Business
HCA profits increase
NEWS IN BRIEF — Posted Aug. 16, 2004
Hospital giant HCA Inc. reported a 47% jump in profits for the second quarter of 2004, aided in part by lower costs for professional liability insurance.
The Nashville, Tenn.-based hospital chain reported net income of $352 million for the quarter, or 72 cents a share, compared to net income of $240 million, or 47 cents per share, for the same period a year earlier.
HCA credited favorable claim and payment trends, the adoption of tort reform in some states, patient safety programs and lower interest rates for helping it record a $59 million positive change in its professional liability insurance reserves, which helped boost profits.
Revenue for the second quarter increased 6.7% to $5.8 billion from $5.5 billion a year earlier.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/08/16/bibf0816.htm.
