TRPV Dynamics
Q: Will revenue per visit remain flat?
A: Management expects a slight fall in Q2 from the final rate cut with subsequent gains from modest payer rate increases and specialty services, keeping overall TRPV roughly flat for the year.

Center Margins
Q: Are margins sustainable amid cost increases?
A: They noted a step-up in center costs for Q2 driven by clinician compensation changes, with expectations for margin improvement later as higher specialty rates and operating leverage take hold.

Clinician Retention
Q: How is clinician recruitment and retention managed?
A: Despite a very competitive landscape, they continue growing the clinician base and addressing retention by balancing scheduling with new incentive programs.

Incentive Changes
Q: How will new cash incentives impact retention?
A: Switching from stock-based to cash bonus incentives aligns more closely with clinician feedback on quality and productivity, bolstering recruitment and retention.

Controlled Substance Policy
Q: Will ending virtual controlled substance prescribing benefit care?
A: Management welcomed the shift, emphasizing that in-person evaluations are clinically ideal and most patients already receive an annual in-person visit.

De Novo Expansion
Q: What guides new center rollouts?
A: New centers are planned both to replace outdated facilities and to capture growth in markets with robust patient demand and recruitment opportunities, addressing future space constraints.

Specialty Services
Q: How will specialty services be expanded?
A: They are expanding neuropsych testing, TMS, and Spravato offerings in existing and new markets, aiming for higher margins and faster growth over the next 2–3 years.

Exchange Plan Exposure
Q: What exposure is there to exchange plans amid a recession?
A: Contracts cover all major payers, with exposure to exchanges and Medicaid limited to about 5–10% of total revenue, mitigating recession risks.

Out-of-Pocket Costs
Q: How do out-of-pocket expenses compare?
A: Out-of-pocket costs are minimal, very similar to a primary care copay, ensuring affordability even in tougher economic times.

Virtual Visits
Q: Are virtual visit rates and reimbursements stable?
A: Virtual visits continue at 71%, with reimbursement parity maintained across both virtual and in-person visits despite a slight rise in the latter for new patients.

M&A Strategy
Q: What types of acquisitions are considered?
A: M&A is viewed as complementary, targeting tuck-in practices for geographic expansion and capability enhancements, though organic growth remains paramount.

Digital Check-In
Q: How does the digital check-in tool boost collections?
A: The tool automates collecting cost-share and billing information, helping maintain a strong DSO of 38 days and enhancing operational efficiency.

EHR Rollout
Q: What is the timeline and cost for a new EHR?
A: The company is in early assessment of a new EHR, focusing on long-term improvements in clinician and patient experience, with cost details still premature.