So after looking at the numbers…
Posted on November 13, 2009 at 1:26 pmPali Research analyst Sheryl Skolnick has revised her 2010 EBITDA estimates for Nashville’s large hospital players. Taken together, she sees the companies earning almost $8.6 billion from operations, a net drop of $79 million from her previous forecasts. The main culprit: Bad debt.
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If you wanted to nitpick HCA’s numbers…
Posted on November 5, 2009 at 1:33 pmSheryl Skolnick at Pali Research is impressed by the growth in cash flow and admissions at HCA. But she’s not thrilled about bad debt or the expense item that accounts for 42 percent of the hospital giant’s operating costs.
The increase in bad debt is one thing. More troubling than that was the higher than expected labor costs as a percent of revenue: HCA appears to have lost some leverage here.
SEE ALSO: HCA volume growth best since ‘02
Hospitals’ not-so-bad-anymore debt
Posted on April 15, 2009 at 12:20 amHCA’s earnings preview yesterday included the nugget that its provision for doubtful accounts was lower that had been expected. That lifted a number of hospital operators’ stocks big time and, says one analyst, may signal the bottom for their valuations.
If other operators also report lower-than-expected bad-debt ratios, then “these depressed share prices and multiples won’t last for long,” CRT Capital Group’s Sheryl Skolnick told Dow Jones. “Bad debt is one of the key concerns keeping a lid on hospital price performance.” Health Management Associations Inc. (HMA, $3.28, +$0.21, +6.84%), Lifepoint Hospitals Inc. (LPNT, $22.81, +$1.54, +7.24%) and Community Health Systems Inc. (CYH, $18.54, +$2.33, +14.37%) all rose.
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