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UHS' Net Income, Revenues Increase in Q4 2020

Analysis  |  By Jack O'Brien  
   February 25, 2021

One major announcement for UHS in Q4 was the appointment of Mark Friedlander, MD, MBA as the organization's CMO.

Universal Health Services, Inc., (UHS) recorded increases in net income and revenues during Q4 2020, according to the company's latest earnings report released Thursday afternoon.

The King of Prussia, Pennsylvania–based hospital management company's net income topped $308 million, up more than $60 million year-over-year, while quarterly net revenues increased 6.6%, inching past $3 billion.

UHS stated that its net income benefited from a favorable impact of approximately $151.4 million due to $200 million grant revenues from the CARES Act.

Related: Net Income, Revenues Rise for UHS in Q3

Meanwhile, the cyberattack on the company in September resulted in an unfavorable estimated impact of $42.1 million, according to the company. For the full year, UHS estimated that the cyberattack resulted in a pre-tax unfavorable impact of $67 million.

Additionally, the company stated that the ongoing vaccination effort is likely to ease the number of patients infected with COVID-19 being admitted to UHS facilities but added that the pace is difficult to predict.

"The extent to which the COVID-19 pandemic and measures taken in response thereto impact our business, results of operations and financial condition will depend on numerous factors and future developments, most of which are beyond our control or ability to predict," the report stated. "The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. We are not able to fully quantify the impact that these factors will have on our future financial results, but expect developments related to the COVID-19 pandemic to materially affect our financial performance in 2021."

Related: UHS: ACOs Saved Medicare $90M in 2019

One major announcement for UHS in Q4 was the appointment of Mark Friedlander, MD, MBA as the organization's CMO.

"The vision needs to recognize that behavioral health patients have a chronic condition that is going to keep coming back," Friedlander told HealthLeaders Clinical Care Editor Chris Cheney in December. "These conditions not only affect individuals but also their families, their friends, and their jobs. These conditions do not occur in isolation. They are impacted by social determinants of health, health literacy, and access to care—those factors are aspects of the mission that UHS has for behavioral health."

Related: UHS Appoints New CMO for Behavioral Health Division

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

Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.

Photo credit: Milan, Italy - November 1, 2017: Universal Health Services logo on the website homepage. - Image / Editorial credit: Casimiro PT / Shutterstock.com


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