performance, patient acuity as measured by case mix index increased slightly, but we continued to see pressure from Medicaid revenue rate declines. For the quarter consolidated and reported adjusted EBITDA increased 10.5% to $1.569 billion from $1.42 billion in the prior year, and same facility adjusted EBITDA increased 5.2%. Our volumes continued to trend favorably to the prior period. On a same facility basis, admissions and equivalent admissions increased 2.5% and 3.9% respectively, and on an as-reported basis admissions increased 7.7%. And please recall that these as-reported numbers reflect the consolidation of the Health One acquisition last year. We believe that our comprehensive service line strategy continues to provide a very firm foundation for this composite growth.
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