EXHIBIT 99.1
(VANGUARD LOGO)
Vanguard Reports Fourth Quarter and Year-end Results
NASHVILLE, Tenn. — August 25, 2010 — Vanguard Health Systems, Inc. (Vanguard) today announced results for the fourth quarter and fiscal year ended June 30, 2010.
Total revenues for the quarter ended June 30, 2010 were $858.4 million, an increase of $31.9 million or 3.9% from the prior year quarter. Patient service revenues increased $17.4 million from the prior year quarter. Health plan premium revenues increased $14.5 million from the prior year quarter. The increase in patient service revenues was attributable to a 3.3% increase in adjusted discharges offset by a 0.2% decrease in patient revenue per adjusted discharge during the current year quarter compared to the prior year quarter. Absent the implementation of an insured discount policy in our Phoenix and San Antonio hospitals effective July 1, 2009, similar to the program implemented in our two Illinois hospitals on April 1, 2009, and a change to the Medicaid pending policy at all of our hospitals, patient revenue per adjusted discharge would have increased 3.2% during the current year quarter compared to the prior year quarter. The increase in health plan premium revenues was primarily attributable to a 17.1% increase in average membership in Phoenix Health Plan (PHP) during the current year quarter compared to the prior year quarter. Economic conditions in Arizona continue to increase the number of individuals eligible for coverage under the Arizona Health Care Cost Containment System (AHCCCS) and thus expand PHP’s membership.
Vanguard reported income from continuing operations of $3.4 million for the current year quarter compared to $2.1 million during the prior year quarter. During the current year quarter, Vanguard’s net income attributable to Vanguard Health Systems, Inc. stockholders was $2.8 million compared to $1.8 million during the prior year quarter. Many quarter over quarter comparisons of individual cost and expense items, particularly for health plan claims expense and the provision for doubtful accounts, as a percentage of total revenues during the current year quarter were impacted by the significant growth in health plan premium revenues and the uninsured discount and Medicaid pending policy changes. A table describing the impact of adjustments to certain expenses and revenues and related ratios for our acute care services segment and to certain statistical measures is included in this release in the attached Supplemental Operating Measures Adjusted for Comparative Analysis.
Adjusted EBITDA for the current year quarter was $82.9 million, an 11.3% increase compared to the prior year quarter. A reconciliation of Adjusted EBITDA to net income (loss) attributable to Vanguard Health Systems, Inc. stockholders as determined in accordance with generally accepted accounting principles for the quarters ended June 30, 2009 and 2010 is included in the attached supplemental financial information.
The consolidated operating results for the current year quarter reflect a 1.8% increase in discharges and a 3.3% increase in adjusted discharges compared to the prior year quarter. Emergency room visits increased 1.0%, while inpatient surgeries and outpatient surgeries decreased 3.0% and 2.2%, respectively, during the current year quarter compared to the prior year quarter. General economic weakness in the United States economy continues to impact demand for elective surgical procedures.
Total revenues for the year ended June 30, 2010 were $3,376.9 million, an increase of $191.5 million or 6.0% from the prior year. Patient service revenues and health plan premium revenues increased $29.8 million and $161.7 million, respectively, from the prior year. Total revenues during the current year were positively impacted by a 2.4% increase in adjusted discharges but were negatively impacted by a 1.1% decrease in patient revenue per adjusted discharge compared to the prior year. Absent the previously discussed uninsured discount and Medicaid pending policy changes, patient revenue per adjusted discharge would have increased 2.8% during the current year compared to the prior year. Health plan premium revenues increased 23.8% during the current year primarily due to the significant enrollment increase associated with PHP’s new contract with AHCCCS that went into effect on October 1, 2008.

 

 


The following information was filed by Vanguard Health Systems Inc (VHS) on Thursday, August 26, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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