Franklin, Tennessee-based hospital giant Community Health Systems (CHS) reported losses of $17 million in the third quarter, a 95% increase from a loss of $325 million in the same quarter last year.
CHS reported net operating revenues reached $3.25 billion, a 5.9% drop from the $3.45 billion the company reported in the third quarter of 2018.
The hospital chain reported a 9.2% decrease in admissions and an 8.4% decrease in adjusted admissions compared with the same period in 2018. Admissions on a same-store basis, however, increased by 2.4%, and adjusted admissions increased 3.6% compared to last year's third quarter.
CHS has been selling off hospitals to stem losses, announcing this week it plans to divest of three of its Virginia hospitals to Bon Secours Mercy Health by the end of 2019. CHS completed 11 hospital divestitures during the first nine months of the year and said it intends to continue its portfolio rationalization strategy during the remainder of 2019.
The company reported its net cash for operations was in the red by $74 million compared to positive net cash of $346 million in the same period last year.
"We expect a good finish to this year and believe we are well-positioned to deliver a strong performance in 2020,” Smith said.