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    Matthew Gillmor • KeyBanc Capital Markets Inc.

    Matthew Gillmor's questions to Astrana Health Inc (ASTH) leadership

    Matthew Gillmor's questions to Astrana Health Inc (ASTH) leadership • Q2 2025

    Question

    Matthew Gillmor asked for clarification on the timing-related items that benefited Q2 cash flow. He also requested an update on progress in securing delegated claims arrangements in Texas and the overall performance of non-California markets.

    Answer

    CFO & COO Chan Basho explained that Q2 free cash flow was positively impacted by the timing of ACO REACH payments and income taxes, which are expected to normalize by Q4, and reiterated the full-year free cash flow guidance. President & CEO Brandon Sim added that they continue to make progress on securing delegated contracts in Texas and Nevada, with the path to profitability in those states remaining on track.

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    Matthew Gillmor's questions to Astrana Health Inc (ASTH) leadership • Q2 2025

    Question

    Matthew Gillmor asked for clarification on the timing-related items that benefited Q2 cash flow and requested an update on the progress of securing delegated claims processing in Texas and the performance of non-California markets.

    Answer

    CFO & COO Chan Basho specified that the positive timing items were related to ACO REACH payments and income taxes, which are expected to normalize in Q4. He reiterated confidence in the full-year free cash flow guidance of $90-100 million. President & CEO Brandon Sim added that there is continued progress with payers in Texas and Nevada to move toward delegated contracts, keeping those states on track for profitability goals.

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    Matthew Gillmor's questions to Evolent Health Inc (EVH) leadership

    Matthew Gillmor's questions to Evolent Health Inc (EVH) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets Inc. sought clarification on the oncology trend, asking where the Q1 trend ultimately settled and requesting quantification of the assumed "pull forward" of utilization in the exchange business.

    Answer

    CFO John Johnson clarified that the 10.5% trend was for the first half of 2025, with Q1 being slightly lower. He stated the guidance for the second half assumes a conservative 12% trend, which nets out modestly better underlying expectations against a potential benefits rush in the exchange business ahead of possible 2026 membership changes.

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    Matthew Gillmor's questions to Evolent Health Inc (EVH) leadership • Q1 2025

    Question

    Matthew Gillmor of KeyBanc inquired about the visibility into oncology cost trends, asking for the completion rate of paid claims for the quarter and the specific nature of the leading indicators Evolent monitors.

    Answer

    Executive John Johnson explained that leading indicators are pre-service authorizations that provide prospective insight into utilization. He stated that for Q1, claims were approximately 55-60% complete, which is a typical level. He noted that while early data is promising, the company wants to see more claims completion before updating its full-year guidance.

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    Matthew Gillmor's questions to Evolent Health Inc (EVH) leadership • Q4 2024

    Question

    Matthew Gillmor asked about the sources of confidence in the 2025 guidance and sought clarification on whether long-term margin maturation and AI efficiency savings were separate drivers.

    Answer

    CEO Seth Blackley confirmed the company's confidence stems from restructured contracts and a higher mix of fee-based business, aiming to meet or exceed expectations. CFO John Johnson provided a sensitivity analysis, noting a 2% higher oncology trend would impact EBITDA by $9 million, while a 2% lower trend would provide a $12 million benefit, indicating favorable asymmetry. CEO Seth Blackley also confirmed that the 300 basis points of margin maturation and the $50 million in long-term AI savings are discrete items.

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    Matthew Gillmor's questions to Evolent Health Inc (EVH) leadership • Q3 2024

    Question

    Matthew Gillmor of KeyBanc Capital Markets Inc. requested clarification on the adjusted EBITDA run rate heading into 2025, considering the revised 2024 guidance and expected rate increases.

    Answer

    John Johnson framed the company's core earnings power by highlighting a theoretical $200 million adjusted EBITDA floor, which could be achieved by converting underperforming risk contracts to a fee-based model. He suggested that successfully renegotiating rates would result in an earnings power 'quite a bit higher' than that floor, but deferred specific 2025 guidance to the next earnings call.

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    Matthew Gillmor's questions to Privia Health Group Inc (PRVA) leadership

    Matthew Gillmor's questions to Privia Health Group Inc (PRVA) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets asked about the increase in G&A expense from $18 million to $22 million in the second quarter and what specific factors drove this increase.

    Answer

    EVP & CFO David Mountcastle explained that the increase in G&A was primarily due to higher bonus accruals resulting from the company's strong performance. He also mentioned increased contractor expenses related to market growth. He emphasized that despite the rise, the company continues to see significant operating leverage in G&A.

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    Matthew Gillmor's questions to Privia Health Group Inc (PRVA) leadership • Q4 2024

    Question

    Matthew Gillmor asked how the unresolved physician fee schedule cut is factored into guidance and whether it could become a tailwind for provider recruitment if Congress fails to address it.

    Answer

    CEO Parth Mehrotra responded that their best estimate is already embedded in the guidance and the item is not material enough to be a major factor. He emphasized that, regardless of the outcome, such financial pressures on independent physicians only serve to validate and strengthen Privia's value proposition.

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    Matthew Gillmor's questions to Privia Health Group Inc (PRVA) leadership • Q3 2024

    Question

    Matthew Gillmor from KeyBanc noted that the high end of the Practice Collections guidance implied a sequential moderation in Q4 and asked if this reflected conservatism or specific business factors.

    Answer

    CEO Parth Mehrotra responded that the guidance reflects the company's standard prudent approach. He stated that they see nothing in the business to suggest a negative trend and expressed hope that final results could be better.

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    Matthew Gillmor's questions to Ardent Health Partners Inc (ARDT) leadership

    Matthew Gillmor's questions to Ardent Health Partners Inc (ARDT) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets requested a breakdown of the estimated $150-$175 million OBBA impact, specifically between different provisions like work requirements and supplemental payment cuts. He also asked about the expected timing of these impacts and the drivers behind the trend in outpatient surgery volumes.

    Answer

    President & CEO Marty Bonick clarified that the work requirement impact is expected to be minimal, similar to the Medicaid redetermination outcome. He noted the structural impacts of the bill would ramp slightly heavier in the early years (post-2028) and then moderate. Regarding outpatient surgeries, Bonick reiterated that the decline is due to service line rationalization, specifically in lower-margin areas like ophthalmology and ENT, which frees up capacity for higher-acuity inpatient procedures. CFO Alfred Lumsdaine added that the two-midnight rule also had a small impact.

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    Matthew Gillmor's questions to Ardent Health Partners Inc (ARDT) leadership • Q1 2025

    Question

    Matthew Gillmor from KeyBanc asked for details on the growth of health insurance exchange volumes and its current share of revenue. He also inquired about the moderation in professional fees and the durability of that trend.

    Answer

    CFO Alfred Lumsdaine reported that exchange admissions grew 40% in Q1 and now represent a mid-single-digit percentage of revenue. CEO Martin Bonick added that while the growth rate of professional fees is moderating, it remains above general inflation as forecasted, with continued pressure in specialties like radiology and anesthesiology.

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    Matthew Gillmor's questions to Ardent Health Partners Inc (ARDT) leadership • Q4 2024

    Question

    Matthew Gillmor inquired about the drivers behind the reduction in length of stay, the progress of the BioButton device rollout, and the specific accounting mechanics for recognizing the 2025 New Mexico DPP revenue.

    Answer

    CEO Marty Bonick credited the length-of-stay improvement to both the Two-Midnight Rule and operational efficiencies, including the BioButton device, which is having a positive impact. CFO Alfred Lumsdaine clarified that the New Mexico DPP revenue for 2025 will be recognized cumulatively in the quarter when CMS approval is officially received.

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    Matthew Gillmor's questions to Ardent Health Partners Inc (ARDT) leadership • Q3 2024

    Question

    Matthew Gillmor of Baird inquired about the specific factors driving the sequential acceleration in patient volumes and asked for context on why Ardent Health's exposure to health insurance exchanges is lower than its peers.

    Answer

    CEO Marty Bonick and CFO Alfred Lumsdaine attributed the volume growth to a combination of the two-midnight rule, improved length of stay efficiencies, and better performance from their transfer centers. For the lower exchange exposure, Mr. Bonick explained it is a result of operating in mid-sized urban markets with strong employer-sponsored insurance coverage.

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    Matthew Gillmor's questions to Acadia Healthcare Company Inc (ACHC) leadership

    Matthew Gillmor's questions to Acadia Healthcare Company Inc (ACHC) leadership • Q2 2025

    Question

    Matthew Gillmor asked about the volume trend cadence for acute Medicaid throughout Q2 and into July, and inquired about the drivers behind stronger commercial and Medicare volumes.

    Answer

    CEO Christopher Hunter noted that volumes started the quarter higher, declined, and then leveled off. He attributed the strength in commercial and Medicare volumes to the success of the managed care team in securing new contracts and deliberately diversifying the payer mix over the past year.

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    Matthew Gillmor's questions to Acadia Healthcare Company Inc (ACHC) leadership • Q4 2024

    Question

    Matthew Gillmor asked for specific details on the operational actions being taken to improve performance at the underperforming facilities. He also sought to confirm if the financial drag from these facilities should be modeled as a consistent 2% headwind.

    Answer

    CEO Chris Hunter outlined a comprehensive, localized turnaround strategy that includes reviewing the competitive landscape, business development functions, admissions processes, leadership teams, technology adoption, and physical plant needs. CFO Heather Dixon confirmed that modeling an approximate 2% drag from these facilities, consistent with the Q4 impact, is a reasonable ballpark assumption.

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    Matthew Gillmor's questions to Acadia Healthcare Company Inc (ACHC) leadership • Q3 2024

    Question

    Matthew Gillmor asked for more color on the statement that labor was 'trending favorably,' specifically requesting details on wage inflation and turnover trends.

    Answer

    CFO Heather Dixon elaborated that wage inflation has remained below 5%, a significant moderation from the 8% peak at the end of 2022. She confirmed this favorable trend has been steady throughout the first nine months of the year and is expected to continue.

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    Matthew Gillmor's questions to Encompass Health Corp (EHC) leadership

    Matthew Gillmor's questions to Encompass Health Corp (EHC) leadership • Q2 2025

    Question

    Matthew Gillmor from KeyBanc Capital Markets asked how Encompass Health shares its quality results with stakeholders and what was driving the uptick in managed care mix and pricing.

    Answer

    CEO Mark Tarr explained they share key metrics like discharge to community and patient satisfaction scores with partners. EVP & CFO Doug Coltharp added that the improved managed care pricing is largely driven by growth in the VA Community Care Network contract, which pays at Medicare rates and now comprises nearly 18% of their managed care business.

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    Matthew Gillmor's questions to Encompass Health Corp (EHC) leadership • Q1 2025

    Question

    Matthew Gillmor from KeyBanc Capital Markets questioned the drivers of the modest growth in Salaries, Wages, and Benefits (SWB) per FTE and the sustainability of lower premium labor costs, and also asked about the impact of the flu season on patient volume.

    Answer

    CFO Douglas Coltharp confirmed that SWB inflation was below guidance due to a year-over-year decrease in premium labor spend, but he was not ready to declare it a new trend. CEO Mark Tarr added that teams are focused on reducing contract labor. Regarding the flu, Mark Tarr stated its impact on Q1 volumes was negligible, with CFO Douglas Coltharp noting that patient mix growth was broad-based across conditions like stroke and brain injury.

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    Matthew Gillmor's questions to Encompass Health Corp (EHC) leadership • Q4 2024

    Question

    Matthew Gillmor asked about the accelerated pace of bed additions in 2025, questioning if it was a timing issue or a strategic acceleration. He also sought details on the assumptions behind the 2025 guidance for Salaries, Wages, and Benefits (SWB) per FTE.

    Answer

    CEO Mark Tarr described the 2025 pace as a normal year-over-year fluctuation. CFO Douglas Coltharp added that strong discharge growth has created more opportunities for bed expansions, which are now moving forward. Regarding SWB, Coltharp explained the 3.25%-3.75% growth forecast reflects stable premium labor costs, anniversarying high medical benefit costs in the second half, and positive impacts from lower staff turnover.

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    Matthew Gillmor's questions to Addus Homecare Corp (ADUS) leadership

    Matthew Gillmor's questions to Addus Homecare Corp (ADUS) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets inquired about the progress of the rollout of new caregiver systems and tools, their impact on performance, and any observable effects on caregiver retention.

    Answer

    President & COO Bradley Bickham detailed the rollout of their caregiver application, which has achieved 90% adoption in Illinois and is now being implemented in New Mexico. He explained that the app is designed to improve fill rates by giving caregivers more schedule visibility and flexibility. While it's too early to quantify the impact on retention, he expressed optimism that it will help long-term by addressing a key driver of turnover: insufficient hours.

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    Matthew Gillmor's questions to Addus Homecare Corp (ADUS) leadership • Q1 2025

    Question

    Matthew Gillmor from KeyBanc Capital Markets inquired about the performance of the recently acquired Gentiva business relative to initial expectations. He also asked for an update on the outlook for state budget support and potential reimbursement rate increases.

    Answer

    W. Bickham, President and COO, reported that Gentiva's bottom-line performance has been slightly stronger than expected, while the top line has been a bit lighter, partly due to the Texas Medicaid redetermination process. CFO Brian Poff added that state budgets remain in good shape and highlighted Texas as the state to watch most closely for a potential rate increase.

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    Matthew Gillmor's questions to Addus Homecare Corp (ADUS) leadership • Q4 2024

    Question

    Matthew Gillmor of KeyBanc asked about the potential for further improvement in the percentage of authorized hours served and whether this improvement is additive to growth or simply offsets shifts in labor capacity post-redetermination.

    Answer

    President and COO W. Bickham confirmed there is still room to improve the percentage of hours served, driven by a new caregiver application that has seen strong adoption. He clarified that this improvement is additive to overall growth, as it allows the company to capture hours that might have otherwise gone unserved, thereby increasing the productivity of its existing workforce.

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    Matthew Gillmor's questions to Addus Homecare Corp (ADUS) leadership • Q3 2024

    Question

    Matthew Gillmor of KeyBanc Capital Markets sought details on the drivers behind the improved personal care 'fill rate' (hours served vs. authorized), asking if it was due to labor dynamics or operational initiatives. He also inquired how the upcoming Gentiva acquisition is influencing the company's strategy on value-based care, particularly in Texas.

    Answer

    President and COO Brad Bickham attributed the improved fill rate to both a stronger hiring environment and the deployment of new operational tools for schedulers. CEO R. Allison explained that the increased scale from Gentiva in Texas will enhance their ability to engage with payers on value-based care contracts, which he views as a tool to prove value and strengthen payer relationships rather than a material revenue driver.

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    Matthew Gillmor's questions to Brightspring Health Services Inc (BTSG) leadership

    Matthew Gillmor's questions to Brightspring Health Services Inc (BTSG) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets requested more detail on the company's procurement and efficiency initiatives, asking if any specific factors were making them a larger opportunity this year.

    Answer

    CEO Jon Rousseau described procurement as a continuous, broad-based effort driven by a dedicated team and the company's increasing scale. He expanded on the theme, highlighting ongoing investments in technology, automation, and AI across all processes. He noted these initiatives could unlock significant cost opportunities, such as a potential $200 million in savings in the home and community pharmacy business over the next three years.

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    Matthew Gillmor's questions to Brightspring Health Services Inc (BTSG) leadership • Q1 2025

    Question

    Matthew Gillmor asked for more detail on the drivers behind the updated guidance, which saw a larger revenue increase than EBITDA, and inquired about the long-term opportunity from the company's efficiency initiatives.

    Answer

    CFO Jennifer Phipps reiterated that the guidance increase reflects stronger-than-expected pharmacy volume growth and the expected benefits from margin expansion initiatives in both the provider and pharmacy segments. Regarding efficiency initiatives, CEO Jon Rousseau added that this is an institutionalized, ongoing program that has been in place for nine years, with annual savings used to fund investments, offset headwinds, and contribute to EBITDA.

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    Matthew Gillmor's questions to Brightspring Health Services Inc (BTSG) leadership • Q4 2024

    Question

    Matthew Gillmor asked for commentary on the seasonality of adjusted EBITDA and how management expects it to pace throughout 2025, wondering if historical patterns would hold.

    Answer

    CFO Jennifer Phipps confirmed that prior years are a good indicator of seasonality. She explained that Q1 is typically impacted by the reset of payroll taxes, while Q4 tends to be one of the strongest quarters. She concluded that Q1 and Q4 are generally the 'outlier quarters' and that this pattern is expected to continue in 2025.

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    Matthew Gillmor's questions to Brightspring Health Services Inc (BTSG) leadership • Q3 2024

    Question

    Matthew Gillmor of KeyBanc asked for a delineation of the $10 million in nonrecurring items between start-up costs and the payer settlement, and questioned if these items were already contemplated in the company's guidance.

    Answer

    CEO Jon Rousseau and CAO Jennifer Phipps confirmed that both the customer start-up costs and the payer settlement, which related to a six-year-old issue, were included in the company's guidance. Phipps also added that acquisition and integration costs were a factor in the quarter's nonrecurring expenses.

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    Matthew Gillmor's questions to Alignment Healthcare Inc (ALHC) leadership

    Matthew Gillmor's questions to Alignment Healthcare Inc (ALHC) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets inquired about Alignment's efforts to deepen provider relationships and how this differs from past approaches. He also asked for color on utilization trends, particularly inpatient versus outpatient costs.

    Answer

    CEO John Kao explained that collaborative efforts with IPAs, using Alignment's data and tools, have improved visibility and control, leading to lower inpatient admissions (low 140s per thousand) and increased shared savings. CFO Jim Head added that medical cost trends have been stable across inpatient and outpatient services, with the notable exception of higher trends in Part D. He noted that while utilization is well-managed, rate trends are still influenced by Medicare fee-for-service increases.

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    Matthew Gillmor's questions to Alignment Healthcare Inc (ALHC) leadership • Q1 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets sought to clarify utilization trends, asking if the inpatient admissions per 1,000 metric would be flat to down on a same-store basis after normalizing for membership mix. He also requested commentary on trends in other categories, such as outpatient services.

    Answer

    CFO Robert Freeman confirmed that on a same-store basis, the inpatient metric would have been roughly flat. He added that the stable inpatient KPI is a strong leading indicator for related spend categories. Regarding outpatient services, he noted that trends remain favorable and that this category actually ran below expectations for the full year 2024. Pharmacy spend has increased as expected, particularly in specialty drugs.

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    Matthew Gillmor's questions to Alignment Healthcare Inc (ALHC) leadership • Q4 2024

    Question

    Matthew Gillmor sought clarification on the guidance for 'modestly higher utilization' due to membership mix, asking if it was related to dual-eligible members. He also requested commentary on expectations for 2025 cash flow and capital expenditures.

    Answer

    Executive Robert Freeman confirmed the higher utilization assumption is due to strong growth in the duals membership. For 2025 financials, he provided key figures, including an adjusted EBITDA midpoint of $47.5 million, interest expense around $14 million, and CapEx of $30-$35 million. He stated the company is well-capitalized for organic growth with over $200 million in cash at year-end 2024.

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    Matthew Gillmor's questions to Universal Health Services Inc (UHS) leadership

    Matthew Gillmor's questions to Universal Health Services Inc (UHS) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets Inc. asked for a quantification of the same-store growth cannibalization from the new West Henderson hospital. He also requested an update on trends in professional fees and physician expenses.

    Answer

    Executive VP & CFO Steve Filton estimated the cannibalization impact from West Henderson to be around 50-60 basis points on both adjusted admissions and revenues for the same-facility pool. Regarding physician expenses, he confirmed they are tracking within the guided 5-6% growth for 2025, despite continued pressure from various physician specialties, including a recent increase from radiologists.

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    Matthew Gillmor's questions to Universal Health Services Inc (UHS) leadership • Q3 2024

    Question

    Matthew Gillmor of KBCM asked if the $56 million in additional Nevada supplemental funding was a new development and requested quantification of the hurricane's impact.

    Answer

    Steve Filton clarified that the incremental Nevada benefit is a new development, triggered by the state increasing its supplemental pool size based on updated Medicaid utilization data. Regarding the hurricane, he stated the impact was not material enough to be called out as a discrete item, though it was a slight drag, potentially reducing behavioral patient day volume by 25-30 basis points.

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    Matthew Gillmor's questions to HCA Healthcare Inc (HCA) leadership

    Matthew Gillmor's questions to HCA Healthcare Inc (HCA) leadership • Q2 2025

    Question

    Matthew Gillmor of KeyBanc Capital Markets requested more details on the drivers of underperformance in the few markets HCA mentioned and the actions being taken to address the issues.

    Answer

    CEO Sam Hazen explained that it's normal for a couple of their 15 U.S. divisions to underperform annually due to variable factors. He noted one division faced competitive dislocations and another had a service mix shift. He expressed confidence in the seasoned leadership and recovery plans in place for the second half, highlighting the benefit of HCA's diversified portfolio in absorbing such impacts.

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    Matthew Gillmor's questions to HCA Healthcare Inc (HCA) leadership • Q1 2025

    Question

    Matthew Gillmor asked about the competitive landscape, inquiring if policy and macroeconomic uncertainty is causing competitors to alter their investment priorities, potentially creating opportunities for HCA.

    Answer

    CEO Sam Hazen responded that HCA has not yet seen substantial changes in competitor behavior. However, he acknowledged that challenges for others, such as reduced NIH funding for academic centers, could create future opportunities. He emphasized that HCA's scale and diversification are key advantages, and noted the company is already successfully gaining market share in many of its markets against existing competition.

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    Matthew Gillmor's questions to HCA Healthcare Inc (HCA) leadership • Q4 2024

    Question

    Matthew Gillmor asked if the California wildfires had any notable impact on HCA's facilities in the Los Angeles area.

    Answer

    CEO Sam Hazen confirmed there was no impact on their Southern California hospitals from the fires. He mentioned one facility in Ventura County was on high alert but was not directly affected, and that the company continues to evolve its fire mitigation tactics.

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    Matthew Gillmor's questions to Tenet Healthcare Corp (THC) leadership

    Matthew Gillmor's questions to Tenet Healthcare Corp (THC) leadership • Q2 2025

    Question

    Matthew Gillmor from KeyBanc Capital Markets asked about payer contract negotiations amid industry pressures and whether there has been any discernible shift in denial activity.

    Answer

    Chairman & CEO Saum Sutaria stated that Tenet's approach of creating long-term, predictable value with payers remains effective, and he sees nothing unusual in current negotiations. He acknowledged that denial and dispute activities have increased post-COVID, but explained that Tenet's Conifer segment has adapted by deploying more technology and automation to manage these requests efficiently.

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    Matthew Gillmor's questions to Tenet Healthcare Corp (THC) leadership • Q4 2024

    Question

    Matthew Gillmor asked for an update on cost management, seeking to identify particular areas of focus for driving efficiency in 2025 and beyond.

    Answer

    Dr. Saum Sutaria, Chairman and CEO, stated the focus remains on labor, supplies, and purchase services. He identified asset utilization in the acute care segment as a key area for improvement. He also highlighted the expanding role and material savings contribution from Tenet's global business center, which now handles complex functions like clinical analytics.

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    Matthew Gillmor's questions to Tenet Healthcare Corp (THC) leadership • Q3 2024

    Question

    Matthew Gillmor asked about the sustainability of the strong 19% growth in total joint replacements at USPI and how this trend connects to the company's development pipeline.

    Answer

    Chairman and CEO Dr. Saum Sutaria attributed the growth to a deliberate strategy to lead in outpatient musculoskeletal care. He explained that moving these procedures to lower-cost ASCs expands the total market, rather than just cannibalizing inpatient volume. He sees a continued multi-year opportunity for migrating cases from hospital outpatient settings to freestanding ASCs.

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    Matthew Gillmor's questions to Surgery Partners Inc (SGRY) leadership

    Matthew Gillmor's questions to Surgery Partners Inc (SGRY) leadership • Q1 2025

    Question

    Matthew Gillmor from KeyBanc Capital Markets asked for more detail on the 'operating system improvements' driving margin expansion and whether the flu season impacted Q1 volumes.

    Answer

    CEO J. Evans identified the improvements as spanning supply chain, scheduling, and revenue cycle. CFO David Doherty elaborated on the multi-year revenue cycle standardization project, which is now yielding benefits in collections and net revenue. He also noted ongoing IT integrations of acquisitions are unlocking further scale efficiencies. CEO Evans confirmed the flu season had no material impact on scheduled surgical cases.

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    Matthew Gillmor's questions to Surgery Partners Inc (SGRY) leadership • Q4 2024

    Question

    Matthew Gillmor asked if site-neutrality policies could have a positive downstream effect on the company's development efforts, such as increasing interest from hospitals for joint ventures or from physicians seeking ASC partnerships.

    Answer

    CEO J. Evans agreed that while the development pipeline is already strong, site neutrality legislation would likely accelerate interest from both health systems and physicians. He noted that anything driving patients to the most appropriate care setting aligns with Surgery Partners' core strategy and will likely force more discussions with potential partners, further strengthening their already robust pipeline.

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