Community Health Systems continues narrowing losses amid divestitures

Community Health Systems
Community Health Systems completed 12 hospital divestitures in 2019 and completed three additional hospital divestitures on Jan. 1. (CHS)

Community Health Systems narrowed its losses to $675 million in 2019 as it continued aggressively cutting the size of its portfolio of hospitals throughout the year.

That loss was improved 14% after CHS reported it was $788 million in the red the prior year.

The Franklin, Tennessee-based health system giant reported a loss of $373 million in the quarter ending Dec. 31, or $3.27 per share, compared to a net loss of $328 million, of $2.91 per share, for the same period in 2018. The company posted revenue of $3.3 billion in the fourth quarter, down from $3.5 billion in the same quarter a year earlier. 

For the year, CHS had revenues of $13.2 billion in 2019, down from $14.2 billion in 2018. 

RELATED: Community Health Systems CEO says chain nearing end of hospital selling spree

Wayne Smith, chairman and CEO of CHS, called it a "strong finish" for the year.

"Our successful divestiture program, along with strategic growth initiatives in our core portfolio of markets, has driven better results, including improved same-store volume and net revenue growth in 2019," Smith said in a statement. "As we enter 2020, we expect to deliver incremental growth, driven by a combination of continued same-store net revenue performance and execution across our strategic margin improvement programs.”

RELATED: Community Health Systems agrees to $53M settlement