PLANO, Texas, Nov. 13 /PRNewswire/ -- LifeCare Holdings, Inc. (the "Company") today announced its operating results for the quarter ended September 30, 2009.
Three Months Ended September 30, 2009
Our net patient service revenue increased by $1.9 million, or 2.3%, for the three months ended September 30, 2009, to $84.3 million from $82.4 million for the comparable period in 2008. Patient days and admissions decreased by 4.4% and 7.2%, respectively, during the three months ended September 30, 2009 as compared to the same period in 2008.
The $1.9 million increase in net patient service revenue was comprised of a $0.2 million increase in adjustments related to changes in estimates and settlements on cost reports previously filed with the Medicare program, offset by an unfavorable variance of $3.7 million attributable to the decrease in patient days, with a remaining increase of $5.4 million attributable to an increase in revenue per patient day.
During the three months ended September 30, 2009 our net patient service revenue per patient day was $1,594, as compared to $1,489 for the 2008 period, an increase of 7.1%. The increase in net patient service revenue on a per patient day basis during the 2009 period was primarily the result of annual inflationary increases in our standard charge rates and certain of our contracts with commercial payors, a higher acuity level of the patients treated in the 2009 period, and the marginal increases contained in recent annual regulatory updates implemented by CMS during 2008.
Total expenses decreased by $1.9 million to $85.6 million for the three months ended September 30, 2009 as compared to $87.5 million for the comparable period in 2008. The decrease of $1.9 million was primarily the result of a decrease of $0.5 million in salaries, wages and benefits, a decrease of $1.6 mil
|SOURCE LifeCare Holdings, Inc.|
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