San Juan Capistrano, CA-based Ensign Group announced an adjusted net income of $43.7 million in the third quarter of 2020, a 94.5% year-over-year gain, according to the firm’s earnings release Wednesday. The company held its quarterly earnings call on Thursday.
Same store skilled revenue increased by 18.5% over the prior-year quarter and by 7.8% sequentially over the second quarter, with an increase in Medicare days of 34.3% and 10.2%, respectively.
The strong results came from quarter-over-quarter improvements in skilled mix across the portfolio, improved admissions trends, availability of more frequent and broader COVID testing, increased managed care revenues, cost saving initiatives, improved collections, sequestration suspension and improved Medicaid rates in certain states, noted Ensign CEO Barry Port.
“Our operations have continued to see an increase in the number of higher-[need] patients, including some COVID-19-positive patients and an increasing number of managed care patients,” Port said.
The firm also announced that it will be returning approximately $23 million in unused funds from the latest round of Provider Relief Fund distributions.