CHS posts $58M loss for first half of 2021 as system recovers from COVID-19 pandemic impact

Hospital chain Community Health Systems posted a $58 million net loss for the first half of the year as the system’s volumes continue to recover to pre-pandemic levels.

However, Community Health Systems did post $6 million in net income for the second quarter, rebounding from a $64 million loss in the first quarter of 2021. The system posted net operating revenues of $3 billion for the second quarter, roughly in line with the revenues it generated in the first quarter.

“As COVID-19 cases declined during the second quarter, we experienced a solid rebound of non-COVID-19 patient volume,” said Tim Hingtgen, the system’s CEO, in a statement.

Overall CHS posted $6 billion in net revenue for the first half of the year, an 8.6% increase compared with $5.5 billion for the first half of 2020.

The hospital chain is still fighting to increase patient admissions that plummeted at the onset of the pandemic. Hospitals across the country were forced to shutter or postpone elective procedures to preserve capacity to fight COVID-19 and saw outpatient volumes decline as patients were afraid of contracting the virus.

Admissions increased 5.1% and adjusted admissions by 8.7% for the first half of the year compared to the same period in 2020, CHS said.

In the second quarter, admissions increased by nearly 5% and adjusted admissions by 15.7% compared to the second quarter of 2020 when the pandemic’s effects took hold.

“On a same-store basis, net operating revenues increased 30.2% for the three months … compared with the same period in 2020,” CHS’ release on the earnings said.

CHS is the latest system to post earnings in the second quarter due to hikes in admissions. HCA Healthcare posted a $1.2 billion profit for the second quarter after seeing a 20% boost in its volumes.

Most Related Links :
editorpen Governmental News Finance News

Source link

Back to top button