Net Revenues Net revenues were $4.9 million
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Posted On: 05/23/2023 7:55:41 PM
Net Revenues
Net revenues were $4.9 million for the three months ended March 31, 2023, as compared to net revenues of $1.1 million for the three months ended March 31, 2022, an increase of $3.8 million. We attribute the increase in net revenues to increased billings related primarily to greater inpatient admissions and increased collections at our Big South Fork Medical Center. We began billing as a Critical Access Hospital in the three months ended June 30, 2022 retroactive to July 1, 2021.
Direct Cost of Revenues
Direct costs of revenues increased by $0.5 million for the three months ended March 31, 2023 compared to the three months ended March 31, 2022. We attribute the increase primarily to higher professional fees and salaries and wages. Professional fees increased due to greater inpatient admissions and to the restructuring of our relationships with certain professional service firms. Salaries and wages increased due to greater inpatient admissions, increased non-clinical staffing and reduced contract labor.
General and Administrative Expenses
General and administrative expenses increased by $0.6 million in the three months ended March 31, 2023 compared to the three months ended March 31, 2022. Our hospitals’ general and administrative expenses contributed approximately $0.4 million of the increase due primarily to increased salaries and wages and professional and purchased services. In addition, we incurred $0.1 million of additional corporate related expenses and $0.1 million of startup expenses associated with our newly-formed behavioral health subsidiary.
Income (loss) from Continuing Operations Before Other Income (Expense) and Income Taxes
Income from continuing operations before other income (expense) and income taxes for the three months ended March 31, 2023 was $0.8 million compared to a loss of $1.9 million for the three months ended March 31, 2022. We attribute the income in the three months ended March 31, 2023 compared to the loss in the three months ended March 31, 2022 to the $3.8 million increase in net revenues in the three months ended March 31, 2023 compared to the comparable 2022 period, partially offset by higher direct costs of net revenues and general and administrative expense in the three months ended March 31, 2023 versus the 2022 period.
Net revenues were $4.9 million for the three months ended March 31, 2023, as compared to net revenues of $1.1 million for the three months ended March 31, 2022, an increase of $3.8 million. We attribute the increase in net revenues to increased billings related primarily to greater inpatient admissions and increased collections at our Big South Fork Medical Center. We began billing as a Critical Access Hospital in the three months ended June 30, 2022 retroactive to July 1, 2021.
Direct Cost of Revenues
Direct costs of revenues increased by $0.5 million for the three months ended March 31, 2023 compared to the three months ended March 31, 2022. We attribute the increase primarily to higher professional fees and salaries and wages. Professional fees increased due to greater inpatient admissions and to the restructuring of our relationships with certain professional service firms. Salaries and wages increased due to greater inpatient admissions, increased non-clinical staffing and reduced contract labor.
General and Administrative Expenses
General and administrative expenses increased by $0.6 million in the three months ended March 31, 2023 compared to the three months ended March 31, 2022. Our hospitals’ general and administrative expenses contributed approximately $0.4 million of the increase due primarily to increased salaries and wages and professional and purchased services. In addition, we incurred $0.1 million of additional corporate related expenses and $0.1 million of startup expenses associated with our newly-formed behavioral health subsidiary.
Income (loss) from Continuing Operations Before Other Income (Expense) and Income Taxes
Income from continuing operations before other income (expense) and income taxes for the three months ended March 31, 2023 was $0.8 million compared to a loss of $1.9 million for the three months ended March 31, 2022. We attribute the income in the three months ended March 31, 2023 compared to the loss in the three months ended March 31, 2022 to the $3.8 million increase in net revenues in the three months ended March 31, 2023 compared to the comparable 2022 period, partially offset by higher direct costs of net revenues and general and administrative expense in the three months ended March 31, 2023 versus the 2022 period.
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