IPC The Hospitalist Co. Inc. said its fourth-quarter earnings rose 31 percent as its physician groups treated more inpatients.

After the Monday markets closed, the North Hollywood operator of hospital-based physician practices reported net income of $7 million (42 cents per share), compared with $5.4 million (32 cents) a year earlier.

Net revenue rose 18 percent to nearly $97.2 million, with patient visits up 16 percent to 1 million. The company has been growing both organically and through acquisitions, with 15 practices acquired last year and additional ones this year.

“Our existing markets increased revenue by 14 percent and five new markets, including two we entered in 2009 and three in 2010, contributed to the overall top-line growth,” said Chief Executive Adam Singer in a statement. “Acquisitions remain an important part of our growth strategy, and we continue to execute on plan.”

Analysts surveyed by Thomson Reuters on average expected the company to report per-share profit of 39 cents on revenue of $95.9 million.

For the current year, IPC expects per-share profit of $1.78 to $1.86, with revenue of $446 million to $455 million. The Wall Street consensus is for profit of $1.78 per share on revenue of $444 million.