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Tenet Reports Results for the Fourth Quarter Ended December 31, 2016 and Issues Outlook for 2017

DALLAS--(BUSINESS WIRE)--

Tenet Healthcare Corporation (THC) reported a net loss from continuing operations of $79 million in the fourth quarter of 2016, a $21 million improvement when compared to a $100 million net loss from continuing operations in the fourth quarter of 2015. Adjusted EBITDA was $613 million in both the fourth quarters of 2016 and 2015.

Trevor Fetter, chairman and chief executive officer, stated, “Demand for higher acuity services in our hospitals drove growth in same-hospital patient revenue and revenue per adjusted admission in the fourth quarter. Our Ambulatory and Conifer Health businesses delivered strong revenue and Adjusted EBITDA growth. Our expectations for continued growth in 2017 reflect confidence in our strategy to strengthen our hospital portfolio, expand our network of ambulatory facilities, and solidify Conifer’s leadership in healthcare business services.”

Hospital Operations and Other Segment

Net operating revenue in the Hospital Operations and other segment was $4.143 billion, down 6.3 percent from $4.423 billion in the fourth quarter of 2015 due to hospitals that have been divested since that time. On a same-hospital basis, patient revenue increased to $3.782 billion, up 3.2 percent from $3.666 billion in the fourth quarter of 2015. The increase included growth of 3.7 percent in net patient revenue per adjusted admission, offset by a 0.5 percent decrease in adjusted patient admissions.

Adjusted EBITDA in Tenet’s hospital segment was $358 million, representing a decline of 9.1 percent as compared to $394 million in the fourth quarter of 2015. The decline was driven by divestitures in 2015 and 2016 and an expected decrease in electronic health record incentives, and was partially offset by acquisitions in 2015.

Tenet’s health plan business lowered Adjusted EBITDA by $29 million in the fourth quarter of 2016. For the full year, the health plan business lowered Adjusted EBITDA by $37 million, whereas the Company had anticipated at the outset of 2016 that the results for its health plans would be essentially breakeven. As previously announced, the Company has begun the process of selling or otherwise exiting its health plan business.

Total hospital segment selected operating expenses, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 2.8 percent on a per adjusted admission basis in the quarter. Approximately one-third of the increase was attributable to an increase in claim costs of Tenet’s health plans due to an increase in covered lives in 2016.

Exchanges

Tenet’s same-hospital exchange admissions were 4,916 in the fourth quarter of 2016, up 13.6 percent from the fourth quarter of 2015. Same-hospital exchange outpatient visits were 48,435 up 26.4 percent from the fourth quarter of 2015.

Uncompensated Care

Tenet’s provision for doubtful accounts was $354 million in the fourth quarter of 2016, representing a ratio of 6.8 percent of revenues before bad debt, as compared to $391 million in the fourth quarter of 2015, or 7.2 percent of revenues before bad debt. Tenet’s uncompensated care costs, defined as the sum of the provision for doubtful accounts, charity care write-offs and uninsured discounts, was $1.332 billion and $1.420 billion in the fourth quarters of 2016 and 2015, respectively, including $978 million and $1.029 billion, respectively, of charity care write-offs and uninsured discounts that were offered through Tenet’s Compact with Uninsured Patients. Uncompensated care in the fourth quarter of 2016 represented 21.5 percent of revenue before bad debts, uninsured discounts and charity care write-offs, down from 22.0 percent in the fourth quarter of 2015. Nearly all of Tenet’s uncompensated care is associated with the Hospital Operations and other segment.

Uninsured plus charity admissions increased by 444 admissions, or 4.9 percent on a same-hospital basis in the fourth quarter of 2016 compared to the fourth quarter of 2015. Uninsured plus charity outpatient visits decreased by 14,330 visits, or 11.4 percent, on a same-hospital basis.

Ambulatory Care Segment

During the fourth quarter of 2016, the Ambulatory segment produced net operating revenue of $478 million, representing an increase of 20.4 percent as compared to $397 million in the fourth quarter of 2015. In addition, the Ambulatory segment generated Adjusted EBITDA of $183 million, up 15.8 percent from $158 million in the fourth quarter of 2015.

The results of many of the facilities in which the Ambulatory segment has an investment are not consolidated by Tenet. To help analyze the segment’s results of operations, management uses system-wide measures which include revenues and cases of both consolidated and unconsolidated facilities. On a same-facility system-wide basis, revenue in the Ambulatory segment increased 5.9 percent, with cases increasing 1.7 percent and revenue per case increasing 4.1 percent. One less surgical day lowered revenue growth and case growth in the Ambulatory segment by approximately 1.6 percent in the fourth quarter of 2016.

Conifer Segment

During the fourth quarter of 2016, Conifer’s revenue increased 4.7 percent to $402 million, up from $384 million in the fourth quarter of 2015. Revenue from third party customers increased 16.0 percent to $239 million. Conifer generated $72 million of Adjusted EBITDA in the fourth quarter of 2016, up 18.0 percent from $61 million in the fourth quarter of 2015.

Net Income and Earnings Per Share

Tenet reported a net loss from continuing operations of $79 million, or $0.79 per share, in the fourth quarter of 2016 compared to a net loss of $100 million, or $1.01 per share, in the fourth quarter of 2015.

After adjusting for certain items which are listed on Table #2, Tenet generated Adjusted net income from continuing operations of $6 million, or $0.06 per diluted share, during the fourth quarter of 2016, as compared to Adjusted net income from continuing operations of $35 million, or $0.35 per diluted share, in the fourth quarter of 2015.

A reconciliation of GAAP net income available (loss attributable) to Tenet Healthcare Corporation common shareholders to Adjusted net income from continuing operations and Adjusted diluted earnings per share from continuing operations is contained in Table #2 at the end of this release.

Cash Flow and Liquidity

Cash and cash equivalents were $716 million at December 31, 2016 compared to $649 million at September 30, 2016. On December 1, 2016, the Company completed a private offering of $750 million aggregate principal amount senior secured second lien notes maturing in 2022 (the “notes”). The net proceeds of the notes were used, after payment of fees and expenses, to repay indebtedness outstanding under Tenet’s senior secured revolving credit facility and for general corporate purposes. The Company had no outstanding borrowings on its $1 billion credit line as of December 31, 2016. Accounts receivable days outstanding were 54.8 at December 31, 2016 compared to 52.9 at September 30, 2016 and 49.5 at December 31, 2015.

Net cash provided by operating activities in the twelve months ended December 31, 2016 was $558 million, representing a $468 million decline compared to $1.026 billion in 2015. After subtracting $875 million and $842 million of capital expenditures in the twelve months ended December 31, 2016 and December 31, 2015, respectively, Free Cash Flow was an outflow of $317 million in the twelve months ended December 31, 2016, representing a $501 million decline compared to $184 million in the comparable period in 2015. This decline was primarily attributable to approximately $517 million of payments related to the resolution of the Clinica de la Mama matter, which were made in the fourth quarter of 2016. Adjusted Free Cash Flow was $380 million in the twelve months ended December 31, 2016, representing a $25 million decline from $405 million in the comparable period in 2015. Adjusted Free Cash Flow was below the Company’s Outlook of $400 million to $600 million in 2016, primarily due to an unanticipated increase in accounts receivable days sales outstanding in the fourth quarter of 2016 and an $80 million delay by the State of California in processing Provider Fee program payments.

Net cash used in investing activities was $430 million in the twelve months ended December 31, 2016 compared to $1.317 billion of net cash used in investing activities in the comparable period in 2015. Net cash provided by financing activities was $232 million in the twelve months ended December 31, 2016 compared to $454 million of net cash provided by financing activities in the comparable period in 2015.

Reconciliations of net cash provided by operating activities to both Free Cash Flow and Adjusted Free Cash Flow are contained in Table #3 at the end of this release.

Outlook

The Company’s Outlook for 2017 includes:

  • Revenue of $19.7 billion to $20.1 billion,
  • Net income from continuing operations attributable to Tenet common shareholders of $107 million to $133 million,
  • Adjusted EBITDA of $2.5 billion to $2.6 billion,
  • Net cash provided by operating activities of $1.300 billion to $1.550 billion,
  • Adjusted Free Cash Flow of $600 million to $800 million, and
  • Diluted earnings per share and adjusted diluted earnings per share from continuing operations of $1.05 to $1.30 per diluted share.

The Outlook for 2017 assumes equity in earnings of unconsolidated affiliates of $145 million to $155 million, electronic health record incentives of $8 million to $10 million, net income attributable to noncontrolling interests of $390 million to $410 million and an average diluted share count of 102 million. In addition, the Outlook assumes that CMS will approve the proposed California Provider Fee for the 30-month period from January 2017 through June 2019 during the fourth quarter of 2017 and further assumes that the Company will record approximately $220 million to $230 million of revenue and Adjusted EBITDA during 2017 as a result of this program. In 2016, the Company recorded $232 million of revenue under the California Provider Fee program. The Company will not be able to recognize any revenue under the 2017 program during the year until CMS approves the program. Finally, the Outlook includes a full year of financial results from hospitals which may be divested in 2017 and the Adjusted EBITDA Outlook excludes approximately $30 million of losses in 2017 that the Company expects to incur in its health plan business.

The Company’s Outlook for the first quarter of 2017 includes:

  • Revenue of $4.750 billion to $4.950 billion,
  • Net loss from continuing operations attributable to Tenet common shareholders ranging from a loss of $60 million to a loss of $45 million,
  • Adjusted EBITDA of $475 million to $525 million, and
  • A loss per basic share and an adjusted loss per basic share from continuing operations ranging from a loss of $0.60 to a loss of $0.45.

The Outlook for the first quarter assumes equity in earnings of unconsolidated affiliates of approximately $25 million, electronic health record incentives of approximately $1 million, net income attributable to noncontrolling interests of $85 million to $95 million and an average share count of 100 million. The Outlook for the first quarter of 2017 does not include any revenue or Adjusted EBITDA associated with the California Provider Fee program, whereas the Company’s results in the first quarter of 2016 included $57 million of revenue and Adjusted EBITDA associated with the program. This difference is expected to lower the Company’s same-hospital revenue per adjusted admission by approximately 1.5 percent in the first quarter of 2017. In addition, the Company’s Adjusted EBITDA in the first quarter of 2016 included approximately $25 million from its hospitals in Georgia, which were divested on March 31, 2016.

Additional details on Tenet’s Outlook for both the first quarter and calendar year 2017 are available in Tables 4 and 5 at the end of this press release and in an accompanying slide presentation that is accessible through the Company’s website at www.tenethealth.com/investors.

Management’s Webcast Discussion of Fourth Quarter Results

Tenet management will discuss the Company’s fourth quarter 2016 results on a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on February 28, 2017. Investors can access the webcast through Tenet’s website at www.tenethealth.com/investors. A set of slides, which will be referred to on the conference call, is available on the Quarterly Results section of the Company’s website.

Additional information regarding Tenet’s quarterly results of operations is contained in its Form 10-K report for the twelve months ended December 31, 2016, which will be filed with the Securities and Exchange Commission and posted on the Tenet website before the webcast. This press release includes certain non-GAAP measures, such as Adjusted EBITDA, Adjusted net income from continuing operations, Adjusted diluted earnings per share from continuing operations, Free Cash Flow and Adjusted Free Cash Flow. Reconciliations of these measures to the most comparable GAAP measure are contained in the tables at the end of this release.

Tenet Healthcare Corporation is a diversified healthcare services company with 130,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates 80 general acute care hospitals, 20 short-stay surgical hospitals and approximately 470 outpatient centers in the United States, as well as nine facilities in the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms "THC", "Tenet Healthcare Corporation", "the Company", "we", "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

This release contains “forward-looking statements” – that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2016 and other filings with the Securities and Exchange Commission.

Tenet uses its Company website to provide important information to investors about the Company including the posting of important announcements regarding financial performance and corporate developments.

 
 
TENET HEALTHCARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
(Dollars in millions except per share amounts)     Three Months Ended December 31,
  2016       %       2015       %     Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts $ 5,214 $ 5,417 (3.7 )%
Less: Provision for doubtful accounts   354     391   (9.5 )%
Net operating revenues 4,860 100.0 % 5,026 100.0 % (3.3 )%
Equity in earnings of unconsolidated affiliates 46 0.9 % 51 1.0 % (9.8 )%
Operating expenses:
Salaries, wages and benefits 2,324 47.8 % 2,443 48.6 % (4.9 )%
Supplies 773 15.9 % 817 16.3 % (5.4 )%
Other operating expenses, net 1,205 24.8 % 1,230 24.5 % (2.0 )%
Electronic health record incentives (9 ) (0.2 )% (26 ) (0.5 )% (65.4 )%
Depreciation and amortization 218 4.5 % 208 4.1 %
Impairment and restructuring charges, and acquisition-related costs 121 2.5 % 52 1.0 %
Litigation and investigation costs 2 % 224 4.4 %
Gains on sales, consolidation and deconsolidation of facilities     %   (186 ) (3.7 )%
Operating income 272 5.6 % 315 6.3 %
Interest expense (249 ) (248 )
Loss from early extinguishment of debt (1 )
Investment earnings   6     1  
Net income from continuing operations, before income taxes 29 67
Income tax expense   (6 )   (68 )
Net income (loss) from continuing operations, before discontinued operations 23 (1 )
Discontinued operations:
Net loss from operations (1 ) (1 )
Litigation and investigation (costs) benefit 5
Income tax expense (benefit)   1     (1 )
Net income from discontinued operations       3  
Net income 23 2
Less: Net income attributable to noncontrolling interests   102     99  
Net loss attributable to Tenet Healthcare Corporation common shareholders $ (79 ) $ (97 )
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
Net loss from continuing operations, net of tax $ (79 ) $ (100 )
Net income from discontinued operations, net of tax       3  
Net loss attributable to Tenet Healthcare Corporation common shareholders $ (79 ) $ (97 )
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations $ (0.79 ) $ (1.01 )
Discontinued operations       0.03  
$ (0.79 ) $ (0.98 )
Diluted
Continuing operations $ (0.79 ) $ (1.01 )
Discontinued operations       0.03  
$ (0.79 ) $ (0.98 )
Weighted average shares and dilutive securities outstanding (in thousands):
Basic 99,651 99,188
Diluted* 99,651 99,188

*

Had the Company generated income from continuing operations in the three months ended December 31, 2016 and 2015 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 1,277 shares and 2,173 shares, respectively.

 
 
TENET HEALTHCARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
(Dollars in millions except per share amounts)     Years Ended December 31,
  2016       %       2015       %     Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts $ 21,070 $ 20,111 4.8 %
Less: Provision for doubtful accounts   1,449     1,477   (1.9 )%
Net operating revenues 19,621 100.0 % 18,634 100.0 % 5.3 %
Equity in earnings of unconsolidated affiliates 131 0.7 % 99 0.5 % 32.3 %
Operating expenses:
Salaries, wages and benefits 9,356 47.7 % 9,011 48.4 % 3.8 %
Supplies 3,124 15.9 % 2,963 15.9 % 5.4 %
Other operating expenses, net 4,891 25.0 % 4,555 24.4 % 7.4 %
Electronic health record incentives (32 ) (0.2 )% (72 ) (0.4 )% (55.6 )%
Depreciation and amortization 850 4.3 % 797 4.3 %
Impairment and restructuring charges, and acquisition-related costs 202 1.1 % 318 1.7 %
Litigation and investigation costs 293 1.5 % 291 1.5 %
Gains on sales, consolidation and deconsolidation of facilities   (151 ) (0.8 )%   (186 ) (1.0 )%
Operating income 1,219 6.2 % 1,056 5.7 %
Interest expense (979 ) (912 )
Loss from early extinguishment of debt (1 )
Investment earnings   8     1  
Net income from continuing operations, before income taxes 248 144
Income tax expense   (67 )   (68 )
Net income from continuing operations, before discontinued operations 181 76
Discontinued operations:
Loss from operations (6 ) (5 )
Litigation and investigation (costs) benefit 8
Income tax benefit (expense)   1     (1 )
Net income (loss) from discontinued operations   (5 )   2  
Net income 176 78
Less: Net income attributable to noncontrolling interests   368     218  
Net loss attributable to Tenet Healthcare Corporation common shareholders $ (192 ) $ (140 )
Amounts attributable to Tenet Healthcare Corporation common shareholders
Net loss from continuing operations, net of tax $ (187 ) $ (142 )
Net income (loss) from discontinued operations, net of tax   (5 )   2  
Net loss attributable to Tenet Healthcare Corporation common shareholders $ (192 ) $ (140 )
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations $ (1.88 ) $ (1.43 )
Discontinued operations   (0.05 )   0.02  
$ (1.93 ) $ (1.41 )
Diluted
Continuing operations $ (1.88 ) $ (1.43 )
Discontinued operations   (0.05 )   0.02  
$ (1.93 ) $ (1.41 )
Weighted average shares and dilutive securities outstanding (in thousands):
Basic 99,321 99,167
Diluted* 99,321 99,167

*

Had the Company generated income from continuing operations in the years ended December 31 2016 and 2015 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 1,421 shares and 2,380 shares, respectively.

 
 
TENET HEALTHCARE CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
    December 31,     December 31,
(Dollars in millions)   2016     2015  
ASSETS
Current assets:
Cash and cash equivalents $ 716 $ 356
Accounts receivable, less allowance for doubtful accounts 2,897 2,704
Inventories of supplies, at cost 326 309
Income tax receivable 4 7
Assets held for sale 29 550
Other current assets   1,285     1,245  
Total current assets 5,257 5,171
Investments and other assets 1,250 1,175
Deferred income taxes 871 776
Property and equipment, at cost, less accumulated depreciation and amortization 8,053 7,915
Goodwill 7,425 6,970
Other intangible assets, at cost, less accumulated amortization   1,845     1,675  
Total assets $ 24,701   $ 23,682  
 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt $ 191 $ 127
Accounts payable 1,329 1,380
Accrued compensation and benefits 872 880
Professional and general liability reserves 181 177
Accrued interest payable 210 205
Liabilities held for sale 9 101
Accrued legal settlement costs 8 294
Other current liabilities   1,234     1,144  
Total current liabilities 4,034 4,308
Long-term debt, net of current portion 15,064 14,383
Professional and general liability reserves 613 578
Defined benefit plan obligations 626 595
Deferred income taxes 279 37
Other long-term liabilities   610     557  
Total liabilities 21,226 20,458
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries 2,393 2,266
Equity:
Shareholders’ equity:
Common stock 7 7
Additional paid-in capital 4,827 4,815
Accumulated other comprehensive loss (258 ) (164 )
Accumulated deficit (1,742 ) (1,550 )
Common stock in treasury, at cost   (2,417 )   (2,417 )
Total shareholders’ equity 417 691
Noncontrolling interests   665     267  
Total equity   1,082     958  
Total liabilities and equity $ 24,701   $ 23,682  
 
 
TENET HEALTHCARE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
(Dollars in millions)     Years Ended December 31,
  2016         2015  
Net Income $ 176 $ 78
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 850 797
Provision for doubtful accounts 1,449 1,477
Deferred income tax expense 41 42
Stock-based compensation expense 68 69
Impairment and restructuring charges, and acquisition-related costs 202 318
Litigation and investigation costs 293 291
Loss from early extinguishment of debt 1
Gains on sales, consolidation and deconsolidation of facilities (151 ) (186 )
Equity in earnings of unconsolidated affiliates, net of distributions received (13 ) (99 )
Amortization of debt discount and debt issuance costs 41 41
Pre-tax (income) loss from discontinued operations 6 (3 )
Other items, net (1 ) 59
Changes in cash from operating assets and liabilities:
Accounts receivable (1,604 ) (1,632 )
Inventories and other current assets (83 ) (130 )
Income taxes (8 ) 18
Accounts payable, accrued expenses and other current liabilities (51 ) 68
Other long-term liabilities 40 38
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (691 ) (200 )
Net cash used in operating activities from discontinued operations, excluding income taxes   (6 )   (21 )
Net cash provided by operating activities 558 1,026
Cash flows from investing activities:
Purchases of property and equipment — continuing operations (875 ) (842 )
Purchases of businesses or joint venture interests, net of cash acquired (117 ) (940 )
Proceeds from sales of facilities and other assets 573 549
Proceeds from sales of marketable securities, long-term investments and other assets 62 60
Purchases of equity investments (39 ) (134 )
Other assets (31 ) (4 )
Other items, net   (3 )   (6 )
Net cash used in investing activities (430 ) (1,317 )
Cash flows from financing activities:
Repayments of borrowings under credit facility (1,895 ) (2,815 )
Proceeds from borrowings under credit facility 1,895 2,595
Repayments of other borrowings (154 ) (2,049 )
Proceeds from other borrowings 760 3,158
Repurchases of common stock (40 )
Debt issuance costs (12 ) (80 )
Distributions paid to noncontrolling interests (218 ) (110 )
Proceeds from sale of noncontrolling interests 22 11
Purchase of noncontrolling interests (186 ) (268 )
Proceeds from exercise of stock options 4 15
Other items, net   16     37  
Net cash provided by financing activities   232     454  
Net increase in cash and cash equivalents 360 163
Cash and cash equivalents at beginning of period   356     193  
Cash and cash equivalents at end of period $ 716   $ 356  
Supplemental disclosures:
Interest paid, net of capitalized interest $ (932 ) $ (859 )
Income tax payments, net $ (33 ) $ (7 )
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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS(1)

(Unaudited)
 
(Dollars in millions except per patient day,                        
per admission, per adjusted admission Three Months Ended December 31, Years Ended December 31,
and per visit amounts)   2016     2015   Change   2016     2015   Change
 
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period) 75 86 (11 ) * 75 86 (11 ) *
Total admissions 192,104 211,991 (9.4 )% 792,143 824,102 (3.9 )%
Adjusted patient admissions 338,929 371,994 (8.9 )% 1,389,768 1,422,588 (2.3 )%
Paying admissions (excludes charity and uninsured) 181,617 200,462 (9.4 )% 749,634 779,766 (3.9 )%
Charity and uninsured admissions 10,487 11,529 (9.0 )% 42,509 44,336 (4.1 )%
Admissions through emergency department 120,549 133,108 (9.4 )% 499,335 521,272 (4.2 )%
Paying admissions as a percentage of total admissions 94.5 % 94.6 % (0.1 )% * 94.6 % 94.6 % % *
Charity and uninsured admissions as a percentage of total admissions 5.5 % 5.4 % 0.1 % * 5.4 % 5.4 %