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Universal Health Services, Inc. (UHS) is a healthcare company that owns and operates a network of acute care hospitals, outpatient facilities, and behavioral health care facilities across the United States, the United Kingdom, and Puerto Rico . The company provides a wide range of medical services, including general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, pharmacy services, and behavioral health services . UHS's revenue is primarily derived from its acute care and behavioral health care segments, with additional support services such as capital resources and management services provided to its facilities .
- Acute Care Services - Operates acute care hospitals and outpatient facilities offering services such as general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, and pharmacy services.
- Behavioral Health Services - Manages behavioral health care facilities providing comprehensive mental health services, with significant operations in the United States and the United Kingdom.
- Support Services - Provides capital resources and management services, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment services, administrative personnel management, marketing, and public relations to its facilities.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Marc D. Miller ExecutiveBoard | CEO, President, and Director | Board of Trustees at Universal Health Realty Income Trust; Board of Directors at Premier, Inc. | Son of UHS founder Alan B. Miller; joined UHS in 2000; held various leadership roles, including President since 2009; became CEO in 2021. | View Report → |
Edward H. Sim Executive | EVP and President of Acute Care Division | None | Joined UHS in 2022; oversees Acute Care Division; previously COO at Centura Health and held leadership roles at Baptist Health in Florida. | |
Matthew J. Peterson Executive | EVP and President of Behavioral Health | Brigadier General in the U.S. Air National Guard | Joined UHS in 2019; leads the Behavioral Health Division; previously held leadership roles at UnitedHealth Group; promoted to Brigadier General in ANG. | |
Steve G. Filton Executive | EVP, CFO, and Secretary | None | Joined UHS in 1985; held roles including VP and Controller; became CFO in 2003 and EVP in 2017; oversees financial operations and compliance. | View Report → |
Eileen C. McDonnell Board | Director; Chair of Audit and Compensation Committees | Trustee of The Penn Mutual Life Insurance Company; National Advisor to VisionForward; Director of the Insurance Federation of Pennsylvania | Director since 2013; former CEO and Chairman of Penn Mutual; extensive experience in insurance and financial services. | |
Elliot J. Sussman, M.D. Board | Director | Chairman of The Villages Health | Director since 2018; previously served on the Board of Yale New Haven Health System; chaired boards of Council of Teaching Hospitals and AAMC. | |
Maria R. Singer Board | Director | COO of Corporate Finance at Houlihan Lokey | Director since 2020; previously Managing Director and COO of Blackstone Advisory Partners; extensive experience in corporate finance and advisory. | |
Warren J. Nimetz Board | Director | Partner at Norton Rose Fulbright US LLP | Director since 2018; Partner at Norton Rose Fulbright; provides legal services to UHS and Alan B. Miller. |
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Given your previous statements about cost management efforts in preparation for moderating volumes , could you elaborate on how your strategies have evolved in response to the faster-than-expected moderation in acute care volumes, and how confident are you in achieving EBITDA and margin expansion under these circumstances?
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With the aggressive behavior from managed care payers, including increased patient denials and status downgrades , how is this impacting your revenue cycle management, and what specific actions are you taking to mitigate these pressures, particularly related to the Two-Midnight rule?
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In light of higher liability reserves and issues at certain psychiatric facilities , are you considering a shift in your strategic direction or operational focus within the behavioral health segment, and how do you plan to address the risks associated with these challenges?
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Considering the potential capacity constraints in your acute and behavioral hospitals, with occupancy in behavioral facilities running at higher levels despite overall occupancy in the low 70s , how are you balancing capital expenditures between building new beds and optimizing existing capacity to drive admission growth?
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As you continue with significant capital expenditures and share repurchases , could you provide clarity on your capital allocation strategy going forward, including your appetite for M&A opportunities versus returning capital to shareholders, especially in the context of expanding services like outpatient care and telehealth in behavioral health?
Recent press releases and 8-K filings for UHS.
- 2025 Annual Meeting held via live audio webcast on May 14, 2025, where two directors were elected and key proposals were voted on, including board elections and auditor ratification.
- PricewaterhouseCoopers, LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025, while stockholders rejected a proposal for annual director elections.
- Overall Financial Performance: Reported net income of $316.7 million (EPS of $4.80) and adjusted net income of $319.5 million, with net revenues increasing by 6.7% to $4.100 billion; EBITDA net of NCI reached $603.9 million and adjusted EBITDA was $598.2 million
- EPS Performance: Achieved a net income attributable EPS of $4.80 and adjusted EPS of $4.84
- Revenue & EBITDA Growth: Acute care same-facility net revenues rose by 5.0% with EBITDA up 21%, while behavioral health net revenues grew by 5.5%
- Share Repurchase & Capital Allocation: Repurchased approximately 1.0 million shares at a cost of about $181 million, with operating cash flow at $360 million and $239 million in capital expenditures
- Guidance & Expense Management: Maintained full-year behavioral patient day revenue growth guidance of 2.5%-3% and managed premium labor expense at $63 million
- Diversified Portfolio and Strategic History: UHS emphasized its long history and balanced portfolio of acute and behavioral health services, highlighting how diversification has mitigated risks and created operational synergies, such as referrals from acute care to behavioral facilities.
- Post-COVID Financial Recovery and Margin Strategies: Management noted that 2024 brought robust EBITDA growth (over 20% in both segments) as the company returned to a more normalized operating model, with behavioral margins largely restored to or above 2019 levels, while acute care continues to face margin pressure due to increased physician expenses.
- Regulatory and Medicaid Developments: The call discussed the potential impact of proposed Medicaid supplemental payment reforms and the ongoing process for program reapprovals in states like Tennessee and D.C., indicating a cautious but proactive approach to anticipated changes in reimbursement.
- Regulatory risks were a key focus, with discussions on Medicaid reform, tariffs, and site‐neutrality proposals and how existing contracts help mitigate cost pressures.
- The 2025 guidance reflects mid-single-digit EBITDA margins (6%-7%) with upside optionality into low double digits, driven by balanced price and volume growth in both acute and behavioral segments.
- The call also highlighted operational flexibility, including cost control initiatives and strategic hospital expansions in Las Vegas and Washington, D.C., aimed at strengthening market position.
- Mixed business segments delivered mid-single digit same-store revenue growth with stabilized expenses and moderated wage inflation, helping to expand margins and beat guidance by approximately 10% in 2024.
- New facility launches such as the West Henderson Hospital in Las Vegas and expansion of freestanding emergency departments underscore a robust market expansion strategy and increased capacity in a key geographic market.
- Regulatory and payment program updates were discussed, including pending CMS approvals for new Medicaid waiver programs in Tennessee and Washington, D.C., which are estimated to be worth approximately $160 million combined.