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    William Sutherland

    Senior Analyst at The Benchmark Company

    William Sutherland is a Senior Analyst at The Benchmark Company, specializing in equity research within healthcare services and digital health, with particular focus on companies like Agilon Health, Healthcare Services Group, Nutex Health, Quipt Home Medical, Omnicell, and Surgery Partners. He consistently covers companies that provide virtual care, remote patient monitoring, value-based care, and post-acute healthcare services, boasting a strong track record of actionable ratings and notable price target outcomes. Sutherland began his analyst career in the late 1980s and has held senior roles at Northland Securities, Boenning & Scattergood, Janney Montgomery Scott, and Wheat First Butcher & Singer before joining Benchmark in December 2016. He holds a BA from the University of North Carolina at Chapel Hill and an MBA from Columbia University, and is expected to maintain all necessary securities credentials for his role.

    William Sutherland's questions to Nutex Health (NUTX) leadership

    William Sutherland's questions to Nutex Health (NUTX) leadership • Q1 2025

    Question

    William Sutherland of The Benchmark Company inquired about the repeatability of Q1 2025's financial performance, particularly the normalization of arbitration revenue and cash flow. He also sought clarity on the timeline for legacy hospital earn-outs and the company's capital deployment strategy.

    Answer

    CFO Jon Bates explained that while arbitration revenue trends are encouraging, the company is not yet at a 'steady state' and expects more clarity over the next one to two quarters. He confirmed the three remaining legacy hospital earn-outs will conclude by early Q3 2025. Both Bates and CEO Dr. Tom Vo discussed capital deployment, highlighting priorities such as opening new facilities, expanding population health, and potential acquisitions, while maintaining a conservative approach to their strong cash position.

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    William Sutherland's questions to Nutex Health (NUTX) leadership • Q4 2024

    Question

    William Sutherland inquired about the prospective outlook for the arbitration process, seeking clarity on a realistic way to model its financial impact in coming quarters and whether the current volume of claims represents a catch-up or an ongoing run-rate.

    Answer

    Chairman and CEO Dr. Tom Vo explained that arbitration is a tool to achieve fair, median in-network rates (QPA) and will be used as long as necessary. CFO Jon Bates added that while it's still early in the process, they are gaining more data to refine their estimates, feel confident in their year-end accruals, and noted the current trend of submitting 60-70% of billable visits seems consistent for now.

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    William Sutherland's questions to Nutex Health (NUTX) leadership • Q3 2024

    Question

    William Sutherland of The Benchmark Company inquired about Q4 seasonality and patient visit trends, the timing of two new hospital openings, the outlook for capital expenditures, and the progress of negotiations and arbitrations under the No Surprises Act (NSA).

    Answer

    Executive Thomas Vo confirmed the typical Q4 seasonality with higher volumes, noting the two new hospitals are slated for November and December. CFO Jon Bates stated that CapEx should remain consistent with a slight uptick as new facilities open. Regarding the NSA, Thomas Vo explained that the arbitration process is trending well and consistent with published industry data showing a 70-80% provider win rate, though it's still early. He added that 60-80% of their claims enter the full Independent Dispute Resolution (IDR) process, which begins with open negotiation before any potential arbitration.

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    William Sutherland's questions to Nutex Health (NUTX) leadership • Q2 2024

    Question

    William Sutherland of The Benchmark Company inquired about the expected business seasonality for the second half of the year, particularly regarding patient volume cadence in the third and fourth quarters.

    Answer

    Chairman and CEO Dr. Tom Vo explained that Nutex Health's business is seasonal. He noted that patient volumes typically decrease during the summer but begin to rise in late Q3 as schools reopen. Dr. Vo added that Q4 is historically strong due to the flu season, ongoing COVID-19 cases, and other winter pathogens, which drives patient visits.

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    William Sutherland's questions to Oncology Institute (TOI) leadership

    William Sutherland's questions to Oncology Institute (TOI) leadership • Q1 2025

    Question

    William Sutherland questioned the reason for the slight decline in lives under value-based contracts, asked about any important upcoming contract renewals, and inquired if the full-year guidance is dependent on converting new contracts from the pipeline. He also asked for the company's perspective on the trend of moving more cancer care into the home.

    Answer

    CEO Dan Virnich explained the decline in lives was due to a terminated contract with many low-reimbursement lives, while new contracts have fewer but higher-reimbursement MA-only lives. He also noted there are no significant renewals upcoming. CFO Rob Carter confirmed that 2025 guidance does not depend on any new pipeline wins, which would represent upside. Virnich added that TOI views the home care trend positively, as it aligns with their mission to deliver care in the community.

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    William Sutherland's questions to HeartBeam (BEAT) leadership

    William Sutherland's questions to HeartBeam (BEAT) leadership • Q1 2025

    Question

    William Sutherland of The Benchmark Company inquired about key learnings from HeartBeam's early access program, the potential pricing model for the HeartBeam System, and the anticipated timeline for building out the commercial infrastructure.

    Answer

    CEO Robert Eno explained that the early access program provided crucial real-world feedback on patient onboarding and product features. Regarding pricing, Eno and executive Timothy Cruickshank confirmed a target of $50-$100 per month on a recurring basis, with tiered options. Cruickshank detailed a phased commercial rollout beginning in two target markets after the expected Q4 FDA clearance, supported by a small initial sales team, with a significant ramp-up anticipated in Q1 2026.

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    William Sutherland's questions to Quipt Home Medical (QIPT) leadership

    William Sutherland's questions to Quipt Home Medical (QIPT) leadership • Q2 2025

    Question

    William Sutherland asked for more details on the two discrete revenue headwinds: the Humana contract impact and the non-renewed disposable supply contract, questioning the timing and surprise element of these issues. He also inquired if the company's growth could recover in the current quarter.

    Answer

    CEO Gregory Crawford clarified that the Humana impact was larger than anticipated due to an unforeseen change in referral patterns for PPO patients, not just the capitated members. He explained the disposable supply contract was lost in late fiscal 2024 due to a staffing change at the partner organization. Crawford also noted that early Q3 trends in April suggest stabilization and a potential uptick in revenue.

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    William Sutherland's questions to Quipt Home Medical (QIPT) leadership • Q1 2025

    Question

    William Sutherland followed up on organic growth, asking how anniversarying the 75-25 blended rate discontinuation impacts the outlook. He also inquired about the status of elevated health insurance costs and the company's priorities for capital deployment.

    Answer

    CEO Gregory Crawford noted that lapping the 75-25 headwind will help, and the company is pulling multiple levers to return to historical organic growth, including new therapies and sales initiatives. CFO Hardik Mehta confirmed that employee health insurance costs have stabilized after the first year of being self-insured. He also reiterated that capital deployment priorities include funding organic growth and actively evaluating strategic M&A opportunities.

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    William Sutherland's questions to OMNICELL (OMCL) leadership

    William Sutherland's questions to OMNICELL (OMCL) leadership • Q1 2025

    Question

    William Sutherland questioned the assumptions behind the high and low ends of the revised EBITDA guidance and asked for the most effective mitigation steps. He also asked if semiconductors and metal were the primary tariff drivers and requested an update on the IVX product's progress.

    Answer

    CFO Nchacha Etta and COO Nnamdi Njoku explained the guidance range reflects tariff uncertainty, with mitigation focused on reallocating the supply chain to regions like North America and potential pricing actions. Njoku clarified that subassemblies from China are the primary tariff driver, not specific raw materials. CEO Randall Lipps added that the IVX product had a successful Q1 release with positive customer feedback and a growing sales pipeline.

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    William Sutherland's questions to OMNICELL (OMCL) leadership • Q3 2024

    Question

    William Sutherland requested an update on the IVX solution following its redesign and asked about capital deployment plans, particularly concerning the convertible notes due next year.

    Answer

    CEO Randall Lipps described IVX progress as 'still slow, but optimistic,' with momentum building as new releases are rolled out. On capital deployment, CFO Nchacha Etta affirmed they are exploring strategic options for the convertible notes to avoid dilution, supported by a strong cash position. Executive Kathleen Nemeth reiterated the focus on disciplined capital deployment to improve ROIC and achieve consistent GAAP profitability.

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    William Sutherland's questions to SELECT MEDICAL HOLDINGS (SEM) leadership

    William Sutherland's questions to SELECT MEDICAL HOLDINGS (SEM) leadership • Q1 2025

    Question

    William Sutherland of The Benchmark Company inquired about startup costs for the year, sought clarity on how the LTAC challenges impacted guidance, and asked for an update on initiatives to improve margins in the outpatient rehab business.

    Answer

    Executive Martin Jackson stated that startup losses are expected to be similar to the prior year. He clarified that the guidance revision reflects the slow first six weeks in the LTAC segment and the significant increase in the high-cost outlier threshold. For outpatient rehab, he highlighted the rollout of new technology and continued success in commercial contracting, with rate increases in the 4% to 6% range.

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    William Sutherland's questions to SELECT MEDICAL HOLDINGS (SEM) leadership • Q3 2024

    Question

    William Sutherland of The Benchmark Company questioned the reason for a reduction in the number of LTAC hospitals. He also asked about the potential for further improvement in the SWB (Salaries, Wages, and Benefits) to revenue ratio and the key drivers for future margin expansion in the outpatient rehab division.

    Answer

    Executive Martin Jackson confirmed the closure of one LTAC in Ohio was a strategic consolidation. He expressed confidence in further reducing the SWB-to-revenue ratio, driven by successful commercial contract negotiations and potential volume increases. For outpatient rehab, Jackson highlighted a significant technology release expected by year-end, which he believes will be a 'game changer' for improving clinical efficiency and margins.

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    William Sutherland's questions to Huron Consulting Group (HURN) leadership

    William Sutherland's questions to Huron Consulting Group (HURN) leadership • Q4 2024

    Question

    William Sutherland of The Benchmark Company sought details on the drivers of 2024's operating margin improvement, the expected 2025 revenue from the AXIA acquisition, and whether clients are pausing work due to market uncertainty. He also asked for the rationale behind the Healthcare segment's growth guidance.

    Answer

    CFO John D. Kelly clarified that 2024 margin improvement was driven by effective pricing, scaling of corporate SG&A, and strong utilization of global capabilities. He projected AXIA would contribute $35-$40 million in 2025 revenue. CEO C. Hussey stated that clients are not stopping large digital projects and that current challenges play to Huron's strengths. Regarding Healthcare guidance, Kelly explained the mid-single-digit forecast is a prudent start given strong recent growth and includes the impact of the Studer Education divestiture, noting strong demand could drive results higher.

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    William Sutherland's questions to Huron Consulting Group (HURN) leadership • Q3 2024

    Question

    William Sutherland asked about Q4 utilization expectations compared to the prior year's high, headcount levels in the Commercial segment, and the current M&A environment and pipeline.

    Answer

    Chief Financial Officer John Kelly stated that while he expects sequential improvement in utilization from Q3, it may not reach the high watermark of Q4 2023. He noted that Commercial segment headcount is aligned with growth expectations and that the team is well-positioned. Executive C. Hussey addressed the M&A question, describing the pipeline as 'quite robust' with opportunities across all segments. He also noted that the company was less active on share repurchases in the quarter, suggesting a focus on potential acquisitions.

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    William Sutherland's questions to Premier (PINC) leadership

    William Sutherland's questions to Premier (PINC) leadership • Q2 2025

    Question

    William Sutherland of The Benchmark Company asked if Premier discloses its geographic sourcing percentages and inquired about the typical duration of the 'firm for term' pricing contracts.

    Answer

    CEO Michael Alkire stated that Premier does not disclose specific geographic sourcing percentages but emphasized a long-standing strategy of diversifying away from over-reliance on any single country, a focus that intensified post-COVID. He also clarified that GPO contracts are typically three years in length, though some may be shorter.

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    William Sutherland's questions to Surgery Partners (SGRY) leadership

    William Sutherland's questions to Surgery Partners (SGRY) leadership • Q3 2024

    Question

    William Sutherland from The Benchmark Company asked for an update on the cardiology service line, particularly the growth of electrophysiology (EP) procedures. He also inquired about the status of de novo facility launches, including their timing and ownership structure.

    Answer

    CEO J. Evans described cardiology as a future high-growth area, noting that procedures like EP are easier to move into ASCs and that over 70% of their facilities are already equipped for them. CFO David Doherty added that the de novo pipeline remains a key growth lever, with 17 opened to date and more planned. He explained that most start as minority-interest partnerships, which offer excellent, low-cost capital deployment with favorable economics.

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    William Sutherland's questions to RCM TECHNOLOGIES (RCMT) leadership

    William Sutherland's questions to RCM TECHNOLOGIES (RCMT) leadership • Q3 2024

    Question

    William Sutherland of The Benchmark Company inquired about RCMT's healthcare segment, seeking clarification on the 20% school revenue growth target, the outlook for nonschool revenue, and the company's cash flow and Days Sales Outstanding (DSO) picture.

    Answer

    Kevin Miller, Chief Financial Officer, confirmed the school revenue growth target is approximately 20% for the full 2024-2025 school year, driven by both new contracts and growth within existing ones. Miller also projected healthy sequential growth for nonschool revenue in Q4 2024. Regarding cash flow, he explained that while a Q3 DSO spike impacted results, he anticipates strong cash flow from operations in Q4 2024 and Q1 2025, consistent with the company's strong long-term performance.

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    William Sutherland's questions to AMN HEALTHCARE SERVICES (AMN) leadership

    William Sutherland's questions to AMN HEALTHCARE SERVICES (AMN) leadership • Q3 2024

    Question

    William Sutherland asked about the hospital mindset heading into winter and whether recent SG&A levels required headcount actions.

    Answer

    President and CEO Cary Grace stated that the hospital mindset varies, but with traveler premiums at historical lows, contingent labor is an affordable option to meet demand. Regarding SG&A, she confirmed a headcount reduction was made at the beginning of Q3, and its effects will continue to play through. No further actions were included in the current outlook, as the company aims to balance cost prudence with readiness for demand.

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    William Sutherland's questions to CROSS COUNTRY HEALTHCARE (CCRN) leadership

    William Sutherland's questions to CROSS COUNTRY HEALTHCARE (CCRN) leadership • Q3 2024

    Question

    William Sutherland asked for an update on the MSP business, including spend under management and capture rates, and sought clarification on the year-over-year revenue performance of the education segment.

    Answer

    CEO John Martins reported that MSP spend under management is between $650 million and $700 million, highlighting a recent VMS win and the renewal of their largest MSP client. CFO William Burns added that the capture rate was approximately 73% in Q3, boosted by the growing mix of high-capture PACE programs. Burns explained the education segment's year-over-year revenue decline was solely due to the timing of school calendars and not indicative of business health.

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    William Sutherland's questions to CROSS COUNTRY HEALTHCARE (CCRN) leadership • Q3 2024

    Question

    Bill Sutherland requested more details on the Managed Service Provider (MSP) business, including spend under management, contract growth, and capture rates. He also asked for clarification on the year-over-year revenue decline in the education business.

    Answer

    CEO John Martins stated that spend under management is between $650 million and $700 million and noted that MSP sales cycles are lengthening due to more stakeholders in hospital decision-making. CFO William Burns reported the capture rate was approximately 73% in Q3, boosted by high-capture home care programs. Burns also clarified that the education segment's year-over-year revenue decline was solely due to the timing of school calendars and not indicative of a negative business trend.

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    William Sutherland's questions to CROSS COUNTRY HEALTHCARE (CCRN) leadership • Q2 2024

    Question

    Bill Sutherland asked if future growth will primarily come from market share gains via MSP expansion, given that health systems seem content with their current labor ratios. He also asked about the trend of hospitals building internal float pools.

    Answer

    CEO John Martins agreed that near-term growth is largely dependent on winning market share through MSPs and VMS deals. On internal float pools, Martins noted that while some hospitals are trying, many lack the technology and expertise, creating an opportunity for Cross Country to offer its Intellify platform and consulting services to help them manage their internal resources more effectively.

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    William Sutherland's questions to CROSS COUNTRY HEALTHCARE (CCRN) leadership • Q2 2024

    Question

    Bill Sutherland of The Benchmark Company asked if future growth will primarily come from market share gains via MSP expansion, given that hospitals seem content with their current labor ratios. He also questioned if hospitals are truly becoming more flexible internally and whether un-modeled winter orders would be purely incremental to the Q4 outlook.

    Answer

    CEO John Martins agreed that near-term growth will be driven by outperformance and market share gains through MSP/VMS wins. He noted that while some hospitals are improving internal flexibility, many lack the technology and manage float pools on spreadsheets, creating an opportunity for Cross Country's Intellify platform. Martins confirmed that any potential 'winter needs' orders are not factored into their Q4 model and would therefore represent incremental upside.

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    William Sutherland's questions to CROSS COUNTRY HEALTHCARE (CCRN) leadership • Q1 2024

    Question

    William Sutherland of The Benchmark Company asked about the Allied staffing business, specifically its proportion of the travel segment and the demand trends for its specialties. He also inquired about visibility beyond Q2, asking about any changes in assignment durations or client behavior.

    Answer

    CEO John Martins stated that Allied staffing constitutes about 40% of the total travel business. Group President Marc Krug noted strong demand in physical therapy and imaging, which Martins linked to rising surgery volumes. Regarding visibility, Martins highlighted that assignment renewal rates are now ticking up significantly after a dip, signaling that hospitals have a greater need to retain these clinicians.

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    William Sutherland's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership

    William Sutherland's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership • Q3 2024

    Question

    William Sutherland inquired if SNF clients were experiencing declines in skilled mix, asked about the strategy for managing SG&A expenses, questioned if the Education segment was showing seasonality, and asked about the operational impact from recent hurricanes.

    Answer

    Executive Matthew McKee noted that skilled mix varies by client but did not identify a broad trend. Executive Theodore Wahl explained the SG&A strategy is to leverage the fixed cost portion as revenue grows to achieve the 8.5% to 9.5% target range. McKee confirmed the Education segment has seasonality but is not yet large enough to materially impact total company results. He also detailed the company's effective response to recent hurricanes, stating there were no major service disruptions and that the performance strengthened client relationships.

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    William Sutherland's questions to American Oncology Network (AONC) leadership

    William Sutherland's questions to American Oncology Network (AONC) leadership • Q4 2023

    Question

    William Sutherland of The Benchmark Company inquired about the outlook for EBITDA margins in 2024, the competitiveness of the M&A environment, and the specifics of the company's 'AON light' model.

    Answer

    CEO Todd Schonherz explained that while specific guidance is not yet available, the company anticipates margin expansion through economies of scale and GPO strategies. He also noted a robust M&A pipeline, attributing its strength to AON's unique and differentiated model. Executive David Gould elaborated that margin management involves navigating the lag between drug price increases and reimbursement. Regarding the 'AON light' model, Schonherz defined it as a pharmacy MSA, which Gould added allows smaller practices to leverage AON's purchasing scale and serves as a business development pipeline.

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