National HealthCare Corporation (NHC) reported significant financial performance for the third quarter and the first nine months of 2025, with net operating revenues reaching $382.7 million for the quarter, a 12.5% increase from $340.2 million in the same period of 2024. For the nine months ended September 30, 2025, revenues totaled $1.13 billion, up 20.6% from $938 million in the prior year. The increase in revenue was primarily driven by a 12.9% rise in net patient revenues, which amounted to $371 million for the quarter and $1.1 billion for the nine months, attributed to improved census levels and the acquisition of White Oak Management, which added significant capacity to NHC's operations.
Despite the revenue growth, NHC's net income attributable to the company decreased to $39.2 million for the third quarter, down from $42.8 million a year earlier. For the nine-month period, net income was $95.2 million, slightly lower than $95.8 million in 2024. The decline in net income was influenced by increased operating expenses, which rose by 11% to $352.3 million for the quarter, driven by higher salaries, wages, and benefits, as well as other operating costs. The company reported a notable reduction in agency staffing expenses, which fell significantly compared to the previous year.
Operationally, NHC managed 80 skilled nursing facilities with a total of 10,329 licensed beds, alongside 26 assisted living facilities and various homecare and hospice services. The average occupancy rate for skilled nursing facilities improved to 90% from 88.3% year-over-year. The company also reported a 5.9% increase in average Medicare per diem rates, although managed care rates saw a decrease due to delayed incentive payments. The White Oak acquisition contributed significantly to both patient revenues and operational costs, reflecting the integration of new facilities into NHC's portfolio.
Looking ahead, NHC remains focused on enhancing patient care quality and expanding its service offerings. The company is actively pursuing partnerships with hospital systems and payors to strengthen its position in the post-acute healthcare market. Additionally, NHC is addressing workforce challenges by implementing strategies to attract and retain qualified healthcare professionals. The company anticipates continued revenue growth driven by favorable Medicare and Medicaid reimbursement rates, alongside ongoing efforts to optimize operational efficiencies and improve patient outcomes.
About NATIONAL HEALTHCARE CORP
National HealthCare Corporation operates senior healthcare facilities, including skilled nursing, assisted living, independent living, behavioral health hospitals, and homecare and hospice services across the U.S. Southeast and Midwest. It provides patient care, management, and real estate leasing, focusing on quality, regulatory compliance, and community integration. The company emphasizes post-acute, rehabilitative, and specialized care, leveraging a diversified revenue model and a strong focus on operational excellence.
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