National HealthCare Corporation (NHC) Bundle
An Overview of National HealthCare Corporation (NHC)
General Summary of the Company
National HealthCare Corporation (NHC) was founded in 1971 and has since established itself as a prominent provider of healthcare and senior living services across the United States. The company operates a diverse range of facilities, including skilled nursing facilities, assisted living facilities, independent living facilities, and homecare services. As of 2024, NHC operates 76 skilled nursing facilities, 27 assisted living facilities, and 11 independent living facilities, totaling over 9,000 licensed beds.
In 2024, NHC reported net operating revenues and grant income of $1,065,418,000 for the nine months ended September 30, 2024, reflecting an increase from $987,186,000 in the same period of 2023.
Company's Financial Performance in the Latest Financial Reports
For the quarter ended September 30, 2024, NHC achieved a record GAAP net income of $42,789,000, compared to $10,388,000 for the same period in 2023. This represents a 17.9% increase in net operating revenues. The adjusted net income for the quarter was $19,910,000, up from $13,250,000 in 2023, largely due to per diem increases in skilled nursing facilities.
For the nine months ended September 30, 2024, the GAAP net income attributable to NHC was $95,846,000, compared to $38,392,000 for the same period in 2023. The adjusted net income for this period was $50,909,000, up from $38,978,000.
The company's net patient revenues increased by $89,798,000, or 11.2%, compared to the same period last year, driven by an average census of 88.6% at owned and leased facilities. The average composite skilled nursing facility per diem increased by 7.7%, with Medicare per diem rates rising by 4.9%.
Introduction to Company as One of the Leaders in the Industry
National HealthCare Corporation stands out as a leader in the healthcare and senior living industry, with a strong focus on quality care and operational efficiency. The acquisition of the White Oak portfolio on August 1, 2024, added 15 skilled nursing facilities and significantly contributed to revenue growth. As a company committed to enhancing the quality of life for its residents, NHC continuously seeks to improve its services and expand its market presence. Readers are encouraged to delve deeper into the factors that contribute to NHC's sustained success in a competitive landscape.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Operating Revenues | $358,334,000 | $337,817,000 | $1,065,418,000 | $987,186,000 |
| GAAP Net Income | $42,789,000 | $10,388,000 | $95,846,000 | $38,392,000 |
| Adjusted Net Income | $19,910,000 | $13,250,000 | $50,909,000 | $38,978,000 |
| Net Patient Revenues Increase | $51,669,000 | — | $89,798,000 | — |
| Average Census | 88.3% | 88.1% | 88.6% | 87.8% |
Mission Statement of National HealthCare Corporation (NHC)
Mission Statement of National HealthCare Corporation (NHC)
The mission statement of National HealthCare Corporation (NHC) is a crucial element that defines the company's purpose and direction. It serves as a guiding principle for the organization, shaping its strategic decisions and long-term goals. NHC's mission emphasizes its commitment to providing high-quality healthcare services to patients and their families, ensuring that the needs of the community are met with compassion and professionalism.
Core Component 1: Quality Care
NHC's mission statement highlights the importance of delivering quality care. This commitment is reflected in the company's operational metrics, such as a reported 18.7% increase in net patient revenues for the quarter ended September 30, 2024, compared to the same period in 2023. The total census at owned and leased skilled nursing facilities averaged 88.3% for this quarter, slightly up from 88.1% in the previous year. Such metrics are indicative of NHC's focus on maintaining high standards in patient care.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Patient Revenues | $328,674,000 | $277,005,000 |
| Total Census (Skilled Nursing Facilities) | 88.3% | 88.1% |
| Composite Skilled Nursing Facility Per Diem | $328.67 | $304.36 |
Core Component 2: Community Engagement
NHC's mission emphasizes its role within the community, striving to engage and support local health initiatives. The acquisition of the White Oak portfolio on August 1, 2024, which includes 15 skilled nursing facilities and several assisted living units, illustrates NHC's commitment to expanding its footprint and services in the community. This acquisition added $37,299,000 in net patient revenues for Q3 2024, reinforcing the company's strategy to enhance community health services.
Core Component 3: Compassionate Service
The mission statement underscores the significance of compassionate service in all interactions with patients and families. NHC's operational strategies include reducing nurse agency staffing expenses by approximately 60% compared to the previous year, which not only lowers costs but also fosters a more stable and familiar caregiving environment for patients. Such measures reflect NHC's dedication to providing a supportive and caring atmosphere for those receiving care.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Operating Revenues | $358,334,000 | $337,817,000 |
| Net Income Attributable to NHC | $42,789,000 | $10,388,000 |
| Adjusted Net Income | $19,910,000 | $13,250,000 |
NHC's mission statement and its core components are integral to the company's operations and strategy. By prioritizing quality care, community engagement, and compassionate service, NHC continues to position itself as a leader in the healthcare industry, committed to the well-being of its patients and the communities it serves.
Vision Statement of National HealthCare Corporation (NHC)
Vision Statement Overview
The vision statement of National HealthCare Corporation (NHC) as of 2024 emphasizes the commitment to enhancing the quality of life for the communities it serves through innovative healthcare solutions. The key components of this vision focus on excellence in care, community engagement, and sustainable growth.
Excellence in Care
NHC aims to provide superior healthcare services that prioritize patient well-being. In the nine months ended September 30, 2024, NHC reported net patient revenues of $894,415,000, an increase from $804,617,000 in the same period of 2023. This growth reflects the company's dedication to improving patient outcomes and satisfaction.
| Service Type | Net Patient Revenues (2024) | Net Patient Revenues (2023) |
|---|---|---|
| Inpatient Services | $790,664,000 | $706,795,000 |
| Homecare and Hospice | $103,751,000 | $97,822,000 |
Community Engagement
Engagement with the community is fundamental to NHC's vision. The company focuses on building partnerships that enhance health education and access to care. For instance, NHC's operations include 15 skilled nursing facilities, two assisted living facilities, and four independent living facilities acquired in the White Oak portfolio. The integration of these facilities is expected to bolster community health resources significantly.
Sustainable Growth
NHC is committed to sustainable growth through strategic acquisitions and operational efficiency. The total costs and expenses for the nine months ended September 30, 2024, increased to $878,836,000 from $803,616,000 in the previous year. This increase reflects NHC's investment in expanding its service offerings while maintaining cost discipline, evident in a decrease in agency staffing expenses by approximately 55%.
| Financial Metrics | 2024 | 2023 |
|---|---|---|
| Net Operating Revenues | $938,032,000 | $840,630,000 |
| Net Income Attributable to NHC | $95,846,000 | $38,392,000 |
Commitment to Innovation
Innovation is a cornerstone of NHC's vision, with the company continually exploring new technologies and methodologies to enhance care delivery. The acquisition of the White Oak portfolio on August 1, 2024, is a strategic move to expand their capabilities in providing comprehensive healthcare services. This growth strategy is designed to ensure that NHC remains at the forefront of the healthcare industry.
Conclusion
NHC's vision statement for 2024 encapsulates its dedication to providing high-quality care, engaging with communities, achieving sustainable growth, and fostering innovation within the healthcare sector. The financial metrics and strategic initiatives outlined reflect a robust framework aimed at fulfilling this vision.
Core Values of National HealthCare Corporation (NHC)
Integrity
The core value of Integrity is fundamental to National HealthCare Corporation (NHC). It emphasizes honesty and ethical practices in all interactions and decisions. As of 2024, NHC demonstrates its commitment to integrity through various compliance programs and transparent reporting practices.
In 2023, NHC reported a GAAP net income of $42,789,000 for Q3 2024, reflecting a significant increase from $10,388,000 in Q3 2023. This increase illustrates the company's commitment to maintaining ethical financial practices while delivering value to stakeholders.
Compassion
Compassion is a guiding principle at NHC, driving the organization to provide high-quality care to patients. NHC has implemented several programs aimed at enhancing patient care and support systems. For instance, the company has invested in training its staff to foster a compassionate environment in skilled nursing facilities.
As of September 30, 2024, NHC's net patient revenues increased by $89,798,000, or 11.2%, compared to the previous year, indicating the effectiveness of its compassionate care approach. Additionally, the average census at owned and leased skilled nursing facilities was 88.6%, compared to 87.8% the previous year, underlining patient satisfaction and trust in NHC's services.
Excellence
NHC prioritizes Excellence in its operational practices, striving for the highest standards in healthcare delivery. The company continually assesses its performance metrics to ensure quality care. For example, NHC's composite skilled nursing facility per diem increased by 7.7% for the nine months ended September 30, 2024.
Furthermore, NHC's acquisition of the White Oak portfolio on August 1, 2024, for $221,400,000, included 15 skilled nursing facilities that expanded its capacity to provide excellent care. This strategic move reflects NHC's commitment to enhancing service quality and operational excellence.
Teamwork
Teamwork is essential at NHC, fostering collaboration among employees to enhance patient care. NHC promotes a culture of teamwork through various initiatives, including team-building exercises and cross-departmental projects. The company recognizes that effective teamwork directly impacts patient outcomes and operational efficiency.
In 2024, NHC's total costs and expenses were $878,836,000, with a focus on investing in staff development and collaboration tools to ensure that teams work effectively across all levels. The increase in net operating revenues to $938,032,000 for the nine months ending September 30, 2024, also reflects the positive impact of teamwork on financial performance.
Respect
Respect for patients, families, and employees is a cornerstone of NHC's operations. The organization is committed to creating a respectful environment that values diversity and inclusion. NHC's policies and training programs are designed to ensure that all interactions are grounded in respect and dignity.
In 2024, NHC reported a weighted average common shares outstanding of 15,411,680, indicating a stable and respectful workplace that values employee contributions. Moreover, the company's commitment to respectful treatment is evident in its retention strategies, which have contributed to a reduction in turnover rates, enhancing both employee satisfaction and patient care quality.
| Core Value | Description | Key Metrics |
|---|---|---|
| Integrity | Commitment to ethical practices and honesty. | Q3 2024 GAAP net income: $42,789,000 |
| Compassion | Providing high-quality care with empathy. | Net patient revenues increase: $89,798,000 |
| Excellence | Striving for high standards in healthcare delivery. | Composite skilled nursing facility per diem increase: 7.7% |
| Teamwork | Fostering collaboration among employees. | Total costs and expenses: $878,836,000 |
| Respect | Valuing diversity and creating a respectful environment. | Weighted average common shares: 15,411,680 |
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Resources:
- National HealthCare Corporation (NHC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of National HealthCare Corporation (NHC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View National HealthCare Corporation (NHC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.