Steve Filton Chief Financial Officer

UNIVERSAL HEALTH SERVICES, INC. REPORTS

2011 FOURTH QUARTER AND FULL YEAR EARNINGS

AND 2012 EARNINGS GUIDANCE

Consolidated Results of Operations, As Reported

Three-month periods ended December 31, 2011 and 2010:

KING OF PRUSSIA, PA Universal Health Services, Inc.

(NYSE: UHS) announced today that its reported net income attributable to UHS was $95.3 million, or $.98 per diluted share, during the fourth quarter of 2011 as compared to $37.2 million, or $.38 per diluted share, during the comparable prior year

Net revenues increased 18% to $1.84 billion during the fourth quarter of 2011 as compared to $1.56 billion during

the fourth quarter of 2010. The increase in net revenues during the fourth quarter of 2011, as compared to the comparable quarter of the prior year, was due primarily to the revenues generated at the behavioral health care facilities acquired from

Psychiatric Solutions, Inc. ( PSI ) in November, 2010.

Consolidated Results of Operations, As Reported Years ended

December 31, 2011 and 2010:

Reported net income attributable to UHS was $398.2 million, or $4.04 per diluted

share, during the year ended December 31, 2011 as compared to $230.2 million, or $2.34 per diluted share, during 2010. Net revenues increased 35% to $7.50 billion during 2011 as compared to $5.57 billion during 2010. The increase in revenues

was due primarily to the acquisition of the behavioral health facilities formerly owned by PSI.

marked the one year anniversary of our acquisition of PSI and we remain pleased with how that integration process has gone, as well as, with the continued strong demand for our behavioral services, in general , said Alan B. Miller, Chief

Executive Officer. As we enter 2012, we are encouraged by the opportunities to expand our presence in the behavioral health business and we look forward to improvement in our acute care business as the economy continues its gradual

Consolidated Results of Operations, As Adjusted Three-month periods ended December 31, 2011 and 2010:

After adjusting the reported results for the three-month periods ended December 31, 2011 and 2010 to neutralize

the net impact of the items mentioned below, and as reflected on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ( Supplemental

Schedules ), our adjusted net income attributable to UHS was $88.8 million, or $.91 per diluted share, during the fourth quarter of 2011 as compared to $57.5 million, or $.58 per diluted

share, during the fourth quarter of 2010.

As indicated on the attached Supplemental Schedules, included in our net income

attributable to UHS during the three-month period ended December 31, 2011, was the favorable after-tax impact of $6.5 million, or $.07 per diluted share, resulting from a reduction to our professional and general liability self-insurance

reserves relating to years prior to 2011 based upon a reserve analysis.

As indicated on the attached Supplemental Schedules,

included in our net income attributable to UHS during the three-month period ended December 31, 2010, was a net charge of $20.4 million, or $.20 per diluted share, consisting of: (i) the unfavorable after-tax impact of $24.9 million, or

$.25 per diluted share, resulting from the recording of transaction fees incurred in connection with our acquisition of PSI; (ii) the unfavorable after-tax impact of $9.2 million, or $.09 per diluted share, resulting from the charge incurred in

connection with the previously disclosed split-dollar life insurance agreements; (iii) the unfavorable after-tax impact of $4.1 million, or $.04 per diluted share, resulting from the write-off of certain construction costs, partially offset by;

(iv) the favorable after-tax impact of $17.9 million, or $.18 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2010 based upon a reserve analysis.

Consolidated Results of Operations, As Adjusted Years ended December 31, 2011 and 2010:

After adjusting the reported results for the years ended December 31, 2011 and 2010 to neutralize the impact of the items mentioned

below, and as reflected on the attached Supplemental Schedule, our adjusted net income attributable to UHS was $391.7 million, or $3.97 per diluted share, during 2011 as compared to $249.8 million, or $2.54 per diluted share, during 2010.

As indicated on the attached Supplemental Schedules, included in our net income attributable to UHS during the year ended

December 31, 2011, was the favorable after-tax impact of $6.5 million, or $.07 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2011.

As indicated on the attached Supplemental Schedules, included in our net income attributable to UHS during the year ended

December 31, 2010, was a net charge of $19.6 million, or $.20 per diluted share, consisting of: (i) the unfavorable after-tax impact of $38.7 million, or $.39 per diluted share, resulting from the recording of transaction fees incurred in

connection with our acquisition of PSI; (ii) the unfavorable after-tax impact of $9.2 million, or $.09 per diluted share, resulting from the charge incurred in connection with split-dollar life insurance agreements; (iii) the unfavorable

after-tax impact of $4.1 million, or $.04 per diluted share, resulting from the write-off of certain construction costs, partially offset by; (iv) the favorable after-tax impact of $28.1 million, or $.28 per diluted share, resulting from a

reduction to our professional and general liability self-insurance reserves relating to years prior to 2010, and; (v) a favorable discrete tax item of $4.3 million, or $.04 per diluted share.

Acute Care Services Three-month periods ended December 31, 2011 and 2010:

At our acute care hospitals owned during both periods ( same facility basis ), adjusted admissions (adjusted for outpatient

activity) increased 0.3% and adjusted patient days increased 0.8% during the fourth quarter of 2011, as compared to the fourth quarter of 2010. Net revenues at these

facilities increased 1.6% during the fourth quarter of 2011 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 1.3% while

net revenue per adjusted patient day increased 0.8% during the fourth quarter of 2011 as compared to the comparable quarter of the prior year. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other

operating expenses, supplies expense and provision for doubtful accounts, excluding the items indicated on the Supplemental Schedules) at our acute care hospitals decreased to 13.3% during the fourth quarter of 2011 as compared to 14.4% during the

fourth quarter of 2010. The decrease in the operating margin at our acute care hospitals during the fourth quarter of 2011 was caused by pressure on patient volumes and payor mix as several of our more significant markets continue to be negatively

impacted by local economic trends.

We provide care to patients who meet certain financial or economic criteria without charge

or at amounts substantially less than our established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals

provided charity care and uninsured discounts, based on charges at established rates, amounting to $248 million and $208 million during the three-month periods ended December 31, 2011 and 2010, respectively.

Acute Care Services Years ended December 31, 2011 and 2010:

During the year ended December 31, 2011, on a same facility basis, adjusted admissions to our acute care facilities were relatively

unchanged while adjusted patient days increased 1.7%, as compared to 2010. Net revenues at our acute care facilities increased 4.4% during 2011 as compared to 2010. At these facilities, net revenue per adjusted admission increased 4.5% while net

revenue per adjusted patient day increased 2.6% during 2011 as compared to 2010. On a same facility basis, the operating margin at our acute care hospitals increased to 14.7% during 2011 as compared to 14.5% during 2010.

Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $956 million

and $807 million during 2011 and 2010, respectively.

Behavioral Health Care Services Three-month periods ended December 31,

Since the former PSI facilities were acquired by us in mid-November, 2010, for

accurate comparability purposes, we have included the patient statistics and financial results for these facilities in our same facility results provided below beginning on December 1st of 2011 and 2010.

At our behavioral health care facilities, on a same facility basis, adjusted admissions increased 8.3% while adjusted patient days increased 4.1% during the fourth quarter of 2011 as compared to the

fourth quarter of 2010. Net revenues at these facilities increased 6.3% during the fourth quarter of 2011 as compared to the comparable quarter in the prior year. At these facilities, net revenue per adjusted admission decreased 1.6% while net

revenue per adjusted patient day increased 2.4% during the fourth quarter of 2011 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods increased to 24.7% during the fourth

quarter of 2011 as compared to 22.6% during the fourth quarter of 2010.

Behavioral Health Care Services Years ended

December 31, 2011 and 2010:

During the year ended December 31, 2011, on a same facility basis, adjusted

admissions to our behavioral health care facilities increased 7.6% while adjusted patient days increased 3.3%, as compared to 2010. Net revenues at our behavioral health care facilities increased 6.4% during 2011 as compared to

2010. At these facilities, net revenue per adjusted admission decreased 0.8% while net revenue per adjusted patient day increased 3.3% during 2011 as compared to 2010. On a same facility basis,

the operating margin at our behavioral health facilities increased to 25.8% during 2011 as compared to 25.3% during 2010.

for HITECH Act incentive payments and EHR expenses:

The health information technology provisions of the American

Recovery and Reinvestment Act (referred to as the HITECH Act ) established criteria related to the meaningful use of electronic health records ( EHR ) for acute care hospitals and established requirements for the

Medicare and Medicaid EHR payment incentive programs.

During 2011, we began implementing EHR applications at certain of our

acute care facilities and will continue to do so, on a facility-by-facility basis, until completion which is scheduled to occur by the end of 2013. Our acute care hospitals will be eligible for Medicare and Medicaid EHR incentive payments upon

implementation of the EHR application, assuming they meet the meaningful use criteria.

There are no EHR-related

revenues included in our consolidated results of operations for the three or twelve-month periods ended December 31, 2011. Although we received approximately $11 million of EHR incentive payments during the fourth quarter of 2011 related to

state Medicaid programs, these payments have been reflected as deferred revenue on our consolidated balance sheet as of December 31, 2011. These payments will be recorded as revenue on our consolidated statements of income in the periods in

which the applicable hospitals are deemed to have met the meaningful use criteria. Although our 2011 results of operations include certain EHR-related expenses, the amounts did not have a material impact on our consolidated financial

results during the three or twelve-month periods ended December 31, 2011.

During 2012, based upon our scheduled EHR

implementations and anticipated meaningful use qualifications, we expect to record approximately $12 million of EHR revenues and $17 million of EHR-related incremental expenses resulting in a net after-tax charge of approximately $4

million, or $.04 per diluted share.

2012 Full Year Guidance:

Excluding the unfavorable $.04 per diluted share EHR impact mentioned above, our estimated range of net income attributable to UHS for the

year ended December 31, 2012, is $4.33 to $4.48 per diluted share.

During 2012, our net revenues are

estimated to increase approximately 5% to $7.24 billion, as compared to $6.89 billion during 2011. Our net revenues for 2012 and 2011 have been adjusted to reflect reclassifications of our provision for doubtful accounts which, beginning on

January 1st 2012, will be reflected as a deduction

from revenues rather than as an operating expense. This reclassification will have no impact on our net income attributable to UHS.

This guidance range excludes the impact of items, if applicable, that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses,

reserves for settlements, legal judgments and lawsuits and other material amounts that may be reflected

in our financial statements that relate to prior periods. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and

Risk Factors and Non-GAAP Financial Measures.

Conference Call Information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on February 28, 2012. The dial-in number is

1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on February 28, 2012 and will continue through midnight on March 13, 2012. The recording can be accessed by