<PAGE>
 
                                  FORM 10-Q/A
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


(Mark One)

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 
     FOR THE QUARTERLY PERIOD ENDED: JUNE 30, 1998

                                       OR

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

             FOR THE TRANSITION PERIOD FROM _______________________



COMMISSION FILE NUMBER: 333-49743



                        UNIVERSAL HOSPITAL SERVICES, INC.
             ------------------------------------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

           Minnesota                                       41-0760940
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)


                              1250 Northland Plaza
                              3800 West 80th Street
                        Bloomington, Minnesota 55431-4442
                    ----------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
                                   (ZIP CODE)


                                  612-893-3200
                                  ------------
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes [ ] No [X]
<PAGE>
 
ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K

       (A)  EXHIBITS:

             Exhibit Number     Description
             --------------     -----------

                3.1(a)          Restated Articles of Incorporation of Universal 
                                Hospital Services, Inc.

                3.1(b)          Amendment to Articles of Incorporation of 
                                Universal Hospital Services, Inc.

                3.1(c)          Certificate of Designation of Series A 12% 
                                Cumulative Convertible Accruing Pay-In-Kind
                                Preferred Stock of Universal Hospital Services,
                                Inc.

                4.3(a)          First Amendment to Credit Agreement

                4.3(b)          Second Amendment to Credit Agreement

                4.3(c)          Third Amendment to Credit Agreement

                4.3(d)          Fourth Amendment to Credit Agreement


<PAGE>
 
                                   SIGNATURES


     The Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


Date: September 1, 1998


                                       UNIVERSAL HOSPITAL SERVICES, INC.


                                       By    /s/ David E. Dovenberg
                                          ---------------------------------
                                       David E. Dovenberg,
                                       President and Chief Executive Officer




                                       By    /s/ Gerald L. Brandt
                                          --------------------------------
                                       Gerald L. Brandt,
                                       Vice President of Finance and
                                       Chief Financial Officer


<PAGE>
 
                        UNIVERSAL HOSPITAL SERVICES, INC.

                      EXHIBIT INDEX TO REPORT ON FORM 10-Q



             Exhibit Number     Description
             --------------     -----------

                3.1(a)          Restated Articles of Incorporation of Universal 
                                Hospital Services, Inc.

                3.1(b)          Amendment to Articles of Incorporation of 
                                Universal Hospital Services, Inc.

                3.1(c)          Certificate of Designation of Series A 12% 
                                Cumulative Convertible Accruing Pay-In-Kind
                                Preferred Stock of Universal Hospital Services,
                                Inc.

                4.3(a)          First Amendment to Credit Agreement

                4.3(b)          Second Amendment to Credit Agreement

                4.3(c)          Third Amendment to Credit Agreement

                4.3(d)          Fourth Amendment to Credit Agreement