Community Health Systems’ admissions rebound in Q2
Admissions rebounded for Community Health Systems in the second quarter, the 84-hospital system reported Wednesday.
Adjusted admissions increased 28.5% on a same-store basis for the quarter ended June 30, compared with the prior-year period when the COVID-19 pandemic halted non-urgent procedures. But its 248,000 adjusted admissions on the quarter were still down 22% from its 303,000 adjusted admissions in the second quarter of 2019.
CHS reported a net income attributable to shareholders of $6 million on operating revenue of $3 billion on the quarter, down from a net income attributable to shareholders of $70 million on operating revenue of $2.52 billion from the same quarter in 2020.
“As COVID-19 cases declined during the second quarter, we experienced a solid rebound of non-COVID-19 patient volume,” CHS CEO Tim Hingtgen said in prepared remarks. “Our strong results in the period were driven by ongoing initiatives to attract new patients, along with efforts to re-engage and retain patients who have previously utilized our healthcare systems.”
CHS has divested five hospitals so far this year, in addition to the 13 it sold last year. Its network of 84 hospitals is fewer than half its total of 197 at the end of 2014. Its beds in service decreased by more than 14% from the second quarter of 2021 to the same period last year.
CHS’ second-quarter operating revenue beat Wall Street’s estimates by $60 million. It has received $712 million in HHS COVID-19 relief funds as of June 30.