King of Prussia, Pa.-based Universal Health Services saw its net income in the second quarter grow $13 million year-over-year to $251.9 million, according to its recently released earnings report.
The hospital operator, which oversees 26 acute care hospitals and 312 behavioral health facilities, saw its net revenue decrease 4.4 percent to $2.7 billion in the second quarter of 2020. In the same period last year, the hospital operator recorded revenue of $2.9 billion.
UHS saw its expenses decrease in the second quarter of 2020 compared to 2019. For example, the system reported its expenses reached $2.4 billion in the second quarter of 2020, compared to $2.5 billion in the same period last year.
UHS also saw its operating income grow in the second quarter year over year, from $346.6 million to $358 million.
The hospital operator said that it received about $218 million in relief aid from the Coronavirus Aid, Relief, and Economic Security Act, including $157 million that went to its acute care hospitals and $61 million to its behavioral health facilities.
UHS said the pandemic has had a “material unfavorable effect” on its operations and financial results. While it was hard hit with volume dips in April, it has seen its patient volumes rebound in May and June.
However, UHS cautioned that many of its acute care facilities are located in states that are starting to see increases in COVID-19 infections.
“We believe that the adverse impact that COVID-19 will have on our future operations and financial results will depend upon many factors, most of which are beyond our capability to control or predict,” UHS said.
Read the full earnings release here.
© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.