Medical Facilities Corporation announces 4Q, year-end financial results: 7 things to know

Medical Facilities Corporation has announced its fourth quarter and year-end financial results. Here are seven things to know from the report.

1. MFC reported consolidated facility service revenue of $311.8 million for 2014, a 0.9 percent increase from $309.2 million in 2013.

2. Consolidated facility service revenue for the fourth quarter of 2014 was down 2.2 percent from $89.6 million in the fourth quarter of 2013 to $87.6 million.

3. Consolidated income from operations for the year was $71.2 million, down 2.8 percent from $73.3 million in the prior year period.

4. For the fourth quarter, consolidated income from operations was $24.4 million, down 2 percent from $24.9 million in the fourth quarter of 2013.

5. For the full-year, cash available for distribution increased 1.3 percent to Cdn$41.4 million.

6. "We are pleased to report that growth in case volumes and ancillary services revenues continued for the full year and in the fourth quarter 2014 but were impacted by unfavorable shifts in payer mix and a $1.3 million year-over-year reduction in Electronic Health Records incentive payments. These two factors were the prime contributors to year-over-year and fourth quarter declines in income from operations," said CEO Donald Schellpfeffer, MD.

7. MFC owns controlling interests in an ambulatory surgery center and five specialty surgical hospitals.

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