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Stephen C. Baxter

Senior Equity Research Analyst specializing in Healthcare Services at Wells Fargo & Company/mn

Stephen C. Baxter is a Senior Equity Research Analyst specializing in Healthcare Services at Wells Fargo Securities LLC, where he provides investment research on major companies in the managed care and healthcare services sectors, including Centene. Baxter has developed a strong reputation for incisive sector analysis and frequently engages with company management teams in published earnings calls. He began his career in equity research after obtaining his securities licenses and has served at Wells Fargo Securities for several years, based in New York. He holds FINRA registration (CRD#: 6171192) and maintains active securities licenses as a registered broker.

Stephen C. Baxter's questions to COMMUNITY HEALTH SYSTEMS (CYH) leadership

Question · Q3 2025

Mitchell, on behalf of Stephen C. Baxter, inquired about the specific factors driving the 5.6% growth in same-store net revenue per adjusted admission and what Community Health Systems considers a sustainable rate for this metric.

Answer

Jason Johnson, Interim CFO, explained that approximately one-third of the growth was due to Tennessee and New Mexico state-directed payment programs, with the remainder from payer mix improvement, partially offset by lower acuity. Kevin Hammons, President and Interim CEO, suggested a mid-single-digit net revenue per adjusted admission growth as sustainable, expecting acuity to recover and further lift the rate as higher-acuity outpatient surgeries return.

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