HCA Revenues Top $13.3B, Working With Government to Return CARES Act Funds

The Nashville-based for-profit hospital operator's earnings were released weeks after the company announced that it would return, or repay early, $6 billion in government funding.

HCA Healthcare achieved quarterly revenues of more than $13.3 billion, according to the company's latest earnings report released Monday morning.

Net income for the quarter was $668 million, up $56 million year-over-year, though HCA also recorded losses on retirement of debt that totaled $211 million.

The quarterly results included a reversal of $822 million in government stimulus income, the company announced.

Additionally, HCA stated that it is currently working with the federal government to return $6 billion in funding as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Medicare accelerated payments.

HCA said that it "expects to fund the entire amount of such payment from available cash and future cash flows from operations."

The Nashville-based for-profit hospital operator first announced the plan to return, or repay early, the funds on October 8.

Related: HCA to Repay $6B in CARES Act Funding, Medicare Accelerated Payments

Like many provider organizations, HCA continued to see the pandemic's impact on admissions and patient volume.

Year-over-year, same facility admissions and equivalent admissions fell 3.8% and 9%, respectively, same facility emergency room visits declined 20.3%, same facility inpatient surgeries dropped 6.8%, and same facility outpatient surgeries slipped 6.3%.

Related: Impacted by COVID, HCA's Same Facility Admissions Fell Almost 13% During Q2

Unlike Q2, HCA's EBITDA declined by just over $230 million year-over-year.

On a positive note, HCA's same facility revenue per equivalent admission rose 14.8% year-over-year due to "increases in acuity of patients treated and favorable payer mix" during Q3.

Related: 3 Ways HCA Healthcare Stays Prepared for Hurricanes, Wildfires, and COVID

For the quarter, HCA reported capital expenditures of $489 million, excluding acquisitions, and cash flows provided by operating activities of $2.7 billion, up nearly $600 million year-over-year.

At the end of Q3, HCA had cash and cash equivalents of $6.588 billion, total debt of nearly $31 billion, and total assets just north of $51 billion.

For complete financial information, review HCA's filing with the Securities and Exchange Commission.