Businessweek

Health Management Associates Inc. Presents at UBS Global Healthcare Conference, May-22-2013 08:00 AM. Venue: Sheraton New York Hotel, 811 Seventh Avenue, New York, New York, United States. Speakers: Kelly E. Curry, Chief Financial Officer and Executive Vice President, Robert E. Farnham, Senior Vice President of Finance.

Health Management Associates Inc. described Securities and Exchange Commission investigation into its accounting practices as a "fact-finding inquiry." SEC is known to launch an investigation into financial statement disclosures and accounting when other government probes are under way, as they are in the case of HMA.

Health Management Associates Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net revenue of $1,482,962,000, income from continuing operations of $27,767,000 or $0.09 per basic and diluted share, income from continuing operations before income taxes of $37,485,000, net income attributable to the company of $23,102,000 or $0.09 per basic and diluted share compared to net revenue of $1,485,257,000, income from continuing operations of $45,991,000 or $0.15 per basic and diluted share, income from continuing operations before income taxes of $70,718,000, net income attributable to the company of $37,690,000 or $0.15 per basic and diluted share for the same period last year. Net cash provided by continuing operating activities was $19,343,000 against $62,087,000 a year ago. Additions to property, plant and equipment were $61,142,000 against $80,817,000 a year ago. Adjusted EBITDA was $198,898,000 against $239,515,000 a year ago. Income from continuing operations attributable to the company’s common stockholders was $23,102,000 or $0.09 per basic and diluted share against $39,085,000 or $0.15 per basic and diluted share a year ago.

Health Management Associates Inc. and Blue Cross and Blue Shield of Florida, Inc. announced the formation of an accountable care model to serve patients in Brevard County, Fla. Health Management's physicians, as well as its two hospitals in Brevard County (Wuesthoff Medical Center-Melbourne and Wuesthoff Medical Center-Rockledge) will be the provider cornerstones of this new partnership. The new relationship is a platform for expanded cooperation between Florida Blue and Health Management, including the potential to build a clinically integrated network among participating providers and expand insurance products offered in Brevard County, such as Medicare Advantage and self-funded and "narrow network" commercial insurance plans.

Health Management Associates owes more than $4.5 million to a Texas company for emergency room software that it is still using. HMA signed a contract with Medhost for its emergency room software in May, 2011. The contract and the amount of the contract wasn't included in the complaint. The terms enabled HMA to test the software at its Seven Rivers Regional Medical Center in Crystal River, near Tampa. From there, HMA was to notify Medhost of any shortcomings within five days of a 60-day trial period ending. The complaint said HMA didn't submit a list of any problems and the software was installed at all of the company's 58 hospitals. HMA paid the first two installments to Medhost, the amounts of which aren't disclosed in the complaint, but didn't pay the third installment of $4.5 million. The third installment was due Sept. 30, 2012. Medhost notified HMA of the contract breach on Feb. 4, 2013, and the hospital operator failed to make the payment, according to the complaint. HMA continues to use the software and submitted two additional orders to add it at 10 more hospitals. To date, the software has been installed at eight of the 10 hospitals. Filing the complaint was done as a last resort after ongoing conversations with HMA since last year.