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MedCath Corporation Reports Third Quarter Earnings
Date:8/5/2009

en the Hualapai Mountain Medical Center in October. The addition of this new capacity will allow us to expand the population of patients that can benefit from our proven high-level of care. We are affirmed in our strategy to diversify and mitigate risk associated with single-product reliance as we have embarked upon our expansion investments."

MedCath's operating results for the third quarter of fiscal 2009 reflect the following items:

  • $2.7 million, or $0.08, net per diluted share of the decrease in net revenue and Adjusted EBITDA related to a reduction in the estimated amount of Medicare Disproportionate Share Hospital (DSH) payments certain hospitals were eligible for in prior fiscal years. The primary method for a hospital to qualify for Medicare DSH reimbursement is based on a statutory formula that utilizes the percentage of inpatient days attributable to patients eligible for Medicaid, but not eligible for Medicare Part A, and a base formula called the Supplemental Security Income (SSI) percentage, which is released annually by the Centers for Medicare and Medicaid Services (CMS). Based on the updated SSI percentage provided by CMS in June 2009, MedCath has determined that four hospitals that were previously determined to be eligible for DSH payments in fiscal 2007 and fiscal 2008 would either no longer be eligible for such payments or would be eligible for less payment than initially estimated.
  • $0.4 million, or $0.01, net per diluted share of the decrease in Adjusted EBITDA related to the reduction in the estimated amount of charges eligible for Medicaid reimbursement from fiscal 2004 to 2006, which resulted in an updated cost to charge ratio at one of our hospitals.
  • $1.1 million, or $0.03, net per diluted share, of the decrease in Adjusted EBITDA related to professional fees associated with an internal assessment of certain controls and procedures completed during the quarter.
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