ValleyCare parent company reports second-quarter loss

Staff report

YOUNGSTOWN

Community Health Systems Inc., the company that owns ValleyCare Health System of Ohio, reported a loss in the second quarter of 2016.

The Franklin, Tenn.-based operation, the largest owner of publicly traded hospital companies in the U.S., reported a decrease in earnings to a loss of $1.431 billion compared with income of $111 million reported in the second quarter of 2015.

The company’s revenues for the second quarter of 2016 were $4.59 billion compared with $4.882 billion recorded in the second quarter of 2015.

For the first half of the year, Community Health System’s revenues were reported at $9.589 billion compared with $9.973 billion recorded during the first six months of 2015.

The consolidated operating results for the second quarter reflect a 9.1 percent decrease in total admissions, and an 8.5 percent decrease in total adjusted admissions, compared with the same period in 2015.

ValleyCare operates Northside Medical Center in Youngstown, Hillside Rehabilitation Center in Howland and Trumbull Memorial Hospital in Warren.

“While our operating performance fell short of expectations this period, our management team and local operators are aggressively pursuing key initiatives and growth opportunities in markets where we believe we have the greatest potential to generate better operational and financial results,” Wayne T. Smith, chairman and chief executive officer of Community Health Systems Inc., said in a statement.

On April 29, 2016, CHS completed the spin-off of Quorum Health Corp., comprised of 38 affiliated hospitals and related outpatient services in 16 states. After the spin-off, QHC became an independent public company.

Community Health Systems owns, leases or operates 159 affiliated hospitals in 22 states with an aggregate of about 27,000 licensed beds.