Business
HealthSouth's loss widens
NEWS IN BRIEF — Posted Nov. 27, 2006
HealthSouth posted a wider loss in the third quarter, citing weaker volumes in the acute care hospital sector and pricing pressure.
The Birmingham, Ala.-based rehabilitation chain reported a loss of $76.1 million for the quarter, which ended Sept. 30, compared with a loss of $11.5 million for the same period a year earlier.
Net revenue also fell, totaling $731.2 million in the third quarter of 2006, down from $766.3 million the year before.
HealthSouth is still trying to recover from a massive accounting scandal that nearly sent the company into bankruptcy three years ago. The company announced in August that it would sell or spin off three of its four divisions to concentrate solely on inpatient rehabilitation care. The bulk of the proceeds would likely be used to help pay down debt.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2006/11/27/bibf1127.htm.
