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NAPLES — Hospital operator Health Management Associates reported net income rose 9% to $30.8 million in the fourth quarter compared with the same quarter one year ago on total revenues of $1.58 billion.
HMA's revenues from hospitals it has owned for at least one year rose 5.5% to $1.42 billion in the fourth quarter ending Dec. 31 compared with the same quarter in 2010. In addition, over the same period, hospital admissions rose 6.8% and surgeries rose 0.8%.
HMA President and CEO Gary Newsome attributed the improving results to increased physician recruitment and partnerships in addition to effective cost controls. Uncompensated patient care was flat at about 25% of net revenue.
In addition, HMA has been acquiring struggling hospitals and improving their performance. For example, it recently announced plans to acquire five hospitals in Oklahoma.
Once it completes the Oklahoma hospitals purchase, HMA will operate 71 hospitals with about 10,600 beds in non-urban communities throughout the U.S. The company's stock (symbol, HMA) recently traded at $6.85.
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