Universal Health CEO: Not seeing big economic effects yet

Hospital operator Universal Health Services Inc. isn't taking a serious hit from the current economic crisis, although a major downturn would be cause for concern, company's chairman and chief executive Alan B. Miller said. Hospital industry stocks have sold off sharply this week, apparently due to concerns that a weak economy and associated job losses will translate into higher levels of uninsured patients and uncollectible bills and lower volumes of patients in commercial health plans. Universal Health had an "exceptional" first half of the year that exceeded the company's expectations, Miller said.