EXHIBIT 99.1

Vanguard Reports Second Quarter Results

NASHVILLE, Tenn. — February 7, 2011 — Vanguard Health Systems, Inc. (Vanguard) today announced results for the second quarter ended December 31, 2010.

Total revenues for the quarter ended December 31, 2010 were $960.6 million, an increase of $120.1 million or 14.3% from the prior year quarter. Patient service revenues increased $120.6 million from the prior year quarter. Health plan premium revenues decreased $0.5 million or 0.2% from the prior year quarter. Patient service revenues were positively impacted by Vanguard’s August 1, 2010 acquisition of West Suburban Medical Center and Westlake Hospital and its acquisition of Arizona Heart Hospital on October 1, 2010. Same hospital patient service revenues increased $25.2 million or 4.0% during the quarter ended December 31, 2010 compared to the prior year quarter.

Vanguard reported a loss from continuing operations of $1.9 million for the quarter ended December 31, 2010 compared to $19.1 million during the prior year quarter. During the quarter ended December 31, 2010, Vanguard’s net loss attributable to Vanguard Health Systems, Inc. stockholders was $5.0 million compared to $20.7 million during the prior year quarter. The prior year quarter amount included a $43.1 million impairment loss compared to $0.9 million impairment loss during the current year quarter. The provision for doubtful accounts as a percentage of patient service revenues increased to 6.8% during the quarter ended December 31, 2010 compared to 5.6% during the prior year quarter. Total uncompensated care as a percentage of acute care services segment revenues (prior to charity and uninsured revenue deductions) was 16.5% during the quarter ended December 31, 2010 compared to 15.1% during the prior year quarter.

Adjusted EBITDA for the quarter ended December 31, 2010 was $86.4 million, a 2.5% increase compared to the prior year quarter. A reconciliation of Adjusted EBITDA to net loss attributable to Vanguard Health Systems, Inc. stockholders as determined in accordance with generally accepted accounting principles for the quarters ended December 31, 2009 and 2010 is included in the attached supplemental financial information.

The consolidated operating results for the quarter ended December 31, 2010 reflect an 11.3% increase in discharges and a 14.6% increase in adjusted discharges compared to the prior year quarter. On a same hospital basis, discharges decreased 0.4% and adjusted discharges increased 2.8% during the current year quarter compared to the prior year quarter. For the quarter ended December 31, 2010, same hospital emergency room visits increased 2.7%, while same hospital inpatient surgeries and outpatient surgeries decreased 8.1% and 6.4%, respectively, compared to the prior year quarter. We continue to be impacted by weak consumer demand for elective surgeries and also have experienced continuing declines in deliveries quarter over quarter. On a same hospital basis, patient revenues per adjusted discharge increased 1.1% during the current year quarter compared to the prior year quarter.

Total revenues for the six months ended December 31, 2010 were $1,874.5 million, an increase of $214.1 million or 12.9% from the prior year period. Patient service revenues increased $198.3 million from the prior year period. Health plan premium revenues increased $15.8 million or 3.8% from the prior year period. Our Phoenix Health Plan had higher enrollment for the six months ended December 31, 2010 compared to the prior year period. Patient service revenues were positively impacted by the previously mentioned acquisitions during the six months ended December 31, 2010. Same hospital patient service revenues increased $57.0 million or 4.6% during the six months ended December 31, 2010 compared to the prior year period primarily due to a 2.5% increase in same hospital adjusted discharges and a 2.1% increase in same hospital patient revenue per adjusted discharge.

Vanguard reported income from continuing operations of $0.2 million for the six months ended December 31, 2010 compared to a $16.1 million loss from continuing operations during the prior year period. During the six months ended December 31, 2010, Vanguard’s net loss attributable to Vanguard Health Systems, Inc. stockholders was $3.8 million compared to $19.2 million during the prior year period. The provision for doubtful accounts as a percentage of patient service revenues increased to 7.1% during the six months ended December 31, 2010 compared to 5.8% during the prior year period. Total uncompensated care as a percentage of acute care services segment revenues (prior to charity and uninsured revenue deductions) was 17.0% during the six months ended December 31, 2010 compared to 16.0% during the prior year period.

Adjusted EBITDA for the six months ended December 31, 2010 was $164.1 million, a 7.1% increase compared to the prior year period. A reconciliation of Adjusted EBITDA to net loss attributable to Vanguard Health Systems, Inc. stockholders as determined in accordance with generally accepted accounting principles for the six months ended December 31, 2009 and 2010 is included in the attached supplemental financial information.

The consolidated operating results for the six months ended December 31, 2010 reflect an 9.4% increase in discharges and a 12.0% increase in adjusted discharges compared to the prior year period. On a same hospital basis, discharges were flat and adjusted discharges increased 2.5% during the current year period compared to the prior year period. For the six months ended December 31, 2010, same hospital emergency room visits increased 3.3%, while same hospital inpatient surgeries and outpatient surgeries decreased 6.0% and 5.7%, respectively, compared to the prior year period.

Cash flows from operating activities were $127.1 million for the six months ended December 31, 2010, a decrease of $22.5 million from the prior year period. This decrease was primarily due to a $40.6 million increase in net cash paid for interest and income taxes during the current year period compared to the prior year period. Cash interest payments were higher as a result of Vanguard’s comprehensive refinancing completed in January 2010 and the additional senior notes issued in July 2010.

As previously announced, effective January 1, 2011, Vanguard acquired Detroit Medical Center (DMC), which owns and operates eight hospitals in and around Detroit, Michigan with 1,734 licensed beds. Under the purchase agreement, Vanguard acquired all of DMC’s assets (other than donor restricted and certain other assets) and assumed all of its liabilities (other than its outstanding bonds and certain other liabilities). The cash purchase price was $368.1 million and was funded with cash on hand.

On January 26, 2011, Vanguard or its wholly-owned subsidiaries issued an aggregate principal amount of $350.0 million 7.750% senior notes due 2019 and $749.2 million ($444.7 million of gross cash proceeds) 10.375% senior discount notes due 2016, each in a private placement. Vanguard will pay cash interest on the senior notes on February 1 and August 1 of each year, beginning on August 1, 2011. No cash interest will accrue on the senior discount notes, but they will accrete at a rate of 10.375% per annum, compounded semi-annually on February 1 and August 1 of each year, such that the initial accreted value of $595.08 of $1,000 stated principal amount will equal the principal amount at maturity on February 1, 2016. Vanguard used the proceeds from the senior discount notes offering to pay a dividend to its equity holders and will use the proceeds from the senior notes offering for general corporate purposes, including acquisitions.

Vanguard will host a conference call for investors at 11:00 am EST on February 8, 2011. All interested investors are invited to access a live audio broadcast of the call, via webcast. The live webcast can be accessed on the home page of Vanguard’s Web site at www.vanguardhealth.com by clicking on “Second Quarter Webcast” or at http://visualwebcaster.com/event.asp?id=75754. If you are unable to participate during the live webcast, the call will be available on a replay basis on Vanguard’s Web site www.vanguardhealth.com. To access the replay, click on the Latest News link on the Investor Relations page of www.vanguardhealth.com. The replay will be available via this link for one year.

Vanguard owns and operates 26 acute care and specialty hospitals and complementary facilities and services in Chicago, Illinois; Phoenix, Arizona; San Antonio, Texas; Detroit, Michigan and Massachusetts. Vanguard’s strategy is to develop locally branded, comprehensive healthcare delivery networks in urban markets. Vanguard will pursue acquisitions where there are opportunities to partner with leading delivery systems in new urban markets or to increase its presence in existing markets. Upon acquiring a facility or network of facilities, Vanguard implements strategic and operational improvement initiatives including expanding services, strengthening relationships with physicians and managed care organizations, recruiting new physicians and upgrading information systems and other capital equipment. These strategies improve quality and network coverage in a cost effective and accessible manner for the communities Vanguard serves.

This press release contains “forward-looking statements” within the meaning of the federal securities laws which are intended to be covered by the safe harbors created thereby. Forward-looking statements are those statements that are based upon management’s current plans and expectations as opposed to historical and current facts and are often identified in this release by use of words including but not limited to “may,” “believe,” “will,” “project,” “expect,” “estimate,” “anticipate,” and “plan.” These statements are based upon estimates and assumptions made by Vanguard’s management that, although believed to be reasonable, are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include, among others, Vanguard’s high degree of leverage and interest rate risk; Vanguard’s ability to incur substantially more debt; operating and financial restrictions in Vanguard’s debt agreements; Vanguard’s ability to generate cash necessary to service Vanguard’s debt; weakened economic conditions and volatile capital markets; post-payment claims reviews by governmental agencies; Vanguard’s ability to successfully implement Vanguard’s business strategies; Vanguard’s ability to successfully integrate the acquisition of substantially all of the assets of The Detroit Medical Center, Westlake Hospital and West Suburban Medical Center and future acquisitions; conflicts of interest that may arise as a result of Vanguard’s control by a small number of stockholders; the highly competitive nature of the healthcare industry; governmental regulation of the industry, including Medicare and Medicaid reimbursement levels; pressures to contain costs by managed care organizations and other insurers and Vanguard’s ability to negotiate acceptable terms with these third party payers; Vanguard’s ability to attract and retain qualified management and healthcare professionals, including physicians and nurses; potential federal or state reform of healthcare, implementation of existing reform legislation and potential modifications to such legislation; future governmental investigations; Vanguard’s ability to adequately enhance its facilities with technologically advanced equipment; the availability of capital to fund Vanguard’s corporate growth strategy; potential lawsuits or other claims asserted against Vanguard; Vanguard’s ability to maintain or increase patient membership and control costs of its managed healthcare plans; changes in general economic conditions; Vanguard’s exposure to the increased amounts of and collection risks associated with uninsured accounts and the co-pay and deductible portions of insured accounts; dependence on Vanguard’s senior management team and local management personnel; volatility of professional and general liability insurance for Vanguard and the physicians who practice at its hospitals and increases in the quantity and severity of professional liability claims; Vanguard’s ability to maintain and increase patient volumes and control the costs of providing services, including salaries and benefits, supplies and bad debts; increased costs from further government regulation of healthcare and Vanguard’s failure to comply, or allegations of Vanguard’s failure to comply, with applicable laws and regulations; the geographic concentration of Vanguard’s operations; technological and pharmaceutical improvements that increase the cost of providing, or reduce the demand for, healthcare services and shift demand for inpatient services to outpatient settings; a failure of Vanguard’s information systems would adversely impact its ability to manage its operations; costs and compliance risks associated with Section 404 of the Sarbanes-Oxley Act of 2002; material non-cash charges to earnings from impairment of goodwill associated with declines in the fair market values of Vanguard’s reporting units; volatility of materials and labor costs for potential construction projects that may be necessary for future growth; and those factors, risks and uncertainties detailed in Vanguard’s filings from time to time with the Securities and Exchange Commission, including, among others, Vanguard’s Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Report on Form 8-K dated January 19, 2011.

Although Vanguard believes that the assumptions underlying the forward-looking statements contained in this press release are reasonable, any of these assumptions could prove to be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, you should not regard the inclusion of such information as a representation by Vanguard that its objectives and plans anticipated by the forward-looking statements will occur or be achieved, or if any of them do, what impact they will have on Vanguard’s results of operations and financial condition. Vanguard undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

VANGUARD HEALTH SYSTEMS, INC.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions)

		Quarter ended December 31,
		2009								2010
Patient service revenues		$	628.2				74.7	%		$	748.8				78.0	%
Premium revenues			212.3				25.3				211.8				22.0
Total revenues			840.5				100.0				960.6				100.0
Costs and expenses:
Salaries and benefits (includes stock compensation of $1.0 and $1.7, respectively)		$	322.9				38.4				375.5				39.1
Health plan claims expense			170.8				20.3				164.8				17.2
Supplies			114.6				13.6				133.5				13.9
Provision for doubtful accounts			35.0				4.2				51.2				5.3
Purchased services			43.8				5.2				62.5				6.5
Non-income taxes			10.7				1.3				17.0				1.8
Rents and leases			11.0				1.3				11.7				1.2
Other operating expenses			48.4				5.8				59.7				6.2
Depreciation and amortization			34.0				4.0				38.6				4.0
Interest, net			27.6				3.3				35.1				3.7
Impairment loss			43.1				5.1				0.9				0.1
Other			1.5				0.2				2.3				0.2
Total costs and expenses			863.4				102.7				952.8				99.2
Income (loss) from continuing operations before income taxes			(22.9	)			(2.7	)			7.8				0.8
Income tax benefit (expense)			3.8				0.5				(9.7	)			(1.0	)
Loss from continuing operations			(19.1	)			(2.3	)			(1.9	)			(0.2	)
Loss from discontinued operations, net of taxes			(0.8	)			(0.1	)			(2.3	)			(0.2	)
Net loss			(19.9	)			(2.4	)			(4.2	)			(0.4	)
Less: Net income attributable to non-controlling interests			(0.8	)			(0.1	)			(0.8	)			(0.1	)
Net loss attributable to Vanguard Health Systems, Inc. stockholders		$	(20.7	)			(2.5	)%		$	(5.0	)			(0.5	)%

VANGUARD HEALTH SYSTEMS, INC.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions)

		Six months ended December 31,
		2009								2010
Patient service revenues		$	1,243.8				74.9	%		$	1,442.1				76.9	%
Premium revenues			416.6				25.1				432.4				23.1
Total revenues			1,660.4				100.0				1,874.5				100.0
Costs and expenses:
Salaries and benefits (includes stock compensation of $2.9 and $2.9, respectively)		$	635.6				38.3				730.3				39.0
Health plan claims expense			331.8				20.0				338.9				18.1
Supplies			225.4				13.6				254.5				13.6
Provision for doubtful accounts			72.2				4.3				103.0				5.5
Purchased services			90.5				5.5				113.5				6.1
Non-income taxes			24.9				1.5				33.2				1.8
Rents and leases			21.9				1.3				22.7				1.2
Other operating expenses			107.8				6.5				117.2				6.3
Depreciation and amortization			67.6				4.1				75.8				4.0
Interest, net			54.8				3.3				69.9				3.7
Impairment loss			43.1				2.6				0.9				—
Other			2.6				0.2				7.1				0.4
Total costs and expenses			1,678.2				101.1				1,867.0				99.6
Income (loss) from continuing operations before income taxes			(17.8	)			(1.1	)			7.5				0.4
Income tax benefit (expense)			1.7				0.1				(7.3	)			(0.4	)
Income (loss) from continuing operations			(16.1	)			(1.0	)			0.2				—
Loss from discontinued operations, net of taxes			(1.4	)			(0.1	)			(2.2	)			(0.1	)
Net loss			(17.5	)			(1.1	)			(2.0	)			(0.1	)
Less: Net income attributable to non-controlling interests			(1.7	)			(0.1	)			(1.8	)			(0.1	)
Net loss attributable to Vanguard Health Systems, Inc. stockholders		$	(19.2	)			(1.2	)%		$	(3.8	)			(0.2	)%

Vanguard Health Systems, Inc.
Supplemental Financial Information (Unaudited)
Reconciliation of Adjusted EBITDA to Net Loss Attributable to Vanguard Health Systems, Inc. Stockholders

		Quarter ended								Six months ended
		December 31,								December 31,
		2009				2010				2009				2010
Net loss attributable to Vanguard Health Systems, Inc. stockholders		$	(20.7	)		$	(5.0	)		$	(19.2	)		$	(3.8	)
Interest, net			27.6				35.1				54.8				69.9
Income tax expense (benefit)			(3.8	)			9.7				(1.7	)			7.3
Depreciation and amortization			34.0				38.6				67.6				75.8
Non-controlling interests			0.8				0.8				1.7				1.8
Loss on disposal of assets			0.4				0.1				0.4				0.1
Equity method income			(0.3	)			(0.3	)			(0.5	)			(0.6	)
Stock compensation			1.0				1.7				2.9				2.9
Monitoring fees and expenses			1.4				1.1				2.7				2.5
Realized and unrealized losses on investments			—				0.1				—				0.1
Acquisition related expenses			—				1.3				—				5.0
Impairment loss			43.1				0.9				43.1				0.9
Discontinued operations, net of taxes			0.8				2.3				1.4				2.2
Adjusted EBITDA (1)		$	84.3			$	86.4			$	153.2			$	164.1

VANGUARD HEALTH SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(In millions)

						(Unaudited)
		June 30,				December 31,
		2010				2010
ASSETS
Current assets:
Cash and cash equivalents		$	257.6			$	58.3
Restricted cash			2.3				3.0
Accounts receivable, net of allowance for doubtful accounts of approximately $75.6 and $87.2, respectively			270.4				321.5
Inventories			49.6				56.6
Deferred tax assets			21.9				18.1
Prepaid expenses and other current assets			119.2				83.5
Total current assets			721.0				541.0
Property, plant and equipment, net of accumulated depreciation			1,203.8				1,264.5
Goodwill			649.1				650.2
Intangible assets, net of accumulated amortization			66.0				67.7
Deferred tax assets, noncurrent			50.0				48.2
Investments in auction rate securities			19.8				15.7
Deposit for acquisition			—				368.1
Other assets			19.9				19.9
Total assets		$	2,729.6			$	2,975.3
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	194.8			$	187.3
Accrued salaries and benefits			144.9				148.7
Accrued health plan claims and settlements			149.8				157.3
Accrued interest			41.4				40.5
Other accrued expenses and current liabilities			76.9				89.4
Current maturities of long-term debt and capital leases			8.2				8.3
Total current liabilities			616.0				631.5
Professional and general liability and workers compensation reserves			83.6				93.8
Other liabilities			31.6				35.4
Long-term debt and capital leases, less current maturities			1,743.8				1,959.2
Commitments and contingencies
Equity:
Vanguard Health Systems, Inc. stockholders’ equity:
Common stock			—				—
Additional paid-in capital			354.9				357.8
Accumulated other comprehensive loss			(2.5	)			(0.6	)
Retained deficit			(105.9	)			(109.7	)
Total Vanguard Health Systems, Inc. stockholders’ equity			246.5				247.5
Non-controlling interests			8.1				7.9
Total equity			254.6				255.4
Total liabilities and equity		$	2,729.6			$	2,975.3

VANGUARD HEALTH SYSTEMS, INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)

		Six months ended
		December 31,
		2009				2010
Operating activities:
Net loss		$	(17.5	)		$	(2.0	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss from discontinued operations			1.4				2.2
Depreciation and amortization			67.6				75.8
Provision for doubtful accounts			72.2				103.0
Amortization of loan costs and accretion of principal on notes			8.7				3.9
Loss on disposal of assets			0.4				0.1
Stock compensation			2.9				2.9
Deferred income taxes			(7.7	)			5.7
Acquisition related expenses			—				5.0
Impairment loss			43.1				0.9
Realized loss on investments			—				0.1
Changes in operating assets and liabilities, net of the impact of acquisitions:
Accounts receivable			(85.5	)			(139.5	)
Inventories			(1.8	)			(1.0	)
Prepaid expenses and other current assets			5.2				32.9
Accounts payable			20.6				(11.2	)
Accrued expenses and other liabilities			41.4				50.5
Net cash provided by operating activities — continuing operations			151.0				129.3
Net cash used in operating activities — discontinued operations			(1.4	)			(2.2	)
Net cash provided by operating activities			149.6				127.1
Investing activities:
Acquisitions and related expenses			(1.5	)			(457.9	)
Capital expenditures			(68.4	)			(79.4	)
Proceeds from asset dispositions			1.4				0.1
Increase in restricted cash			(20.0	)			—
Other			(0.3	)			5.9
Net cash used in investing activities — continuing operations			(88.8	)			(531.3	)
Net cash used in investing activities			(88.8	)			(531.3	)
Financing activities:
Payments of long-term debt and capital leases			(3.8	)			(4.1	)
Proceeds from debt borrowings			—				216.6
Payments related to derivative instrument with financing element			(5.4	)			—
Payments of refinancing costs and fees			—				(5.6	)
Distributions paid to non-controlling interests and other			(1.8	)			(2.0	)
Net cash provided by (used in) financing activities			(11.0	)			204.9
Net increase (decrease) in cash and cash equivalents			49.8				(199.3	)
Cash and cash equivalents, beginning of year			308.2				257.6
Cash and cash equivalents, end of year		$	358.0			$	58.3
Net cash paid for interest		$	41.9			$	69.6
Net cash received for income taxes		$	(13.2	)		$	(0.3	)

VANGUARD HEALTH SYSTEMS, INC.
Segment Information (Unaudited)
(In millions)

		Quarter ended December 31, 2009
		Acute
		Care				% of				Health				% of
		Services				Revenues				Plans				Revenues				Eliminations				Consolidated
Patient service revenues(1)		$	638.6				100.0	%		$	—				—	%		$	(10.4	)		$	628.2
Premium revenues			—				—				212.3				100.0				—				212.3
Total revenues			638.6				100.0				212.3				100.0				(10.4	)			840.5
Salaries and benefits (excludes stock compensation)			313.6				49.1				8.3				3.9				—				321.9
Health plan claims expense(1)			—				—				181.2				85.4				(10.4	)			170.8
Supplies			114.5				17.9				0.1				—				—				114.6
Provision for doubtful accounts			35.0				5.5				—				—				—				35.0
Other operating expenses			105.9				16.6				8.0				3.8				—				113.9
Total operating expenses			569.0				89.1				197.6				93.1				(10.4	)			756.2
Segment EBITDA(2)			69.6				10.9				14.7				6.9				—				84.3
Less:
Interest, net			27.7				4.3				(0.1	)			(0.0	)			—				27.6
Depreciation and amortization			32.8				5.1				1.2				0.6				—				34.0
Equity method income			(0.3	)			(0.0	)			—				—				—				(0.3	)
Stock compensation			1.0				0.2				—				—				—				1.0
Loss on disposal of assets			0.4				0.1				—				—				—				0.4
Monitoring fees and expenses			1.4				0.2				—				—				—				1.4
Impairment loss			43.1				6.7				—				—				—				43.1
Income (loss) from continuing operations before income taxes		$	(36.5	)			(5.7	)%		$	13.6				6.4	%		$	—			$	(22.9	)

VANGUARD HEALTH SYSTEMS, INC.
Segment Information (Unaudited) — (continued)
(In millions)

		Quarter ended December 31, 2010
		Acute
		Care				% of				Health				% of
		Services				Revenues				Plans				Revenues				Eliminations				Consolidated
Patient service revenues(1)		$	759.8				100.0	%		$	—				—	%		$	(11.0	)		$	748.8
Premium revenues			—				—				211.8				100.0				—				211.8
Total revenues			759.8				100.0				211.8				100.0				(11.0	)			960.6
Salaries and benefits (excludes stock compensation)			365.5				48.1				8.3				3.9				—				373.8
Health plan claims expense(1)			—				—				175.8				83.0				(11.0	)			164.8
Supplies			133.4				17.6				0.1				—				—				133.5
Provision for doubtful accounts			51.2				6.7				—				—				—				51.2
Other operating expenses			140.7				18.5				10.2				4.8				—				150.9
Total operating expenses			690.8				90.9				194.4				91.8				(11.0	)			874.2
Segment EBITDA(2)			69.0				9.1				17.4				8.2				—				86.4
Less:
Interest, net			36.0				4.7				(0.9	)			(0.4	)			—				35.1
Depreciation and amortization			37.5				4.9				1.1				0.5				—				38.6
Equity method income			(0.3	)			(0.0	)			—				—				—				(0.3	)
Stock compensation			1.7				0.2				—				—				—				1.7
Loss on disposal of assets			0.1				—				—				—				—				0.1
Monitoring fees and expenses			1.1				0.1				—				—				—				1.1
Realized loss on investments			0.1				—				—				—				—				0.1
Acquisition related expenses			1.3				0.2				—				—				—				1.3
Impairment loss			0.9				0.1				—				—				—				0.9
Income (loss) from continuing operations before income taxes		$	(9.4	)			(1.2	)%		$	17.2				8.1	%		$	—			$	7.8

VANGUARD HEALTH SYSTEMS, INC.
Segment Information (Unaudited) — (continued)
(In millions)

		Six months ended December 31, 2009
		Acute
		Care				% of				Health				% of
		Services				Revenues				Plans				Revenues				Eliminations				Consolidated
Patient service revenues(1)		$	1,264.8				100.0	%		$	—				—	%		$	(21.0	)		$	1,243.8
Premium revenues			—				—				416.6				100.0				—				416.6
Total revenues			1,264.8				100.0				416.6				100.0				(21.0	)			1,660.4
Salaries and benefits (excludes stock compensation)			615.9				48.7				16.8				4.0				—				632.7
Health plan claims expense(1)			—				—				352.8				84.7				(21.0	)			331.8
Supplies			225.3				17.8				0.1				—				—				225.4
Provision for doubtful accounts			72.2				5.7				—				—				—				72.2
Other operating expenses			227.3				18.0				17.8				4.3				—				245.1
Total operating expenses			1,140.7				90.2				387.5				93.0				(21.0	)			1,507.2
Segment EBITDA(2)			124.1				9.8				29.1				7.0				—				153.2
Less:
Interest, net			55.1				4.4				(0.3	)			(0.1	)			—				54.8
Depreciation and amortization			65.4				5.2				2.2				0.5				—				67.6
Equity method income			(0.5	)			(0.0	)			—				—				—				(0.5	)
Stock compensation			2.9				0.2				—				—				—				2.9
Loss on disposal of assets			0.4				—				—				—				—				0.4
Monitoring fees and expenses			2.7				0.2				—				—				—				2.7
Impairment loss			43.1				3.4				—				—				—				43.1
Income (loss) from continuing operations before income taxes		$	(45.0	)			(3.6	)%		$	27.2				6.5	%		$	—			$	(17.8	)

VANGUARD HEALTH SYSTEMS, INC.
Segment Information (Unaudited) — (continued)
(In millions)

		Six months ended December 31, 2010
		Acute
		Care				% of				Health				% of
		Services				Revenues				Plans				Revenues				Eliminations				Consolidated
Patient service revenues(1)		$	1,463.9				100.0	%		$	—				—	%		$	(21.8	)		$	1,442.1
Premium revenues			—				—				432.4				100.0				—				432.4
Total revenues			1,463.9				100.0				432.4				100.0				(21.8	)			1,874.5
Salaries and benefits (excludes stock compensation)			710.9				48.6				16.5				3.8				—				727.4
Health plan claims expense(1)			—				—				360.7				83.4				(21.8	)			338.9
Supplies			254.4				17.4				0.1				—				—				254.5
Provision for doubtful accounts			103.0				7.0				—				—				—				103.0
Other operating expenses			265.9				18.2				20.7				4.8				—				286.6
Total operating expenses			1,334.2				91.1				398.0				92.0				(21.8	)			1,710.4
Segment EBITDA(2)			129.7				8.9				34.4				8.0				—				164.1
Less:
Interest, net			71.1				4.9				(1.2	)			(0.3	)			—				69.9
Depreciation and amortization			73.6				5.0				2.2				0.5				—				75.8
Equity method income			(0.6	)			(0.0	)			—				—				—				(0.6	)
Stock compensation			2.9				0.2				—				—				—				2.9
Loss on disposal of assets			0.1				—				—				—				—				0.1
Monitoring fees and expenses			2.5				0.2				—				—				—				2.5
Realized loss on investments			0.1				—				—				—				—				0.1
Acquisition related expenses			5.0				0.3				—				—				—				5.0
Impairment loss			0.9				0.1				—				—				—				0.9
Income (loss) from continuing operations before income taxes		$	(25.9	)			(1.8	)%		$	33.4				7.7	%		$	—			$	7.5

VANGUARD HEALTH SYSTEMS, INC.
Selected Operating Statistics
(Unaudited)

		Quarter ended
		December 31,
CONSOLIDATED:		2009				2010				% Change
Number of hospitals at end of period			15				18
Licensed beds at end of period			4,135				4,534
Discharges			42,037				46,803				11.3	%
Adjusted discharges			72,725				83,330				14.6
Adjusted discharges — hospitals			69,022				78,948				14.4
Average length of stay			4.19				4.19				—
Patient days			176,233				195,929				11.2
Adjusted patient days			304,887				348,841				14.4
Adjusted patient days — hospitals			289,364				330,497				14.2
Patient revenue per adjusted discharge		$	8,458			$	8,765				3.6
Patient revenue per adjusted discharge — hospitals		$	8,533			$	8,836				3.6
Inpatient surgeries			9,380				9,826				4.8
Outpatient surgeries			19,143				19,488				1.8
Emergency room visits			155,818				178,198				14.4	%
Charity care and uninsured discounts as a percent of acute care segment revenues (prior to these discounts)			10.2	%			10.5	%
Provision for doubtful accounts as a percent of acute care services segment revenues (prior to charity and uninsured discounts)			4.9	%			6.0	%
Net patient revenue payer mix:
Medicare			26.2	%			25.8	%
Medicaid			6.7				8.5
Managed Medicare			15.1				14.3
Managed Medicaid			9.2				8.5
Managed care			35.0				33.8
Commercial			1.1				1.1
Self pay			6.7				8.0
Total			100.0	%			100.0	%
Discharges by payer:
Medicare			27.6	%			28.2	%
Medicaid			8.7				10.6
Managed Medicare			16.1				16.2
Managed Medicaid			15.6				14.4
Managed care			26.8				24.8
Commercial			0.4				0.5
Self pay			4.8				5.3
Total			100.0	%			100.0	%

VANGUARD HEALTH SYSTEMS, INC.
Selected Operating Statistics
(Unaudited) (continued)

		Six Months Ended
		December 31,
CONSOLIDATED:		2009				2010				% Change
Number of hospitals at end of period			15				18
Licensed beds at end of period			4,135				4,534
Discharges			83,918				91,780				9.4	%
Adjusted discharges			146,651				164,176				12.0
Adjusted discharges — hospitals			139,123				155,618				11.9
Average length of stay			4.15				4.17				0.5
Patient days			348,205				382,377				9.8
Adjusted patient days			608,506				683,996				12.4
Adjusted patient days — hospitals			577,270				648,343				12.3
Patient revenue per adjusted discharge		$	8,302			$	8,580				3.3
Patient revenue per adjusted discharge — hospitals		$	8,384			$	8,638				3.0
Inpatient surgeries			18,888				19,583				3.7
Outpatient surgeries			38,460				38,891				1.1
Emergency room visits			310,727				351,363				13.1	%
Charity care and uninsured discounts as a percent of acute care segment revenues (prior to these discounts)			10.9	%			10.7	%
Provision for doubtful accounts as a percent of acute care services segment revenues (prior to charity and uninsured discounts)			5.1	%			6.3	%
Net patient revenue payer mix:
Medicare			25.3	%			25.6	%
Medicaid			7.2				8.0
Managed Medicare			14.9				14.5
Managed Medicaid			9.8				9.0
Managed care			34.9				33.9
Commercial			1.1				1.1
Self pay			6.8				7.9
Total			100.0	%			100.0	%
Discharges by payer:
Medicare			27.1	%			27.9	%
Medicaid			8.7				10.4
Managed Medicare			16.0				15.7
Managed Medicaid			15.4				14.7
Managed care			27.3				25.3
Commercial			0.4				0.5
Self pay			5.1				5.5
Total			100.0	%			100.0	%

VANGUARD HEALTH SYSTEMS, INC.
Selected Operating Statistics
(Unaudited) (continued)

		Quarter ended
		December 31,
SAME HOSPITAL (1):		2009				2010				% Change
Number of hospitals at end of period			15				15
Licensed beds at end of period			4,135				4,017
Patient service revenues (in millions)		$	628.2			$	653.4				4.0	%
Discharges			42,037				41,864				(0.4	)
Adjusted discharges			72,725				74,754				2.8
Adjusted discharges — hospitals			69,022				70,808				2.6
Average length of stay			4.19				4.14				(1.2	)
Patient days			176,233				173,497				(1.6	)
Adjusted patient days			304,887				309,803				1.6
Adjusted patient days — hospitals			289,364				293,449				1.4
Patient revenue per adjusted discharge		$	8,458			$	8,552				1.1
Patient revenue per adjusted discharge — hospitals		$	8,533			$	8,656				1.4
Inpatient surgeries			9,380				8,618				(8.1	)
Outpatient surgeries			19,143				17,910				(6.4	)
Emergency room visits			155,818				160,055				2.7	%
Charity care and uninsured discounts as a percent of acute care services segment revenues (prior to these discounts)			10.2	%			10.8	%
Provision for doubtful accounts as a percent of acute care services segment revenues (prior to charity and uninsured discounts)			4.9	%			6.1	%
Net patient revenue payer mix:
Medicare			26.2	%			25.6	%
Medicaid			6.7				7.1
Managed Medicare			15.1				15.2
Managed Medicaid			9.2				9.2
Managed care			35.0				34.7
Commercial			1.1				1.1
Self pay			6.7				7.1
Total			100.0	%			100.0	%
Discharges by payer:
Medicare			27.6	%			27.6	%
Medicaid			8.7				8.6
Managed Medicare			16.1				17.5
Managed Medicaid			15.6				15.5
Managed care			26.8				25.6
Commercial			0.4				0.5
Self pay			4.8				4.7
Total			100.0	%			100.0	%