North Vista Hospital owner reports jump in earnings

Michelle Swafford

Monday, Nov. 15, 2004 | 11 a.m.

IASIS Healthcare LLC, owner of North Vista Hospital in North Las Vegas, reported its profit increased 74 percent during the fiscal fourth quarter.

The Franklin, Tenn.-based company reported today its net income rose to $3.5 million in the quarter ended Sept. 30, compared with $2 million in the year-ago quarter.

The company's revenue increased 26 percent during the fiscal fourth quarter to $357.7 million, compared with $283.2 million a year earlier.

IASIS operates 15 acute care hospitals and one behavioral health hospital in North Las Vegas, Arizona, Texas, Florida and Utah. North Vista, which was formerly named Lake Mead Hospital, was purchased from financially troubled Tenet Healthcare Corp. on Feb. 1 and its name was changed in June.

IASIS announced in conjunction with its financial results that it expanded its charity care policy in October to allow more uninsured patients to qualify for free and reduced-rate medical care.

The new policy extends to patients whose income is 200 percent of the federal poverty level, which equates to $37,700 for a family of four. IASIS will continue to offer free care to patients whose income is below 200 percent of the federal poverty level.

Additionally, patients whose income is up to 400 percent of the federal poverty level, or $75,400 for a family of four, are eligible for sliding scale rates.

Patient admissions for the company's acute care hospitals rose 7.8 percent to 22,425 patients in the fiscal fourth quarter, compared with 20,796 patients in the year-earlier quarter.

IASIS does not report information about its individual hospitals, but North Vista's patient volume is up this year compared to the same period last year, IASIS spokeswoman Tomi Galin said.

"Seven months into operating North Vista, we are meeting our own expectations in terms of volume and revenue," she said. "We think the hospital is doing well. It's more profitable than it was a year ago under the previous owner."

IASIS is investing more than $13 million to expand its women's services department, add a level-two nursery for critical babies and upgrade and add diagnostic equipment such as a magnetic resonance imaging machine, which is a new item at the hospital.

In fiscal year 2005, IASIS plans to spend another $10 million for equipment and renovation of North Vista's women's services department, Galin said.

Also, the hospital is considering adding a diabetes and wound care center, she said.

North Vista closed its 22-bed adult psychiatric department in February, but recently said it plans to expand its geriatric psychiatric department to 47 beds from 18 beds.

North Vista is the its parent company's pilot hospital for paperless medical records and bar coding of medications, which will be implemented in the coming months, Galin said.