LifeCare Holdings, Inc. Announces Third Quart...(lated to two of the Company'shospitals. ...),Health

Date:11/14/2007

lated to two of the Company's hospitals. In these cases, the actual cost to charge ratio, which is used to determine the reimbursement for short stay and high cost outliers, was outside the 10% limit of the cost to charge ratio amount used by CMS to process interim claims such that it resulted in a reconciliation of payments to the actual cost to charge ratio for these cost report periods.

Our net patient service revenue per patient day as reported during the nine months ended September 30, 2007 and 2006, was $1,409 and $1,443, respectively. However, exclusive of the cost report reimbursement adjustments discussed previously, net patient service revenue per patient day for the nine months ended September 30, 2007 and 2006 was $1,414 and $1,464, respectively. The decrease in net patient service revenue per patient day, excluding the impact of the cost report reimbursement adjustment, was primarily the result of the unfavorable reimbursement changes implemented by CMS for all discharges on or after July 1, 2006 and the unfavorable reduction in DRG weights for all discharges on or after October 1, 2006, partially offset by an increase in the percentage of our revenues generated from commercial payors.

Total Expenses

Total expenses decreased by $2.1 million to $264.8 million for the nine months ended September 30, 2007 as compared to $262.7 million for the comparable period in 2006. Included in the expenses for the nine month period ending September 30, 2007, is a $3.8 million impairment charge related to goodwill and $2.5 million attributable to compensation and benefits accrued in connection with the departure of the CEO during the three months ended September 30, 2007, as discussed previously. Included in the expenses for the 2006 period is an impairment charge of $24.6 million related to goodwill, a gain of $1.3 million related to the early extinguishment of debt, and $5.3 million in insurance recovery related to Hurricane Katrina. Gain on early ex
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SOURCE LifeCare Holdings, Inc. Copyright©2007 PR Newswire. All rights reserved

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