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Despite a decline in patient volumes for Health Management Associates, the company remained in the black in the second quarter of 2008, the Naples-based healthcare company’s president said in a conference call Tuesday morning.
The company, which operates both Physicians Regional Medical Center campuses in Naples, as well as Medical Surgical Specialists, reported Monday that net income totaled $12.4 million, or 5 cents per share, in the last quarter, up from $11.9 million for the same period last year.
Revenue increased 3.9 percent to
$1.1 billion, compared with $1.06 billion for second quarter 2007.
“The economy does appear to have impacted us in some of our markets, especially Florida, where the volumes were a little lower than the rest of the company,” said HMA President and CEO Burke Whitman during a Tuesday morning conference call to discuss the second quarter results.
Overall, the decline in admissions was 3.8 percent in the second quarter.
“We can’t impact that directly, but we are prepared to manage our resources in a smart manner,” Burke added.
Burke noted that HMA hospitals experienced fewer admissions of uninsured patients, which helped mitigate the negative financial effect of the drop in patient volume.
HMA also reported higher profits in the first quarter of 2008, when net income was nearly $133.9 million, or 55 cents a share, for the quarter. That compared to earnings of $65 million, or 27 cents a share, for the same period in 2007.
Net revenue was up in the first quarter as well, to nearly $1.2 billion from about $1.1 billion a year ago.
“Even with the near term volume declines, I believe we are moving in the right direction with our company for our communities and for our shareholders,” concluded Burke.
Despite the largely positive report, HMA shares dipped just under 16 percent to close at $5.51 Tuesday.
HMA operates 57 acute care hospitals in 15 states, primarily in the Southeast region and Pennsylvania.
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