IPC Healthcare’s EBITDA decreases in 3rd quarter
IPC Healthcare’s revenue for the third quarter of 2015 increased 8.9 percent to $184.8 million, although its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) decreased 20.6 percent to $14.3 million compared with the same period last year.
The company said the “decrease in adjusted EBITDA margin is primarily related to the increased practice costs as a percentage of revenue.”
During the quarter, IPC Healthcare incurred $1.7 million in costs related to False Claims Act litigation with the U.S. government.
Meanwhile, the adjusted diluted earnings per share decreased from $0.57 to $0.43 and GAAP diluted earnings per share fell from $0.49 to $0.20.
IPC Heatlthcare, an acute hospitalist and post-acute provider group practice company, has 2,129 employed physicians and other providers in more than 375 hospitals and 2,025 post-acute care facilities.
In August, Team Health Holdings agreed to acquire IPC Healthcare for approximately $1.6 billion or $80.25 per share. On Nov. 16, IPC Healthcare’s shareholders are scheduled to vote on the merger and other related matters.
IPC Healthcare’s patient encounters increased to 1,998,000 during the third quarter, and the company added 291 providers.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.