New Joint Ventures, Leadership Moves, Q1 Financial Reports & More – 8 Recent Key Notes on USPI
1. Consolidated net revenues were $145.3 million for the first quarter of 2014, compared to $145.1 million during the same period in 2013. "This was a challenging start to 2014 for USPI, with a combination of severe weather in certain markets and continuing change in insurance plan design impacting first quarter volumes," said USPI CEO William Wilcox in a news release.
2. Cash flow from operating activities was $61 million the first quarter, compared to $38.6 million in the prior year period.
3. The company acquired two facilities in the first quarter of 2014 and acquired another after the end of the quarter.
4. USPI intends to acquire five to 10 additional facilities during the rest of the year.
5. The company has a positive outlook on the future. "We remain comfortable with our long-term strategy, optimistic about our development pipeline and believe the capabilities we are building will be beneficial long term to our partnerships with prominent health systems and physicians," said Mr. Wilcox.
6. Baylor Health Care System has partnered with USPI to open a $35 million joint venture surgical facility in Fort Worth, Texas.
7. USPI-affiliated Williamson Surgery Center opened early this year in Round Rock, Texas.
8. Harold L. Paz, MD, Penn State Hershey Medical Center and Health System CEO, joined the USPI board of directors.
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