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HealthSouth Reports Results for Fourth Quarter Ended December 31, 2007
Date:2/25/2008
not included in our basic or diluted common shares
outstanding.
-- In the fourth quarter of 2006, total operating expenses included a
$12.8 million recovery of incentive bonuses from our former chairman
and chief executive officer.
Operating Earnings
Operating earnings were $21.9 million for the fourth quarter of 2007 compared to $3.3 million for the fourth quarter of 2006 (see supplemental information attached to this press release for the calculation of operating earnings).
75% Rule
On December 29, 2007, The Medicare, Medicaid and State Children's Health Insurance Program (SCHIP) Extension Act of 2007 (the "2007 Medicare Act") was signed into law, permanently setting the compliance threshold of the "75% Rule" at 60%, and allowing hospitals to continue using patients' secondary medical conditions, or "comorbidities," to determine whether a patient qualifies for inpatient rehabilitation care under the Rule. We believe the permanent "freeze" at the 60% compliance threshold will stabilize much of the volatility in patient volumes created by the 75% Rule. An additional element to the 2007 Medicare Act is a reduction in the pricing of Medicare-eligible services to a pricing level that existed in the third quarter of 2007. This "roll-back" is effective from April 1, 2008 until September 30, 2009. The long-term impact of permanently establishing a 60% compliance threshold is positive for the Medicare patients we serve and for the Company. We anticipate the temporary negative impact of the pricing roll-back will be offset by volume increases created by the fact that more patients now have access to our high quality inpatient rehabilitation services.
Pre-tax Loss from Continuing Operations and Net Loss
The Company reported a pre-tax loss from continuing operations of $61.1
million, or $0.78 per share (basic and diluted), for the fourth quarter of
2007 compared to its pre-tax loss from continuing oper
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