Universal Health Services brought in $241.2 million in profit in the third quarter, up from $97.2 million in the same quarter of 2019, the health system reported Thursday evening.
The King of Prussia, Pennsylvania-based health system reported increased net revenues of $2.91 billion in the third quarter, up 3.2% from $2.82 billion in the same quarter last year. That was, in part, due to about $21.4 million, or 25 cents per diluted share, from $28 million of net revenues from the California Medicaid supplemental payment program related to acute care hospitals.
In a release, health system officials said the pandemic has had a "material unfavorable effect" on its operation and financial results before recording the revenues in connection with the CARES Act and Medicare Accelerated Payments.
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"Patient volumes at both our acute care and behavioral health care facilities were most significantly reduced in March and April," officials said in the release. "Our acute care and behavioral health facilities began experiencing gradual and continued improvement in patient volumes since May as various states eased stay-at-home restrictions and acute care hospitals were permitted to resume elective surgeries and procedures.
"Although many of our acute care and behavioral health facilities are located in states that have continued to experience intermittent increases in COVID-19 infections, non-COVID-19 patient volumes at our hospitals have not been as dramatically impacted in recent months by increases experienced from time-to-time in COVID-19 patient volumes."
UHS also acknowledged a massive cyberattack that crippled its IT systems at the end of the quarter.
"Since that time, our information technology applications have been restored at our acute care and behavioral health hospitals, as well as at the corporate level, thereby re-establishing connections to all major systems and applications, including electronic medical records, laboratory and pharmacy systems," officials said in a release. "With the back-loading of data substantially complete at this point, our hospitals are resuming normal operations."
The company plans to have an earnings conference call at 10 a.m. ET on Friday.