瑞信-美股-医疗设施行业-医院管理：因为COVID-19危机而丢掉的季度-2020.8.18-25页-WN9.pdf

18 August 2020 Equity Research Americas | United States Hospital Management A Throw-Away Quarter Because of the COVID- 19 Crisis; Recovery In Focus; Q2 Recap Healthcare Facilities | Quarterly ■ Volumes Significantly Impacted by COVID-19 Disruptions: For the second quarter of Research Analysts 2020, the hospital group reported a SS inpatient admissions decline of 17.5%, on average (vs. a 3.2% decline in 1Q20), driven by the impact of the COVID- 19 pandemic. HCA fared A.J. Rice the best, with SS admissions down 12.8% Y/Y, followed by CYH off 18.1%, UHS (Acute) 212 325 8134 down 18.6%, and THC off 20.3%. The hospital group reported a SS adjusted admissions aj.rice@ decline of 24.1% Y/Y, on average, in 2Q20 (vs. a 3.5% decline in 1Q20). All hospitals Alexander Khan saw a dramatic decline in SS adj admits in 2Q20, with HCA declining the least at 20.1%, 212 325 7714 followed by CYH at 24.2%, UHS (Acute) at 24.8%, and THC at 27.3%. alexander.khan@ ■ Volumes Improved Month-by-Month, Though ER Lagged: While vols for the full 2Q20 Robert Moon experienced significant Y/Y declines, metrics generally improved throughout the quarter 212 325 7112 after reaching a trough in April. A common theme however was that the rebound in ER robert.moon@ volumes tended to lag during the quarter, not reaching the same levels of recovery as Eduardo Ron general admissions or other metrics. For CYH, SS admissions were down 31% Y/Y in