Community Health Systems Inc. reports 5.1 percent revenues drop
WARREN — Community
Health Systems Inc.,
which announced last
week it is selling Trumbull
Memorial Hospital and
other area facilities, said
its net operating revenues
fell about 5.1 percent last
year compared to 2015.
Franklin, Tenn-based
CHS released its financial
and operating results for
the final quarter and full
year of 2016.
The company reported
net operating revenues of
$18.44 billion for 2016, down
from $19.44 billion for 2015.
Net operating revenues
for the final quarter of the
year, which ended Dec. 31,
totaled $4.47 billion, down
from $4.80 billion for the
same period in 2015.
CHS Chairman / CEO
Wayne T. Smith, in a news
release, stated, “We concluded
the year with solid
results in the fourth quarter,
including sequential
improvements in samestore
net operating revenue,
adjusted EBITDA
(earnings before interest,
taxes, depreciation and
amortization) and cash
flow from operations.
“Significant progress
has been made in our work
to divest certain hospitals
and other operations,
enabling a reduction in our
debt and the opportunity to
reshape our portfolio into a
stronger, more sustainable
organization.”
Smith said the company,
moving forward in
2017 and beyond, is focused
on “efficiency improvements
in our operations,
strategic initiatives that
enhance growth in our
markets, and portfolio optimization
that reduces our
total debt.”
“Most importantly, we
remain committed to providing
high-quality, safe
health care for the patients
and communities we
serve,” he stated.
Last week, CHS said it
has agreed to sell Valley-
Care Health System of
Ohio, which includes
Trumbull Memorial Hospital
in Warren, Hillside
Rehabilitation Hospital in
Howland, Northside Medical
Center in Youngstown
and Sharon Regional
Health System of Sharon,
Pa., to Steward Health Care
LLC of Boston.
The sale is expected to
close in the second quarter
of 2017.
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