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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Quorum Health Corporation | NYSE:QHC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.3044 | 0 | 00:00:00 |
From Jan 2020 to Jan 2025
Third quarter net loss attributable to Quorum Health Corporation was ($75.9) million, or ($2.52) per share
Third quarter Adjusted EBITDA was $13.7 million and Same-facility Adjusted EBITDA was $30.6 million
Full year 2019 Same-facility net operating revenue guidance revised to $1.525 billion to $1.575 billion and Same-facility Adjusted EBITDA guidance revised to $140 million to $155 million
Quorum Health Corporation (NYSE: QHC) (the “Company”) today announced financial and operating results for the third quarter ended September 30, 2019.
QUORUM HEALTH CORPORATION
Unaudited Financial Highlights
(In Millions)
Three Months Ended September 30,
2019
2018
Net operating revenues
$419.9
$460.5
Net loss attributable to Quorum Health Corporation
($75.9)
($53.9)
Same-facility net operating revenues
$378.6
$389.3
Cash flows from operating activities
$25.2
$28.3
Adjusted EBITDA(1)
$13.7
$34.1
Same-facility Adjusted EBITDA(1 & 2)
$30.6
$42.0
(1)
A table providing supplemental information on Adjusted EBITDA, Same-facility Adjusted EBITDA and reconciling net loss to Adjusted EBITDA and Same-facility Adjusted EBITDA is included in this release, see footnote (a).
(2)
Same-facility Adjusted EBITDA was previously reported by the Company as Adjusted EBITDA, Adjusted for Divestitures. There has been no change in how the financial measure is being calculated.
“In the third quarter, we saw tangible evidence that our strategic initiatives are taking hold, with growth in both adjusted admissions and patient acuity. At the same time, we have experienced what we believe is a short-term deterioration in our revenue cycle performance, which accelerated as we approached the transition of our revenue cycle services to R1 RCM on October 1 of this year. Primarily due to this deterioration in our revenue cycle performance, we’ve adjusted our 2019 outlook downward. The transition of our back-office functions to R1 RCM began on October 1, 2019, and we have already begun to see improvement in many aspects of our revenue cycle activities. Going forward, we remain confident that R1 RCM will have a transformative impact on our business and the communities we serve,” said Bob Fish, Quorum Health’s President and Chief Executive Officer.
Financial results for the third quarter ended September 30, 2019 reflect the following:
Divestiture Update
Financial Outlook
(In Millions)
2018 Actual
2019 Guidance Range
Same-facility net operating revenues
$1,556.6
$1,525 - $1,575
Same-facility Adjusted EBITDA
$149.4
$140 - $155
Commenting on the Company’s financial outlook, Alfred Lumsdaine, Quorum Health’s Executive Vice President and Chief Financial Officer said, “We are lowering our financial outlook for the year in-light of our third quarter results, particularly the deterioration in the performance of our revenue cycle activities and a slower than expected realization of certain cost reduction initiatives. Given our results year-to-date and our expectations for the full year of 2019, we expect to enter into discussions with our secured lenders with the goal of modifying our covenants to ensure that we have the time and flexibility required to navigate this time of transition in our business. Long term, we continue to see tremendous opportunity for growth and improved profitability as our revenue cycle normalizes and improves through our relationship with R1 RCM.”
These projections are based on the Company’s historical operating performance, current economic, demographic and regulatory trends and other assumptions that the Company believes are reasonable at this time. See “Forward-Looking Statements” below for a list of factors that could affect the future financial and operating results of the Company or the healthcare industry generally.
A reconciliation of the Company’s projected 2019 Same-facility Adjusted EBITDA, a forward-looking non-GAAP financial measure, to net income (loss), the most directly comparable U.S. GAAP financial measure, is omitted from this press release because the Company is unable to provide such reconciliation without unreasonable effort. This inability results from the inherent difficulty in forecasting generally and in quantifying certain projected amounts that are necessary for such reconciliation. In particular, sufficient information is not available to calculate certain items required for such reconciliation without unreasonable effort, including interest expense, provision for (benefit from) income taxes and other adjustments that would be necessary to prepare a forward-looking statement of net income (loss) in accordance with U.S. GAAP. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
Quorum Health Corporation will hold a conference call on Friday, November 8, 2019, at 11:00 a.m. Eastern time, to review its financial and operating results for the third quarter ended September 30, 2019. To participate, please dial 1-844-761-3024 approximately 10 minutes prior to the scheduled start of the call. If calling from outside of the United States, please dial 1-661-378-9914. Please reference Conference ID number 1237809 when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations portion of the Company’s website. A presentation will be made available during the call and will be found in the Investor Relations portion of the Company’s website at www.quorumhealth.com. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available for approximately 30 days. Copies of this press release and the Company’s Current Report on Form 8-K (including this press release) will be available on the Company’s website at www.quorumhealth.com.
About Quorum Health Corporation
The principal business of Quorum Health Corporation is to provide hospital and outpatient healthcare services in its markets across the United States. As of September 30, 2019, the Company owned or leased 24 hospitals in rural and mid-sized markets located across 14 states and licensed for 2,038 beds. Through Quorum Health Resources LLC, a wholly-owned subsidiary, the Company provides hospital management advisory and healthcare consulting services to non-affiliated hospitals across the country. Over 95% of the Company’s net operating revenues are attributable to its hospital operations business.
The Company’s headquarters are located in Brentwood, Tennessee, a suburb south of Nashville. Shares in Quorum Health Corporation are traded on the NYSE under the symbol “QHC.” More information about the Company can be found on its website at www.quorumhealth.com.
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, Except Earnings per Share and Shares)
Three Months Ended September 30,
2019
2018
% of
% of
$ Amount
Revenues
$ Amount
Revenues
Net operating revenues
$
419,900
100.0
%
$
460,507
100.0
%
Operating costs and expenses:
Salaries and benefits
215,457
51.3
%
226,237
49.1
%
Supplies
47,818
11.4
%
48,949
10.6
%
Other operating expenses
139,671
33.3
%
143,716
31.4
%
Depreciation and amortization
15,028
3.6
%
16,612
3.6
%
Lease costs and rent
11,121
2.6
%
11,661
2.5
%
Electronic health records incentives
(17
)
—
%
(31
)
—
%
Legal, professional and settlement costs
5,191
1.2
%
1,519
0.3
%
Impairment of long-lived assets and goodwill
8,010
1.9
%
32,438
7.0
%
Loss (gain) on sale of hospitals, net
1,206
0.3
%
805
0.2
%
Loss on closure of hospitals, net
18,414
4.4
%
1,111
0.2
%
Total operating costs and expenses
461,899
110.0
%
483,017
104.9
%
Income (loss) from operations
(41,999
)
(10.0
)%
(22,510
)
(4.9
)%
Interest expense, net
33,056
7.9
%
32,450
7.0
%
Income (loss) before income taxes
(75,055
)
(17.9
)%
(54,960
)
(11.9
)%
Provision for (benefit from) income taxes
137
—
%
(1,074
)
(0.2
)%
Net income (loss) (a)
(75,192
)
(17.9
)%
(53,886
)
(11.7
)%
Less: Net income (loss) attributable to noncontrolling interests
736
0.2
%
54
—
%
Net income (loss) attributable to Quorum Health Corporation
$
(75,928
)
(18.1
)%
$
(53,940
)
(11.7
)%
Earnings (loss) per share attributable to Quorum Health Corporation stockholders:
Basic and diluted (b)
$
(2.52
)
$
(1.85
)
Weighted-average shares outstanding:
Basic and diluted
30,178,229
29,215,823
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, Except Earnings per Share and Shares)
Nine Months Ended September 30,
2019
2018
% of
% of
$ Amount
Revenues
$ Amount
Revenues
Net operating revenues
$
1,304,875
100.0
%
$
1,419,959
100.0
%
Operating costs and expenses:
Salaries and benefits
653,943
50.1
%
705,868
49.7
%
Supplies
149,405
11.4
%
160,732
11.3
%
Other operating expenses
383,414
29.5
%
440,910
31.0
%
Depreciation and amortization
44,167
3.4
%
52,015
3.7
%
Lease costs and rent
34,279
2.6
%
35,551
2.5
%
Electronic health records incentives earned
592
—
%
(617
)
—
%
Legal, professional and settlement costs
6,480
0.5
%
10,349
0.7
%
Impairment of long-lived assets and goodwill
42,820
3.3
%
72,198
5.1
%
Loss (gain) on sale of hospitals, net
2,346
0.2
%
8,927
0.6
%
Loss on closure of hospitals, net
18,414
1.4
%
18,195
1.3
%
Total operating costs and expenses
1,335,860
102.4
%
1,504,128
105.9
%
Income (loss) from operations
(30,985
)
(2.4
)%
(84,169
)
(5.9
)%
Interest expense, net
98,904
7.6
%
95,307
6.7
%
Income (loss) before income taxes
(129,889
)
(10.0
)%
(179,476
)
(12.6
)%
Provision for (benefit from) income taxes
386
—
%
(1,162
)
—
%
Net income (loss) (a)
(130,275
)
(10.0
)%
(178,314
)
(12.6
)%
Less: Net income (loss) attributable to noncontrolling interests
1,532
0.1
%
1,200
—
%
Net income (loss) attributable to Quorum Health Corporation
$
(131,807
)
(10.1
)%
$
(179,514
)
(12.6
)%
Earnings (loss) per share attributable to Quorum Health Corporation stockholders:
Basic and diluted (b)
$
(4.41
)
$
(6.21
)
Weighted-average shares outstanding:
Basic and diluted
29,875,196
28,891,363
QUORUM HEALTH CORPORATION
UNAUDITED CONSOLIDATED SELECTED OPERATING DATA
Three Months Ended September 30,
2019
2018
Variance
% Variance
Consolidated:
Number of licensed beds at end of period (c)
2,038
2,604
(566
)
(21.7
)%
Admissions (d)
15,453
17,797
(2,344
)
(13.2
)%
Adjusted admissions (e)
42,089
45,536
(3,447
)
(7.6
)%
Surgeries (f)
16,883
17,927
(1,044
)
(5.8
)%
Emergency room visits (g)
127,168
135,231
(8,063
)
(6.0
)%
Medicare case mix index (h)
1.43
1.42
0.01
0.7
%
Same-facility: (i)
Number of licensed beds at end of period (c)
2,038
2,038
—
—
%
Admissions (d)
13,337
14,175
(838
)
(5.9
)%
Adjusted admissions (e)
37,590
37,500
90
0.2
%
Surgeries (f)
14,712
14,860
(148
)
(1.0
)%
Emergency room visits (g)
109,529
109,928
(399
)
(0.4
)%
Medicare case mix index (h)
1.41
1.43
(0.02
)
(1.4
)%
Nine Months Ended September 30,
2019
2018
Variance
% Variance
Consolidated:
Number of licensed beds at end of period (c)
2,038
2,604
(566
)
(21.7
)%
Admissions (d)
49,562
56,546
(6,984
)
(12.4
)%
Adjusted admissions (e)
127,027
140,282
(13,255
)
(9.4
)%
Surgeries (f)
51,515
57,628
(6,113
)
(10.6
)%
Emergency room visits (g)
387,724
424,417
(36,693
)
(8.6
)%
Medicare case mix index (h)
1.45
1.43
0.02
1.4
%
Same-facility: (i)
Number of licensed beds at end of period (c)
2,038
2,038
—
—
%
Admissions (d)
41,310
44,052
(2,742
)
(6.2
)%
Adjusted admissions (e)
109,939
113,193
(3,254
)
(2.9
)%
Surgeries (f)
43,967
45,867
(1,900
)
(4.1
)%
Emergency room visits (g)
324,915
333,445
(8,530
)
(2.6
)%
Medicare case mix index (h)
1.44
1.43
0.01
0.7
%
QUORUM HEALTH CORPORATION
UNAUDITED CONSOLIDATED SELECTED OPERATING DATA
Three Months Ended September 30,
2019
2018
$ Variance
% Variance
Consolidated:
Net patient revenues
$
401,552
$
440,731
$
(39,179
)
(8.9
)%
Non-patient revenues
18,348
19,776
(1,428
)
(7.2
)%
Total net operating revenues
$
419,900
$
460,507
$
(40,607
)
(8.8
)%
Net patient revenues per adjusted admission
$
9,541
$
9,679
$
(138
)
(1.4
)%
Net operating revenues per adjusted admission
$
9,977
$
10,113
$
(136
)
(1.3
)%
Same-facility:
Net patient revenues
$
360,684
$
369,904
$
(9,220
)
(2.5
)%
Non-patient revenues
17,950
19,432
(1,482
)
(7.6
)%
Total net operating revenues
$
378,634
$
389,336
$
(10,702
)
(2.7
)%
Net patient revenues per adjusted admission
$
9,595
$
9,864
$
(269
)
(2.7
)%
Net operating revenues per adjusted admission
$
10,073
$
10,382
$
(309
)
(3.0
)%
Nine Months Ended September 30,
2019
2018
$ Variance
% Variance
Consolidated:
Net patient revenues
$
1,247,605
$
1,354,588
$
(106,983
)
(7.9
)%
Non-patient revenues
57,270
65,371
(8,101
)
(12.4
)%
Total net operating revenues
$
1,304,875
$
1,419,959
$
(115,084
)
(8.1
)%
Net patient revenues per adjusted admission
$
9,822
$
9,656
$
166
1.7
%
Net operating revenues per adjusted admission
$
10,272
$
10,122
$
150
1.5
%
Same-facility:
Net patient revenues
$
1,079,321
$
1,104,199
$
(24,878
)
(2.3
)%
Non-patient revenues
56,013
62,239
(6,226
)
(10.0
)%
Total net operating revenues
$
1,135,334
$
1,166,438
$
(31,104
)
(2.7
)%
Net patient revenues per adjusted admission
$
9,817
$
9,755
$
62
0.6
%
Net operating revenues per adjusted admission
$
10,327
$
10,305
$
22
0.2
%
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Par Value per Share and Shares)
September 30,
December 31,
2019
2018
ASSETS
Current assets:
Cash and cash equivalents
$
44,431
$
3,203
Patient accounts receivable
283,701
322,608
Inventories
39,324
45,646
Prepaid expenses
20,412
19,683
Due from third-party payors
26,449
63,443
Other current assets
33,643
36,405
Total current assets
447,960
490,988
Property and equipment, net
485,495
559,438
Goodwill
391,701
401,073
Intangible assets, net
47,807
48,289
Operating lease right-of-use assets
78,606
—
Other long-term assets
70,199
74,306
Total assets
$
1,521,768
$
1,574,094
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
1,646
$
1,697
Current portion of operating lease liabilities
24,835
—
Accounts payable
153,645
143,917
Accrued liabilities:
Accrued salaries and benefits
68,273
76,908
Accrued interest
33,580
10,024
Due to third-party payors
41,998
45,852
Other current liabilities
46,623
43,336
Total current liabilities
370,600
321,734
Long-term debt
1,195,407
1,191,777
Long-term operating lease liabilities
56,346
—
Deferred income tax liabilities, net
7,049
6,736
Other long-term liabilities
93,454
126,499
Total liabilities
1,722,856
1,646,746
Redeemable noncontrolling interests
2,278
2,278
Equity:
Quorum Health Corporation stockholders' equity (deficit):
Preferred stock, $0.0001 par value per share, 100,000,000 shares authorized, none issued
—
—
Common stock, $0.0001 par value per share, 300,000,000 shares authorized; 32,908,366 shares issued and outstanding at September 30, 2019, and 31,521,398 shares issued and outstanding at December 31, 2018
3
3
Additional paid-in capital
561,081
557,309
Accumulated other comprehensive income (loss)
905
759
Accumulated deficit
(780,999
)
(648,464
)
Total Quorum Health Corporation stockholders' equity (deficit)
(219,010
)
(90,393
)
Nonredeemable noncontrolling interests
15,644
15,463
Total equity (deficit)
(203,366
)
(74,930
)
Total liabilities and equity
$
1,521,768
$
1,574,094
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Cash flows from operating activities:
Net income (loss)
$
(75,192
)
$
(53,886
)
$
(130,275
)
$
(178,314
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
15,028
16,612
44,167
52,015
Non-cash interest expense, net
2,306
1,860
6,625
6,394
Provision for (benefit from) deferred income taxes
71
(1,129
)
192
(1,104
)
Stock-based compensation expense
1,744
2,766
4,708
7,986
Impairment of long-lived assets and goodwill
8,010
32,438
42,820
72,198
Loss (gain) on sale of hospitals, net
1,206
805
2,346
8,927
Non-cash portion of loss (gain) on hospital closures
11,781
—
11,781
6,394
Changes in reserves for self-insurance claims, net of payments
(119
)
4,623
(25,922
)
15,003
Other non-cash expense (income), net
3,237
380
1,414
387
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Patient accounts receivable
8,166
9,206
26,946
30,280
Due from and due to third-party payors, net
10,120
8,344
7,858
29,322
Inventories, prepaid expenses and other current assets
5,726
(7,353
)
5,494
(7,582
)
Accounts payable and accrued liabilities
44,793
12,108
36,009
2,394
Long-term assets and liabilities, net
(11,721
)
1,560
(11,323
)
(1,365
)
Net cash provided by (used in) operating activities
25,156
28,334
22,840
42,935
Cash flows from investing activities:
Capital expenditures for property and equipment
(7,720
)
(9,576
)
(25,831
)
(34,895
)
Capital expenditures for software
(1,843
)
(483
)
(5,360
)
(1,527
)
Acquisitions, net of cash acquired
(76
)
(63
)
(531
)
(121
)
Proceeds from the sale of hospitals
40,992
—
52,733
39,170
Other investing activities, net
3,643
10
3,260
259
Net cash provided by (used in) investing activities
34,996
(10,112
)
24,271
2,886
Cash flows from financing activities:
Borrowings under revolving credit facilities
138,000
121,000
465,000
368,000
Repayments under revolving credit facilities
(155,000
)
(135,000
)
(454,000
)
(368,000
)
Borrowings of long-term debt
—
90
186
157
Repayments of long-term debt
(445
)
(354
)
(14,408
)
(31,801
)
Payments of debt issuance costs
—
—
—
(2,268
)
Payments on purchase contracts
(374
)
—
(374
)
—
Cancellation of restricted stock awards for payroll tax withholdings on vested shares
(24
)
(36
)
(588
)
(1,979
)
Cash distributions to noncontrolling investors
(143
)
(678
)
(1,699
)
(1,481
)
Net cash provided by (used in) financing activities
(17,986
)
(14,978
)
(5,883
)
(37,372
)
Net change in cash, cash equivalents and restricted cash
42,166
3,244
41,228
8,449
Cash, cash equivalents and restricted cash at beginning of period
2,265
10,822
3,203
5,617
Cash, cash equivalents and restricted cash at end of period
$
44,431
$
14,066
$
44,431
$
14,066
FOOTNOTES TO UNAUDITED FINANCIAL STATEMENTS AND SELECTED OPERATING DATA
(a)
EBITDA is a non-GAAP financial measure that consists of net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA, also a non-GAAP financial measure, is EBITDA adjusted to add back the effect of certain legal, professional and settlement costs, impairment of long-lived assets and goodwill, net loss (gain) on sale of hospitals, net loss on closure of hospitals, transition of transition services agreements (“TSAs”), change in actuarial estimates and headcount reductions and executive severance. The Company uses Adjusted EBITDA as a measure of financial performance. Adjusted EBITDA is a key measure used by the Company’s management to assess the operating performance of its hospital operations business and to make decisions on the allocation of resources. Additionally, management utilizes Adjusted EBITDA in assessing the Company’s results of operations and in comparing the Company’s results of operations between periods. Same-facility Adjusted EBITDA, also a non-GAAP financial measure, is further adjusted to exclude the effect of EBITDA of hospitals sold or closed as of September 30, 2019. The Company has presented Adjusted EBITDA and Same-facility Adjusted EBITDA in this press release because it believes these measures provide investors and other users of the Company’s financial statements with additional information about how the Company’s management assesses its results of operations.
Adjusted EBITDA and Same-facility Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. These calculations should not be considered in isolation or as a substitute for net income, operating income or any other measure calculated in accordance with U.S. GAAP. The items excluded from Adjusted EBITDA and Same-facility Adjusted EBITDA are significant components in understanding and evaluating the Company’s financial performance. The Company believes such adjustments are appropriate, as the magnitude and frequency of such items can vary significantly and are not related to the assessment of the Company’s normal operating performance. Additionally, the Company’s calculation of Adjusted EBITDA and Same-facility Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table reconciles Adjusted EBITDA and Same-facility Adjusted EBITDA, each as defined above, to net income (loss), the most directly comparable U.S. GAAP financial measure, as derived directly from the Company’s consolidated statements of income for the respective periods (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Net income (loss)
$
(75,192
)
$
(53,886
)
$
(130,275
)
$
(178,314
)
Interest expense, net
33,056
32,450
98,904
95,307
Provision for (benefit from) income taxes
137
(1,074
)
386
(1,162
)
Depreciation and amortization
15,028
16,612
44,167
52,015
EBITDA
(26,971
)
(5,898
)
13,182
(32,154
)
Legal, professional and settlement costs
5,191
1,519
6,480
10,349
Impairment of long-lived assets and goodwill
8,010
32,438
42,820
72,198
Loss (gain) on sale of hospitals, net
1,206
805
2,346
8,927
Loss on closure of hospitals, net
18,414
1,111
18,414
18,195
Transition of transition services agreements
6,445
2,445
8,421
3,682
Change in actuarial estimates
—
—
(26,880
)
—
Headcount reductions and executive severance
1,393
1,722
2,965
7,688
Adjusted EBITDA
13,688
34,142
67,748
88,885
Negative EBITDA of divested hospitals
16,865
7,868
27,212
17,643
Same-facility Adjusted EBITDA
$
30,553
$
42,010
$
94,960
$
106,528
(b)
The following table reconciles net income (loss) attributable to Quorum Health Corporation, as reported and on a per share basis, with the adjustments described herein:
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
(per share - basic and diluted)
(per share - basic and diluted)
Earnings (loss) per share attributable to Quorum Health Corporation stockholders, as reported
$
(2.52
)
$
(1.85
)
$
(4.41
)
$
(6.21
)
Adjustments:
Legal, professional and settlement costs
0.17
0.05
0.22
0.36
Impairment of long-lived assets and goodwill
0.27
1.09
1.44
2.48
Loss (gain) on sale of hospitals, net
0.04
0.03
0.08
0.31
Loss on closure of hospitals, net
0.61
0.04
0.62
0.61
Transition of transition services agreements
0.21
0.08
0.28
0.13
Change in actuarial estimates
—
—
(0.90
)
—
Headcount reductions and executive severance
0.05
0.06
0.10
0.26
Net operating losses of divested hospitals
0.56
0.26
0.91
0.59
Earnings (loss) per share attributable to Quorum Health Corporation stockholders, excluding adjustments
$
(0.61
)
$
(0.24
)
$
(1.66
)
$
(1.47
)
(c)
Licensed beds are the number of beds for which the appropriate state agency licenses a hospital, regardless of whether the beds are actually available for patient use.
(d)
Admissions represent the number of patients admitted for inpatient services.
(e)
Adjusted admissions are computed by multiplying admissions by gross patient revenues and then dividing that number by gross inpatient revenues.
(f)
Surgeries represent the number of inpatient and outpatient surgeries.
(g)
Emergency room visits represent the number of patients registered and treated in the Company’s emergency rooms.
(h)
Medicare case mix index is a relative value assigned to a diagnosis-related group of patients that is used in determining the allocation of resources necessary to treat the patients in that group. Medicare case mix index is calculated as the average case mix index for all Medicare admissions during the period.
(i)
Same-facility financial and operating data excludes hospitals that were sold or closed prior to and as of the end of the current reporting period. Same-facility operating results have been adjusted to exclude the operating results of the following hospitals and their affiliated entities:
Hospitals Divested as of September 30, 2019
Hospital
Licensed Beds
Disposition
Divestiture Date
Sandhills Regional Medical Center ("Sandhills")
64
Sold
December 1, 2016
Barrow Regional Medical Center ("Barrow")
56
Sold
December 31, 2016
Cherokee Medical Center ("Cherokee")
60
Sold
March 31, 2017
Trinity Hospital of Augusta ("Trinity")
231
Sold
June 30, 2017
Lock Haven Hospital ("Lock Haven")
47
Sold
September 30, 2017
Sunbury Community Hospital ("Sunbury")
70
Sold
September 30, 2017
L.V. Stabler Memorial Hospital ("L.V. Stabler")
72
Sold
October 31, 2017
Affinity Medical Center ("Affinity")
156
Closed
February 11, 2018
Vista Medical Center West ("Vista West")
70
Sold
March 1, 2018
Clearview Regional Medical Center ("Clearview")
77
Sold
March 31, 2018
McKenzie Regional Hospital ("McKenzie")
45
Sold
September 30, 2018
Scenic Mountain Medical Center ("Scenic Mountain")
146
Sold
April 12, 2019
Watsonville Community Hospital ("Watsonville")
106
Sold
September 30, 2019
MetroSouth Medical Center ("MetroSouth")
314
Closed
September 30, 2019
Forward-Looking Statements
The terms “QHC,” “Quorum Health,” “the Company,” “we,” “us” or “our” refer to Quorum Health Corporation or one or more of its subsidiaries or affiliates as applicable.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this press release other than statements of historical fact, including statements regarding projections, expected operating results, and other events that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” “outlook,” and similar expressions, are forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond the control of the Company. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. A number of factors could affect the future results of the Company or the healthcare industry generally and could cause the Company’s expected results to differ materially from those expressed in this press release.
These factors include, but are not limited to, the following:
Although we believe that these forward-looking statements are based upon reasonable assumptions, these assumptions are inherently subject to significant regulatory, economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond our control. Accordingly, we cannot give any assurance that our expectations will in fact occur and caution that actual results may differ materially from those in the forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this filing. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191107006121/en/
Asher Dewhurst Westwicke Partners QuorumHealth@Westwicke.com (443) 213-0500
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