Provides Context for Recent 8-K Disclosure
FRANKLIN, Tenn.--(BUSINESS WIRE)-- Community Health Systems, Inc. (NYSE:CYH) today announced that it will release its first quarter 2011 results on April 27 after the market closes. The Company will host a conference call on April 28 to review financial and operating results and provide information and analyses addressing the baseless allegations made by Tenet Healthcare Corporation (NYSE: THC) in its lawsuit and investor communications.
The first quarter conference call will begin at 10:30 a.m. Central time (11:30 a.m. Eastern time) on April 28. A live broadcast of the conference call will be available online at www.chs.net and www.earnings.com. To listen to the live call, please go to the web site at least 15 minutes early to register, download, and install any necessary audio software. The online replay will follow shortly after the call and continue through May 27.
Separately, the Company provided context to address questions related to the timing of the Form 8-K filed on April 15, 2011, which disclosed the subpoena from the U.S. Department of Health and Human Services, Office of the Inspector General (the “OIG”).
The Company has always taken a proactive approach to informing the investment community about any pending regulatory matters by including a detailed description of such matters in its next quarterly SEC filing (10-Q or 10-K). After Tenet filed its lawsuit on April 11, 2011, investors began to examine its allegations that a statistically lower rate of “observations” computed as a percentage of all acute care inpatient discharges constitutes a significant billing impropriety. Over the course of the week, the focus of investor questions turned to inpatient admissions of the shortest duration (i.e., one-day inpatient stays).
Because the OIG subpoena received on April 8, 2011, appears to concern emergency department processes and procedures, and because so many Medicare admissions are from the emergency department, we determined it would be helpful to investors to disclose the OIG subpoena before our next quarterly filing, the Form 10-Q for the quarter ending March 31, 2011.
About Community Health Systems, Inc.
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 130 hospitals in 29 states with an aggregate of approximately 19,400 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its subsidiary Quorum Health Resources, LLC, the Company provides management and consulting services to approximately 150 independent non-affiliated general acute care hospitals located throughout the United States.
Any statements made in this news release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws and should be evaluated as such. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by the Company with the Securities and Exchange Commission, including the Company's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes 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.
Community Health Systems, Inc.
Tomi Galin, 615-628-6607
VP – Corporate Communications
Sard Verbinnen & Co
George Sard/Brooke Gordon/Drew Brown, 212-687-8080
W. Larry Cash, 615-465-7000
EVP & CFO
Lizbeth Schuler, 615-465-7000
VP – Investor Relations
KEYWORDS: United States North America Tennessee
INDUSTRY KEYWORDS: Health Hospitals