Northstar Increases Spend on Salaries, Advertising in 1st Half of 2013
Northstar Healthcare, a company that partners with physicians in the ownership and management of ambulatory facilities and healthcare services, reported flat net income for the second quarter of this year.
The company, which owns three ambulatory surgery centers, reported net loss of $0.6 million in the second quarter compared to the same period last year as a result of increased market spend in salaries and advertising as the company focuses more of its efforts on direct consumer marketing. The company's cash flow provided by operations was $1.4 million, a slight decline from the second quarter of 2012.
However, the company used $1.1 million in cash flows for financing activities and due to its positive cash flow positions, it was able to make significant distributions to non-controlling interests.
For the six month's end, the company reported total net patient services revenues at $10 million, a 19.5 percent increase over the first half of 2012 due to increased case volume from resyndicating a center and adding a large pain and spine physician group last year. The company reported $1.3 million net loss for the first half of this year due to increased market spending in salary and advertising.
© Copyright ASC COMMUNICATIONS 2012. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.