Health Management Associates reports higher profits in the fourth quarter.
NAPLES — Hospital operator Health Management Associates reported net income rose 57% to $48.3 million on revenues of $1.48 billion in the fourth quarter ending Dec. 31 compared with the same quarter one year ago.
However, the hospital company blamed a sluggish economy for a 4.7% drop in admissions at hospitals opened a year or longer. In addition, the percentage of uncompensated care for indigents and others rose to 28.7% of net revenue in the fourth quarter compared with 25.4% in the same quarter one year ago, the company says.
HMA recently announced a joint venture with Bayfront Health System in St. Petersburg. Once that is completed, the company will operate 71 hospitals with about 11,000 beds.
“While we are pleased with the overall results, we also recognize that there are always areas and processes that can be improved. As such, we will continue to focus on our patient-centered approach, cost management and partnership opportunities, while taking important strategic steps we believe will better position Health Management for continued success going forward,” says Gary Newsome, HMA's president and CEO, in a statement.
The company's stock is publicly traded (symbol: HMA; recent price: $10.70).