Northstar Healthcare, an owner and manager of ambulatory surgery centers, has announced its results for the fourth quarter and year ended Dec. 31, 2010, with the company reporting net patient service revenue of $2.2 million for the quarter compared with $5.9 million in the corresponding period of 2009.
The decline in net revenue was primarily attributable to a 26.3 percent decrease in case volume and a 14.6 percent decrease in the net patient service revenues per case, according to a news release.
For the year, Northstar generated net patient service revenue of $12.3 million compared with $24.9 million in the corresponding period of 2009. The reduction in revenue was primarily due to a 33 percent decrease in case volume and a 26.1 percent reduction in revenue per case.
Donald Kramer, MD, the founder and first CEO of the company who was brought back on as CEO in 2010, described the fourth quarter as a "transitional quarter for the company," according to the news release. "We've laid the foundation for our turn-around plan and assessed multiple opportunities present in the changing healthcare market," he said.
Over the previous five months, company accomplishments included the following:
- syndication of the newly formed MicroSurgery Institute of Houston with 11 physician partners;
- completion of the acquisition of Palladium for Surgery - Dallas; and
- syndication of the newly formed MicroSurgery Institute of Dallas with eight physician partners.
Read the news release about the fourth quarter for Northstar Healthcare.