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twitter3 hospitals’ financial results disappointing
Friday, Sept. 17, 1999 | 11:35 a.m.
Universal Health Services said disappointing results from its Las Vegas and Amarillo, Texas, hospitals will cause earnings per share in the current quarter to plummet as much as 40 percent from the year-ago period.
The King of Prussia, Pa., company operates the Valley Health System in Las Vegas. The system includes Valley, Summerlin and Desert Springs hospitals.
Universal said its problems in Las Vegas and Amarillo include bad debt expenses, indigent care expenses, high expenses for cardiology procedures that are not reimbursed by Medicare and expenses for higher than budgeted staffing levels.
"The company is vigorously addressing each of these areas but expects it may be several months before the company's earnings return to historical trends," Universal said.
Investors reacted to today's announcement by pushing Universal stock down 4.88 to 25.87 today.
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