Feb. 18--Community Health Systems of Franklin, Tenn., which completed a $7.6 billion acquisition of Health Management Associates in January, announced a fourth quarter 2013 result Tuesday that was down 1.4 percent from the year before.
HMA operated Sparks Regional Medical Center in Fort Smith and Summit Medical Center in Van Buren until the acquisition was completed Jan. 27.
Net operating revenues for the three months ending Dec. 31, 2013, totaled $3.2 billion for Community Health, a 1.4 percent decrease compared with the $3.3 billion for the same period in 2012, a news release states. Income from continuing operations decreased to $52.3 million for the three months ending Dec. 31, 2013, compared with $85.6 million for the same period in 2012.
"Our financial and operating results for the fourth quarter reflect a continuation of the challenging operating environment for health care providers over the past year," stated Wayne T. Smith, Community Health Systems chairman and chief executive officer.
Weakness in volume, combined with higher bad debts and "a less favorable payor mix," affected the operating revenues during the fourth quarter, Smith stated.
"However, we have continued to focus on our cost management and strategic initiatives to efficiently manage our operations in this challenging environment, and we are pleased with the progress being made across our hospital network," Smith stated in the release.
Community Health Systems is one of the largest publicly traded hospital companies in the United States. Through its subsidiaries, the company owns, leases or operates 206 hospitals in 29 states with an aggregate of 30,900 licensed beds.
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