Community Health Systems on Tuesday reported $18 million in first quarter net income, swinging from a loss of $118 million a year earlier, but revenue fell to about $3 billion from $3.4 billion, coming in slightly below Wall Street estimates. The hospital chain reported a roughly 13% drop in admissions, or 5% on a same-store basis, with COVID-19 contributing to those declines starting in the second half of March as the pandemic ramped up. Franklin, Tennessee-based CHS disclosed it received $245 million from the Coronavirus Aid, Relief, and Economic Security Act provider relief fund, money it does not have to pay back. It will need to repay the $1.2 billion in accelerated Medicare payments it also received. The system sold off three hospitals during the period as it continues to pare down facilities, and in the filing announced it has entered into several definitive agreements to sell a total of seven hospitals. CHS said the sale of three hospitals caps the end of a long restructuring, spurred by a botched acquisition of Health Management Associates in 2014.
Read the full article: Amid Q1 Hit, CHS Says Portfolio Reorganization Finished //
Source: https://www.healthcaredive.com/news/community-health-systems-earnings-Q1-2020/577006