Indiana Economic Digest | Indiana
Advanced Search

• Most Recent

home : most recent : health care July 19, 2018

11/14/2017 11:18:00 AM
Community Health loss widens in quarter ending Sept. 30, 2017

Greater Fort Wayne Business Weekly

Community Health Systems, the parent of Fort Wayne-based Lutheran Health Network, reported a net loss of $110 million, or 98 cents per share, for the quarter ended Sept. 30, compared with a net loss of $79 million, or 71 cents per share, in the same quarter of 2016.

Net operating revenues totaled $$3.666 billion, compared with $4.38 billion a year earlier, a 16.3 percent decrease. Cash flow from operations was $114 million, compared with $178 million for the same period in 2016, representing a 36-percent decrease. 

On a same-location basis, both admissions and adjusted admissions decreased 2.3 percent, compared with the same period in 2016, the company said in a Nov. 1 earnings report.

Hurricanes Harvey in Texas and Irma in Florida and Georgia significantly impacted the results of operations for the quarter, resulting in a loss of net operating revenues combined with incremental expenses estimated at $40 million. The figure does not include any insurance recoveries that the company may receive.

CHS continued to sell off various hospital properties as it raised capital to pay off debt. Two hospitals were sold effective Sept. 1, six hospitals were sold effective Oct. 1, and two hospitals were sold effective Nov. 1.

Although a group of local doctors and other investors made an offer to acquire Lutheran Health earlier this year, CHS declined to sell the network it has called one of its most successful.

©Copyright 2018 KPC Media Group, Inc.

Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR

Software © 1998-2018 1up! Software, All Rights Reserved