-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SLL3pwuk5Gg+VXDfBr6zDPmOURLdTRYND8Xyn/jbB5tzD9TwseyL2cNX5j5BGBWB gaoeHPsFUs3yKAb00PQzFw== 0000950144-06-003850.txt : 20060425 0000950144-06-003850.hdr.sgml : 20060425 20060425090301 ACCESSION NUMBER: 0000950144-06-003850 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060425 DATE AS OF CHANGE: 20060425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCA INC/TN CENTRAL INDEX KEY: 0000860730 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062] IRS NUMBER: 752497104 STATE OF INCORPORATION: DE FISCAL YEAR END: 0324 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11239 FILM NUMBER: 06776650 BUSINESS ADDRESS: STREET 1: ONE PARK PLZ CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6153449551 MAIL ADDRESS: STREET 1: ONE PARK PLAZA CITY: NASHVILLE STATE: TN ZIP: 37203 FORMER COMPANY: FORMER CONFORMED NAME: HCA THE HEALTHCARE CO DATE OF NAME CHANGE: 20010419 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA HCA HEALTHCARE CORP DATE OF NAME CHANGE: 20000502 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA HCA HEALTHCARE CORP/ DATE OF NAME CHANGE: 19940314 8-K 1 g01026e8vk.htm HCA INC. HCA INC.
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 25, 2006 (April 25, 2006)

HCA INC.

(Exact name of registrant as specified in its charter)
         
Delaware   001-11239   75-2497104
  		 
  		 
 
(State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer
      Identification No.)
     
One Park Plaza, Nashville, Tennessee   37203
  		 
 
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (615) 344-9551

Not Applicable

(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition
Item 7.01. Regulation FD Disclosure
Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EX-99.1 PRESS RELEASE

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Item 2.02. Results of Operations and Financial Condition

     On April 25, 2006, HCA Inc. (the “Company”) issued a press release announcing, among other matters, its results of operations for the first quarter ended March 31, 2006, the text of which is set forth as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure

     On April 25, 2006, the Company issued a press release announcing, among other matters, its results of operations for the first quarter ended March 31, 2006, the text of which is set forth as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

(c)

     
Exhibit    
Number
   Exhibit Title
99.1
  Press Release dated April 25, 2006

 

Table of Contents

     
SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  HCA INC.
 		  
  By:   /s/ R. Milton Johnson    
    R. Milton Johnson   
    Executive Vice President and Chief Financial Officer   
 

Date: April 25, 2006

 

Table of Contents

     
EXHIBIT INDEX
     
Exhibit    
Number
   Exhibit Title
99.1
  Press Release dated April 25, 2006

 

EX-99.1 2 g01026exv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 (HCA LOGO) NEWS - ------------------------------------------------------------------------------ FOR IMMEDIATE RELEASE INVESTOR CONTACT: MEDIA CONTACT: Mark Kimbrough Jeff Prescott 615-344-2688 615-344-5708 HCA Reports First Quarter 2006 Results Revised 2006 Guidance Nashville, Tenn., April 25, 2006 --- HCA (NYSE: HCA) announced today financial results for the quarter ended March 31, 2006. Net income for the first quarter of 2006 totaled $379 million, or $0.92 per diluted share, compared to $414 million, or $0.95 per diluted share, in the first quarter of 2005. Financial results for the first quarter of 2006 include gains on sales of investments related to securities held by the Company's wholly-owned insurance subsidiary of $75 million, or $0.11 per diluted share, compared to gains of $9 million, or $0.01 per diluted share, in the first quarter of 2005. The first quarter 2006 results also include additional compensation costs of $8 million, or $0.02 per diluted share, due to the expensing of stock options and employee stock purchase plan shares associated with the January 1, 2006 adoption of FASB Statement 123 (R), "Share-Based Payment." The Company generated revenues of $6.415 billion for the first quarter of 2006, compared to $6.182 billion in the same period of 2005. Same facility revenues increased 5.0 percent, and same facility revenue per equivalent admission increased 5.1 percent in the first quarter of 2006 (7.4 percent increase when adjusted for uninsured discounts) compared to the previous year's first quarter. Same facility equivalent admissions decreased 0.1 percent and same facility admissions decreased 0.7 percent compared to the prior year's first quarter. Flu-related pulmonary admissions decreased by approximately 5,000 admissions, or 10.5 percent, compared to the prior year's first quarter. On a same facility basis, inpatient surgeries grew 2.3 percent and outpatient surgeries increased 1.0 percent compared to the prior year's first quarter. The provision for doubtful accounts in the first quarter of 2006 totaled $596 million, or 9.3 percent of revenues, compared to $574 million, or 9.3 percent of revenues, in the first quarter of 2005. Adjusted to reflect uninsured discounts, the provision for doubtful accounts totaled $852 million, or 12.8 percent of revenues in the first quarter of 2006, compared with $683 million, or 10.9 percent of revenues in the first quarter of 2005. Uninsured discounts in the first quarters of 2006 and 2005 were $256 million and $109 million, respectively. The Company's uninsured discount policy, which became effective in the first quarter of 2005, lowers revenues and the provision for doubtful 1 accounts by generally corresponding amounts. Charity care totaled $281 million in the first quarter of 2006 compared to $284 million in the previous year's period. Same facility uninsured admissions (including charity patients) increased by 2,438 admissions, or 13.1 percent, in the first quarter of 2006 compared to the first quarter of 2005. REVISED 2006 GUIDANCE The Company's prior guidance for 2006 included an estimated pretax gain of approximately $105 million, or $0.14 per diluted share, from the anticipated completion of the sale of 5 hospitals to LifePoint Hospitals, Inc. As previously reported, the sale was not completed by March 31, 2006 as planned, and the two companies are currently working on a modification of the purchase agreement. Accordingly, the anticipated gain has been excluded from the revised guidance. The Company now anticipates 2006 earnings to be in a range of $3.10 to $3.30 per diluted share. CASH FLOW AND BALANCE SHEET During the first quarter of 2006, the Company repurchased 13.0 million shares of its common stock at a cost of $653 million. HCA has repurchased a total of 49.7 million shares, completing the $2.5 billion share repurchase authorization approved by the Company's Board in October 2005. Common shares outstanding at March 31, 2006 were 408.1 million, compared to 417.5 million at December 31, 2005. HCA's cash flow from operations totaled $365 million in the first quarter compared to $852 million in the same period of 2005. During the first quarter of 2006, HCA made net income tax payments of $275 million, compared to the receipt of net income refunds of $85 million during the first quarter of 2005. As of March 31, 2006, the Company's balance sheet reflected total debt of $11.3 billion, stockholders equity (including common and minority equity) of $5.4 billion and total assets of $22.4 billion. HCA's ratio of debt to debt plus common and minority equity was 67.6 percent at March 31, 2006, compared to 64.8 percent at December 31, 2005. ANNUAL SHAREHOLDERS MEETING The Company's annual shareholder's meeting will be held at the HCA Corporate Office located in Nashville, Tennessee on May 25, 2006 at 1:30 p.m., local time, for shareholders of record as of March 31, 2006. EARNINGS CONFERENCE CALL HCA will host a conference call for investors at 8:30 a.m. Central Daylight Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon and through the next year. The webcast can be accessed at: http://www.videonewswire.com/event.asp?id=33108 or through the Company's Investor Relations web page, www.hcahealthcare.com. 2 #### CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This press release contains forward-looking statements based on current management expectations. Those forward-looking statements include all statements other than those made solely with respect to historical fact, including statements with respect to our earnings guidance for 2006. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to, (1) increases in the amount and risk of collectibility of uninsured accounts and deductibles and copayment amounts for insured accounts, (2) the ability to achieve operating and financial targets and achieve expected levels of patient volumes and control the costs of providing services, (3) possible changes in the Medicare, Medicaid and other state programs that may impact reimbursements to health care providers and insurers, (4) the highly competitive nature of the health care business, (5) changes in revenue mix and the ability to enter into and renew managed care provider agreements on acceptable terms, (6) the efforts of insurers, health care providers and others to contain health care costs, (7) the impact of our charity care and uninsured discounting policies, (8) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures and our corporate integrity agreement with the government, (9) changes in federal, state or local regulations affecting the health care industry, (10) delays in receiving payments for services provided, (11) the ability to attract and retain qualified management and personnel, including affiliated physicians, nurses and medical support personnel, (12) the outcome of governmental investigations by the United States Attorney for the Southern District of New York and the Securities and Exchange Commission (the "SEC"), (13) the outcome of certain class action and derivative litigation filed with respect to us, (14) the possible enactment of federal or state health care reform, (15) the increased leverage resulting from the financing of our $2.5 billion share repurchase authorization, (16) the availability and terms of capital to fund the expansion of our business, (17) the outcome of our negotiations with LifePoint Hospitals Inc. in connection with the divestiture of certain hospitals and our ability to successfully consummate the hospital divestitures on a timely basis, (18) the continuing impact of hurricanes on our facilities, the ability to obtain recoveries under our insurance policies and the ability to secure adequate insurance coverage in the future, (19) fluctuations in the market value of our common stock, (20) changes in accounting practices, (21) changes in general economic conditions, (22) future divestitures which may result in charges, (23) changes in business strategy or development plans, (24) the outcome of pending and any future tax audits, appeals and litigation associated with our tax positions, (25) potential liabilities and other claims that may be asserted against us, (26) the ability to develop and implement the payroll and human resources information systems within the expected time and cost projections and, upon implementation, to realize the expected benefits and efficiencies, and (27) other risk factors described in our Annual Report on Form 10-K and other filings with the SEC. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 3 All references to "Company" and "HCA" as used throughout this document refer to HCA Inc. and its affiliates. 4 HCA INC. CONSOLIDATED INCOME STATEMENTS FIRST QUARTER (DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
2006 2005 ----------------------- ----------------------- AMOUNT RATIO AMOUNT RATIO --------- ------- --------- ------ Revenues.................................................. $ 6,415 100.0% $ 6,182 100.0% Salaries and benefits..................................... 2,611 40.7 2,443 39.5 Supplies.................................................. 1,114 17.4 1,051 17.0 Other operating expenses.................................. 1,037 16.2 972 15.7 Provision for doubtful accounts........................... 596 9.3 574 9.3 Gains on investments...................................... (75) (1.2) (9) (0.1) Equity in earnings of affiliates.......................... (61) (1.0) (53) (0.9) Depreciation and amortization............................. 345 5.4 337 5.4 Interest expense.......................................... 186 2.9 164 2.7 ---------------------- ---------------------- 5,753 89.7 5,479 88.6 ---------------------- ---------------------- Income before minority interests and income taxes......... 662 10.3 703 11.4 Minority interests in earnings of consolidated entities... 55 0.8 40 0.7 ---------------------- ---------------------- Income before income taxes................................ 607 9.5 663 10.7 Provision for income taxes................................ 228 3.6 249 4.0 ---------------------- ---------------------- Net income........................................... $ 379 5.9 $ 414 6.7 ====================== ====================== Diluted earnings per share................................ $ 0.92 $ 0.95 Shares used in computing diluted earnings per share (000)............................................ 411,274 435,660
5 HCA INC. SUPPLEMENTAL OPERATING RESULTS SUMMARY (DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
FIRST QUARTER ---------------------- 2006 2005 --------- -------- Revenues.................................................................. $ 6,415 $ 6,182 Net income................................................................ $ 379 $ 414 Depreciation and amortization........................................ 345 337 Interest expense..................................................... 186 164 Minority interests in earnings of consolidated entities.............. 55 40 Provision for income taxes........................................... 228 249 --------- -------- Adjusted EBITDA (a).................................................. $ 1,193 $ 1,204 ========= ======== Diluted earnings per share: Net income........................................................... $ 0.92 $ 0.95 Shares used in computing diluted earnings per share (000)............ 411,274 435,660
- -------------------- (a) Adjusted EBITDA is a non-GAAP financial measure. We believe that adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe that it is useful to investors to provide disclosures of our results of operations on the same basis as that used by management. Management relies upon adjusted EBITDA as a primary measure to review and assess operating performance of hospital facilities and their management teams. Management and investors review both the overall performance (including GAAP net income and GAAP EPS) and operating performance of our health care facilities (adjusted EBITDA). Adjusted EBITDA and the adjusted EBITDA margin (adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States, and should not be considered as alternatives to net income as a measure of operating performance or to cash flows from operating, investing and financing activities as a measure of liquidity. Because adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles and is susceptible to varying calculations, adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. 6 HCA INC. SUPPLEMENTAL NON-GAAP DISCLOSURES OPERATING MEASURES ADJUSTED FOR THE IMPACT OF DISCOUNTS FOR THE UNINSURED FIRST QUARTER 2006 (DOLLARS IN MILLIONS, EXCEPT REVENUE PER EQUIVALENT ADMISSION)
NON- UNINSURED NON-GAAP GAAP % GAAP % GAAP DISCOUNTS ADJUSTED OF ADJUSTED AMOUNTS ADJUSTMENT (a) AMOUNTS (b) REVENUES REVENUES --------- -------------- ----------- ------------- --------------- 2006 2005 2006 2005 ----- ----- ----- ----- CONSOLIDATED: Revenues......................... $ 6,415 $ 256 $ 6,671 100.0% 100.0% 100.0% 100.0% Salaries and benefits............ 2,611 -- 2,611 40.7% 39.5% 39.1% 38.8% Supplies......................... 1,114 -- 1,114 17.4% 17.0% 16.7% 16.7% Other operating expenses......... 1,037 -- 1,037 16.2% 15.7% 15.5% 15.4% Provision for doubtful accounts.. 596 256 852 9.3% 9.3% 12.8% 10.9% Admissions....................... 421,000 421,000 Equivalent admissions............ 626,000 626,000 Revenue per equivalent admission. $ 10,246 $ 10,655 % change from prior year......... 5.5% 7.8% SAME FACILITY: Revenues......................... $ 6,293 $ 255 $ 6,548 Admissions....................... 418,800 418,800 Equivalent admissions............ 619,400 619,400 Revenue per equivalent admission. $ 10,161 $ 10,572 % change from prior year......... 5.1% 7.4%
(a) Represents the impact of the discounts for the uninsured for the period. On January 1, 2005, we modified our policies to provide discounts to uninsured patients who do not qualify for Medicaid or charity care. These discounts are similar to those provided to many local managed care plans. In implementing the discount policy we first attempt to qualify uninsured patients for Medicaid, other federal or state assistance or charity care. If an uninsured patient does not qualify for these programs, the uninsured discount is applied. On a consolidated basis, we recorded $256 million and $109 million of uninsured discounts during the first quarters of 2006 and 2005, respectively. (b) Revenues, the provision for doubtful accounts, certain operating expense categories as a percentage of revenues and revenue per equivalent admission have been adjusted to exclude the discounts under HCA's uninsured discount policy (non-GAAP financial measures). We believe these non-GAAP financial measures are useful to investors to provide disclosures of our results of operations on the same basis as that used by management. Management uses this information to compare revenues, the provision for doubtful accounts, certain operating expense categories as a percentage of revenues and revenue per equivalent admission for periods prior and subsequent to the January 1, 2005 implementation of the uninsured discount policy. Management finds this information to be useful to enable the evaluation of revenue and certain expense category trends that are influenced by patient volumes and are generally analyzed as a percentage of net revenues. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures. We believe this supplemental information provides management and the users of its financial statements with useful information for period-to-period comparisons. Investors are encouraged to use GAAP measures when evaluating our overall financial performance. 7 HCA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS)
MARCH 31, DECEMBER 31, ASSETS 2006 2005 --------- ------------- Current assets: Cash and cash equivalents.................................................... $ 453 $ 336 Accounts receivable, less allowance for doubtful accounts.................... 3,491 3,332 Inventories.................................................................. 624 616 Deferred income taxes........................................................ 535 372 Other........................................................................ 567 559 --------- ----------- Total Current assets..................................................... 5,670 5,215 Property and equipment, at cost................................................. 21,105 20,818 Accumulated depreciation........................................................ (9,740) (9,439) --------- ----------- 11,365 11,379 Investments of insurance subsidiary............................................. 1,947 2,134 Investments in and advances to affiliates....................................... 649 627 Goodwill........................................................................ 2,622 2,626 Deferred loan costs............................................................. 76 85 Other........................................................................... 86 159 --------- ----------- $ 22,415 $ 22,225 ========= =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable............................................................. $ 1,244 $ 1,484 Accrued salaries............................................................. 619 561 Other accrued expenses....................................................... 1,379 1,264 Long-term debt due within one year........................................... 704 586 --------- ----------- Total Current liabilities................................................ 3,946 3,895 Long-term debt.................................................................. 10,608 9,889 Professional liability risks.................................................... 1,378 1,336 Deferred taxes and other liabilities............................................ 1,067 1,414 Minority interests in equity of consolidated entities........................... 861 828 Stockholders' equity............................................................ 4,555 4,863 --------- ----------- $ 22,415 $ 22,225 ========= =========== Current ratio................................................................... 1.44 1.34 Ratio of debt to debt plus common and minority equity........................... 67.6% 64.8% Shares outstanding (thousands).................................................. 408,062 417,513
8 HCA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FIRST QUARTER (DOLLARS IN MILLIONS)
2006 2005 ----------- ----------- Cash flows from operating activities: Net income................................................................ $ 379 $ 414 Adjustments to reconcile net income to net cash provided by operating activities: Provision for doubtful accounts....................................... 596 574 Depreciation and amortization......................................... 345 337 Income taxes.......................................................... (52) 334 Change in operating assets and liabilities............................ (961) (843) Other................................................................. 58 36 ----------- ----------- Net cash provided by operating activities......................... 365 852 ----------- ----------- Cash flows from investing activities: Purchase of property and equipment........................................ (342) (288) Acquisition of hospitals and health care entities......................... (27) (36) Disposal of hospitals and health care entities............................ 27 7 Change in investments..................................................... (45) (86) Other..................................................................... (4) 17 ------------ ----------- Net cash used in investing activities................................. (391) (386) ------------ ------------ Cash flows from financing activities: Issuance of long-term debt................................................ 1,000 - Net change in revolving bank credit facility.............................. 485 (670) Repayment of long-term debt............................................... (630) (6) Repurchase of common stock................................................ (653) - Issuance of common stock.................................................. 38 377 Payment of cash dividends................................................. (62) (56) Other..................................................................... (35) (67) ------------ ------------ Net cash provided by (used in) financing activities................... 143 (422) ----------- ------------ Change in cash and cash equivalents.......................................... 117 44 Cash and cash equivalents at beginning of period............................. 336 258 ----------- ----------- Cash and cash equivalents at end of period................................... $ 453 $ 302 =========== =========== Interest payments............................................................ $ 161 $ 130 Income tax payments, net of refunds.......................................... $ 275 $ (85)
9 HCA INC. OPERATING STATISTICS
FIRST QUARTER --------- -------- 2006 2005 --------- -------- CONSOLIDATED HOSPITALS: Number of Hospitals........................................................ 176 183 Weighted Average Licensed Beds............................................. 41,255 41,856 Licensed Beds at End of Period............................................. 41,539 41,892 REPORTED: Admissions................................................................. 421,000 432,600 % Change............................................................... -2.7% Equivalent Admissions...................................................... 626,000 636,400 % Change............................................................... -1.6% Revenue per Equivalent Admission........................................... $ 10,246 $ 9,714 % Change............................................................... 5.5% Inpatient Revenue per Admission............................................ $ 9,595 $ 9,069 % Change............................................................... 5.8% Patient Days............................................................... 2,090,500 2,159,200 Equivalent Patient Days.................................................... 3,108,600 3,176,200 Inpatient Surgery Cases.................................................... 135,300 135,500 % Change............................................................... -0.2% Outpatient Surgery Cases................................................... 212,900 211,000 % Change............................................................... 0.9% Emergency Room Visits...................................................... 1,332,500 1,391,800 % Change............................................................... -4.3% Outpatient Revenues as a Percentage of Patient Revenues......................................... 35.7% 35.6% Average Length of Stay..................................................... 5.0 5.0 Occupancy.................................................................. 56.3% 57.3% Equivalent Occupancy....................................................... 83.7% 84.3% SAME FACILITY: Admissions................................................................. 418,800 421,500 % Change............................................................... -0.7% Equivalent Admissions...................................................... 619,400 620,100 % Change............................................................... -0.1% Revenue per Equivalent Admission........................................... $ 10,161 $ 9,670 % Change............................................................... 5.1% Inpatient Revenue per Admission............................................ $ 9,585 $ 9,013 % Change............................................................... 6.3% Inpatient Surgery Cases.................................................... 134,300 131,400 % Change............................................................... 2.3% Outpatient Surgery Cases................................................... 206,300 204,125 % Change............................................................... 1.0% Emergency Room Visits...................................................... 1,324,500 1,350,200 % Change............................................................... -1.9% NUMBER OF CONSOLIDATED AND NON-CONSOLIDATED (50/50 EQUITY JOINT VENTURES) HOSPITALS: Consolidated............................................................... 176 183 Non-Consoldiated (50/50 Equity Joint Ventures)............................. 7 7 --------- -------- Total Number of Hospitals.................................................. 183 190 ========= ========
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