National
HealthCare Corporation (NYSE MKT: NHC), the nation's oldest publicly
traded senior health care company, today announced net income available
to common shareholders for the quarter ended September 30, 2015 of
$10,415,000 compared to $10,662,000 for the quarter ended September 30,
2014. Excluding the operating losses from the two newly constructed
skilled nursing facilities and one assisted living facility placed in
service less than twelve months ago, net income available to common
shareholders for the quarter ended September 30, 2015 would have been
$11,384,000, which is an increase of 6.8% over the same three month
period in 2014.
Net operating revenues for the three months ended September 30, 2015
totaled $225,386,000 compared to $218,223,000 for the same three months
of 2014, an increase of 3.3%. Net income was $0.75 per common share
basic for the quarter ended September 30, 2015 compared to $0.77 per
common share basic for the quarter ended September 30, 2014.
Forward-Looking Statements
Statements in this press release that are not historical facts are
forward-looking statements. NHC cautions investors that any
forward-looking statements made involve risks and uncertainties and are
not guarantees of future performance. The risks and uncertainties are
detailed from time to time in reports filed by NHC with the S.E.C.,
including Forms 8-K, 10-Q and 10-K, and include, among others, the
following: liabilities and other claims asserted against us and patient
care liabilities, as well as the resolution of current litigation;
availability of insurance and assets for indemnification; national and
local economic conditions; including their effect on the availability
and cost of labor, utilities and materials; the effect of government
regulations and changes in regulations governing the healthcare
industry, including our compliance with such regulations; changes in
Medicare and Medicaid payment levels and methodologies and the
application of such methodologies by the government and its fiscal
intermediaries, the ability of third parties for whom we have guaranteed
debt to refinance certain short term debt obligations; and other factors
referenced or incorporated by reference in the S.E.C. filings. The risks
included here are not exhaustive. All forward-looking statements
represent NHC’s best judgment as of the date of this release.
About NHC
NHC affiliates operate for themselves and third parties 74 skilled
nursing centers with 9,403 beds. NHC affiliates also operate 36 homecare
programs, five independent living centers and 19 assisted living
communities. NHC’s other services include Alzheimer’s units, long-term
care pharmacies, hospice, a rehabilitation services company, and
providing management and accounting services to third parties. Other
information about the Company can be found on our web site at www.nhccare.com.
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Consolidated Statements of Income
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(in thousands, except share and per share amounts)
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Three Months Ended
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Nine Months Ended
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September 30
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September 30
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2015
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2014
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2015
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2014
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Revenues:
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(unaudited)
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(unaudited)
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Net patient revenues
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$
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215,351
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$
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207,772
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$
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641,845
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$
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613,173
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Other revenues
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10,035
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10,451
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30,850
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32,136
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Net operating revenues
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225,386
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218,223
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672,695
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645,309
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Costs and Expenses:
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Salaries, wages and benefits
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135,136
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128,938
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392,766
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374,277
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Other operating
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56,616
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55,365
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173,830
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166,803
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Facility rent
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10,006
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9,913
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29,972
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29,712
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Depreciation and amortization
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9,273
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8,639
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27,442
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25,144
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Interest
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594
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632
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1,782
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1,566
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Total costs and expenses
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211,625
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203,487
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625,792
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597,502
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Income Before Non-Operating Income
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13,761
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14,736
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46,903
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47,807
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Non-Operating Income
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4,550
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3,937
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12,902
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12,790
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Income Before Income Taxes
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18,311
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18,673
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59,805
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60,597
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Income Tax Provision
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(5,744
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)
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(5,844
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)
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(21,638
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)
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(22,028
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)
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Net Income
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12,567
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12,829
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38,167
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38,569
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Dividends to Preferred Stockholders
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(2,152
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(2,167
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(6,487
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(6,502
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Net Income Available to Common Stockholders
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$
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10,415
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$
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10,662
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$
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31,680
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$
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32,067
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Earnings Per Common Share
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Basic
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$
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0.75
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$
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0.77
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$
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2.30
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$
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2.32
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Diluted
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$
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0.72
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$
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0.75
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$
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2.21
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$
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2.25
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Weighted average common shares outstanding
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Basic
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13,801,245
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13,805,430
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13,778,705
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13,838,891
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Diluted
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14,422,660
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14,236,512
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14,365,251
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14,230,031
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Dividends declared per common share
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$
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0.40
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$
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0.34
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$
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1.14
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$
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1.00
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Balance Sheet Data
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(in thousands)
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Sept. 30
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Dec. 31
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2015
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2014
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Cash and marketable securities
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$
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181,348
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$
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202,302
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Restricted cash and marketable securities
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180,949
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168,924
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Current assets
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305,593
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322,525
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Property and equipment, net
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526,255
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514,744
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Total assets
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1,082,291
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1,074,123
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Current liabilities
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180,687
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183,558
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Long-term debt
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10,000
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10,000
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Stockholders' equity
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746,357
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734,148
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Selected Operating Statistics
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(unaudited)
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Three Months Ended
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Nine Months Ended
|
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September 30
|
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September 30
|
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2015
|
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2014
|
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2015
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2014
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Per Diems:
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Medicare
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$
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441.52
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$
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436.72
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$
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437.28
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$
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434.14
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Managed Care
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405.14
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400.17
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401.42
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398.61
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Medicaid
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170.57
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168.01
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170.64
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168.58
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Private Pay and Other
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216.10
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211.43
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216.97
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211.50
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Patient Days:
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Medicare
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119,780
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120,729
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384,801
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371,501
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Managed Care
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56,721
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49,454
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165,149
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140,558
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Medicaid
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319,962
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317,753
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935,339
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931,954
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Private Pay and Other
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179,734
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181,661
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523,739
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521,394
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676,197
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669,597
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2,009,028
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1,965,407
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Average Per Diem
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$
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250.34
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$
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245.38
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$
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252.76
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$
|
246.61
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006958/en/
Copyright Business Wire 2015