Franklin-based Iasis Healthcare posted earnings of $10.8 million in its third fiscal quarter, reversing a small year-ago loss.
Adjusted admissions to the health facility operator increased: They were up more than 4 percent in total and up 0.5 percent on a same-facility basis. But net revenue for the quarter fell 3 percent to $631 million because premiums at its Health Choice insurance plan in Arizona fell more than $40 million to $142 million.
Officials said that drop was the “result of a state mandated reduction in certain Medicaid enrollees, along with capitation rate reductions implemented by the Arizona Health Care Cost Containment System.”
Adjusted earnings before interest, taxes, depreciation and amortization totaled $70.5 million for the quarter compared to $82.4 million for the same period in 2011.
Nursing home operator Brookdale Senior Living posted second-quarter results that were significantly better than this time last year.
The Brentwood-based company has been narrowing its losses in previous quarters and continued that trend in Q2: Its loss for the quarter was $18.8 million, or 15 cents a share, compared to almost $34 million, or 28 cents a share, a year ago. Revenues for the period came in at $691 million, much higher than anticipated. Analysts polled by Thomson Reuters had expected earnings of a penny a share — it’s not clear if that estimate excluded certain items or costs — on revenue of $648 million.
Average monthly revenue per unit rose 1.5 percent while average unit occupancy increased more than a percentage point to 87.7 percent. That helped push up shares (Ticker: BKD) more than 7 percent in Tuesday trading to near a three-month high.
"During the quarter we saw signs of improvement in our businesses,” said Bill Sheriff, Brookdale's CEO, in a statement. “We are very pleased with the performance this quarter of our entry fee communities; strength in the underlying local home resale activity in most markets in which we operate translated into record quarterly sales and net cash flow for that segment.”