Vanguard Health Boosts Revenue, Profits
Vanguard Health Systems, owner of St. Vincent Hospital in Worcester and MetroWest Medical Center in Framingham, this week reported net income and revenue increases for the fourth quarter and fiscal year to date, though health plan premium revenues declined.
Net income in the fourth quarter ending June 30 was $19.3 million for Tennessee-based Vanguard, or 24 cents per diluted share, compared to a net loss of $11 million in the same period last year. Total revenue for fiscal 2012 were $1.37 billion, a 29.8-percent year-over-year increase.
Consolidated fourth-quarter revenue increased $53.1 million year-over-year, which Vanguard attributed to the acquisition of Texas-based Valley Baptist Health System in September 2011.
While same-site net patient service revenues increased .1 percent in the fourth quarter, compared to the previous year, health plan premium revenues decreased 29.3 percent. Vanguard said the decline is due to the impact of health care funding cuts, profitability limitations, and new health care cost containment regulations.
Same-site net patient service revenues rose 5.9 percent for the year, but annual health plan premium revenues decreased 16.1 percent, also due to funding cuts and regulations.
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