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Community Health posts lower profits

Tue., July 29, 2008

Community Health Systems, the large hospital system with a pending deal to buy Spokane-based Empire Health Services, posted lower second-quarter profits than a year ago.

The Tennessee-based company earned $47.9 million for the three-month period ending June 30, compared with $53.8 million during the same time a year ago.

Company executives blamed the 11 percent drop on reimbursement reductions in Indiana’s Medicaid insurance program.

The company planned to speak with Wall Street analysts this morning.

Community’s proposed $156 million takeover of Empire Health’s Deaconess Medical Center and Valley Hospital and Medical Center is expected this autumn.


 

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