AHP's revenues drop
BRENTWOOD, Tenn. – American HomePatient (AHP) this week reported revenues of $61.3 million for the fourth quarter of 2009 compared to $67.8 million for the same period in 2008, a 9.6% drop. Revenues were $236.3 million for all of 2009 compared to $266.9 million for 2008, a 11.5% drop. Net losses were $1.2 million for the fourth quarter of 2009 compared to a net income of $1.5 million for the same period in 2008. Net losses were $13.1 million for all of 2009 compared to a net income of $500,000 for 2008. AHP blames Medicare reimbursement cuts that went into effect Jan. 1, 2009, for its lackluster performance: They shaved revenues by about $6.5 million in the fourth quarter and $27.4 million for the year. Also hanging over AHP’s head: $226.4 million in debt. Its current forbearance agreement expires March 16, 2010.