QUOTE AND NEWS
DailyFinance  Mar 31  Comment 
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) announced today that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (“CHS”), and certain of CHS’ subsidiaries have entered into amendments...
Benzinga  Feb 21  Comment 
In a report published Friday, Credit Suisse analyst Ralph Giacobbe reinstated coverage on Community Health Systems (NYSE: CYH) with an Outperform rating and $48.00 price target. In the report, Credit Suisse noted, “We are reinstating coverage...
SeekingAlpha  Feb 19  Comment 
Community Health Systems (CYH) Q4 2013 Earnings Call February 19, 2014 11:00 am ET Executives Lizbeth R. Schuler - Vice President of Investor Relations Wayne T. Smith - Chairman and Chief Executive Officer W. Larry Cash - President...
MarketWatch  Feb 18  Comment 
Community Health Systems Inc. said fourth-quarter net income was $28.18 million, or 30 cents a share, less than half the $62.57 million, or 70 cents a share, for the same period a year ago. Adjusted earnings for the Franklin, Tenn. hospital...
StreetInsider.com  Feb 18  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Community+Health+Systems+%28CYH%29+Misses+Q1+EPS+by+18c/9186187.html for the full story.
Reuters  Jan 22  Comment 
Hospital operator Community Health Systems Inc has won approval to buy Health Management Associates Inc on the condition that it sell hospitals in Alabama and South Carolina,...
DailyFinance  Jan 10  Comment 
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today announced that its wholly-owned subsidiary, FWCT-2 Escrow Corporation (the “Escrow Issuer”), intends to offer $1.705 billion aggregate principal amount...
DailyFinance  Jan 9  Comment 
Community Health Systems, Inc. (the “Company”) (NYSE:CYH) today announced a restructuring of its operating divisions and executive level promotions. The changes precede the Company’s pending acquisition of Health...
Benzinga  Jan 8  Comment 
Community Health Systems (NYSE: CYH) today announced a restructuring of its operating divisions and executive level promotions. The changes precede the Company's pending acquisition of Health Management Associates, Inc., which...
DailyFinance  Jan 8  Comment 
Community Health Systems, Inc. (NYSE: CYH) (“CHS”) and Health Management Associates, Inc. (NYSE: HMA) (“HMA”) announced today that HMA stockholders voted to adopt the previously announced merger agreement under which...




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Community Health Systems (NYSE:CYH) owns and leases over a hundred hospitals in 29 states, primarily in rural communities.[1] While the company's growth is partially organic, the bulk of revenue increases have resulted from acquisitions, such as the purchase of Triad Hospitals Inc. which doubled the size of the CYH network, in terms of beds, and made it the largest publicly traded hospital operator chain in the country. The company earned $12 billion in revenue and $243 million in net income in 2009.[2]

As U.S. demographics change - and trend toward urban or rural relocations - so do CYH's revenues. Population size and economic cycles help determine the number of potential patients living close to CYH's hospitals and the amount of healthcare they need. Medicare and Medicaid laws also impact the company's operating income, and the growing quantitative gap between insured and uninsured and/or underinsured patients are concerns as more private clinics and physician-owned hospitals attract the most expensive and specialized medical procedures funded by private insurance. To stave off competition from these smaller, more nimble providers, the firm often forms partnerships with them.

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Competition

Community Health holds a virtual monopoly in most of its markets simply because its hospitals are the only providers of emergency care services in the vicinity. This is common to most American rural hospitals and reflects years of industry consolidation. Thus, the firm's primary competition is not other area hospitals, but rather urban hospitals, which patients often choose for specialized care. The firm competes by recruiting more specialists and investing in new technology in order to widen the range of services available to patients.

Compared to its urban counterparts, Community Health's hospitals have several operational advantages that help them achieve higher margins. A rural location gives hospitals the benefit of less competition, since many are monopolies in their communities. In addition to making more flexibility in pricing possible, this type of market power can bolster a hospital's reputation, encouraging positive relationships with patients and local physicians. Furthermore, patients treated at rural hospitals often have less complex health problems, as those with more advanced illnesses tend to travel to urban hospitals to receive care. This results in a lower cost structure, as more common medical issues can be treated with fewer expenses. Finally, Community Health maximizes the revenues it receives from private insurance providers by avoiding contractual relations with them and shunning and risk sharing agreements. Instead, they negotiate payments with these institutions on a case by case basis. Because private insurers have a smaller presence in rural areas, they are essentially not interested in penetration of rural clients and thus offer fewer discounts and special promotions to them, which results in higher reimbursement for hospitals. At the same time, CYH cannot offer the same level of equipment and specialized care as urban hospitals, leading it to lose potential patients. It also lacks teaching and research facilities, which are common to urban hospitals.

In the past several years, new types of competitors have been entering Community Health's markets and decreasing patient volume: physician-owned hospitals and stand alone surgery and diagnostic centers. New technologies have made it possible for physicians to perform procedures that earlier had to be done in a hospital. Community Health is addressing this challenge by attempting to partner with physicians and other independent facilities.



References

  1. CYH 2009 10-K "Overview of Our Company"
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