Universal Health Services

Nation's third-largest hospital management company.

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Headquarters: 367 South Gulph Road
King of Prussia, PA 19406
Employees: 30,000
CEO: Alan Miller
Stock Symbol: UHS
Website: http://www.uhsinc.com

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Universal Health Services is the nation's third largest healthcare management company, operating behavioral health facilities and acute care hospitals, and ambulatory surgery and radiation centers nationwide.

Universal Health owns or leases 23 acute care hospitals and 44 behavioral health hospitals with a total of 10,000 beds. It also operates 7 ambulatory surgery hospitals and 3 radiation centers.

The company also acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT).

The company was founded in 1978 by current CEO and Chairman Alan Miller. It went public in 1981.

In 2004, Universal Health reported revenues of $3.9 billion and net income of $169.4 million.

Benefits

The company offers UniFLEX, a flexible benefits package offered to employees for insurance and income protection.

Medical. UniFLEX offers two basic options that cover the same supplies and services but have different deductibles, co-payments and out-of-pocket maximums. Each plan has a preferred provider organization feature, preventive care benefits, a lifetime maximum of $1,000,000 and a prescription drug benefit offering discounts at local pharmacies and a mail-order service. At some locations, Health Maintenance Organization (HMO) options are available.
Dental. UniFLEX offers two dental options which differ in deductibles, co-payments and annual maximum allowances. The two plans cover: (1) preventive care such as oral exams, (2) basic services like fillings, (3) major services such as crowns and (4) orthodontic services.
Vision. UniFLEX offers a vision plan. After a small deductible, the plan will pay 100% for the following services if you use a participating doctor: (1) vision exam, (2) clear lenses, (3) frames and (4) contact lenses. Benefits are also available if you use a non-member doctor and reimbursement is based on a fee schedule.
What are the income protection choices?
Life Insurance. UniFLEX offers basic life insurance of $10,000 or one times your annual base pay, plus six five options of supplemental life insurance coverage which insures the employee's life ranging from $10,000 to four times your annual base pay (to a maximum of $500,000).
Automatic Death and Dismemberment. Coverage for an amount equal to your annual base pay is automatic. The benefit is paid to your beneficiary if you die from accidental injury. A schedule of benefits applies in the case of severe injury. There is also a comprehensive worldwide emergency assistance service at no additional cost.
Personal Accident Insurance (PAI). UniFLEX lets you purchase $25,000 to $300,000 of PAI for yourself and/or your family. If you purchase coverage for your spouse and children, they will be covered for a percentage of your coverage.
Dependent Life Insurance. UniFLEX provides two options: $25,000/$10,000 or $10,000/$2,000 for your spouse and/or children.
Long-Term Disability (LTD). LTD coverage provides financial protection if you become ill or injured and unable to work for an extended period of time. This benefit pays up to 60% of your monthly base pay.
UniFLEX provides two plans from which to choose. The difference is the time you wait before your disability payments begin, called the waiting period. Your choices are 90 days or 180 days.
UHS Retirement Savings Plan. You may join the UHS Retirement Savings Plan, which is a qualified 401(k) plan. You may defer 1% to 25% of your pay on a pre-tax basis to save for your retirement. UHS also matches a portion of your savings. You may join the plan after 30 days of employment if you are at least 21 years of age and are regularly scheduled to work at least 20 hours per week. The plan offers you flexibility and diversification in your investment choices. Your account is valued daily and allows you to choose from a multitude of investment options.
Employee Stock Purchase Plan. The UHS Employee Stock Purchase Plan offers employees the chance to purchase company common stock at a 10% discount, giving you the opportunity to share in the success of UHS. You may join the plan after 30 days of employment if you are not a member of a collective bargaining group and have attained the age of majority in your state of residence and are regularly scheduled to work at least 20 hours per week. Through convenient payroll deductions you may invest $20 per month up to $1,000 per month.
Flexible Spending Accounts (FSAs). FSAs let you set aside UniFLEX dollars and your own pre-tax dollars to cover qualified expenses that you would normally pay with post-tax dollars. You may set aside up to $3,000 per year in a Healthcare FSA to pay for eligible expenses for yourself or dependents. These expenses could be medical, dental and vision expenses not covered by your benefit plans. You may also set aside up to $5,000 per year in a Dependent Care FSA to pay for eligible day care or dependent care expenses for children or adults.
Field Personnel
For field personnel the benefits are the same except for the following:
Paid Time Off (PTO)
The PTO policy combines a benefited employee's (regularly scheduled to work 20 hours or more per week) vacation and sick time accruals into one program. PTO hours can be used for religious observances and other elective holidays.
Approved educational leave, bereavement leave and jury duty may be used in addition to PTO days and the PTO account will not be charged with this time off.

Updated October 22, 2005

 

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