HCA Quarterly Profit Up 12% on Price Rise
HCA Inc., the biggest U.S. hospital chain, said first-quarter profit rose 12% as the company raised prices for managed-care insurers and treated more patients.
Net income rose to $385 million, or 74 cents a share, from $343 million, or 62 cents, a year earlier. Revenue rose 8.3% to $4.87 billion.
Chief Executive Jack Bovender has used HCA’s market muscle in places such as Texas and Florida to boost prices about 8% in contracts with managed-care insurers.
Shares of the Nashville, Tenn.-based company fell $1.01 to $47 on the NYSE.
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