Happy Thursday, Hospitalogists,
I'm hitting your inboxes a bit later today but that's alright because I've got some fun hospital analysis for you.
My full hospital Q2 update will be shared with community members later this month! |
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Ready to shape the future of behavioral health? If you answered yes, make the BHB INVEST Conference your next destination. My turf: Dallas, TX. October 7-9. Let's go! This is your chance to dive deep into the latest trends, challenges and opportunities in SUD, autism, mental health, eating disorder treatment, and more. Four tracks of content, 70+ top speakers, and exclusive networking. Whether you're eyeing your next big exit or hunting for acquisition gold, INVEST is the place for operators and investors to come together. Grab your spot now and join the conversation that's defining the entire industry's direction. |
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Tenet Q2 Earnings Breakdown |
Tenet's Q2 Earnings Blowout: The ASCs are Busy |
Today I'm continuing my dive on hospital earnings with a couple one-pagers on Tenet. The main themes continue to be the main themes: utilization is up, acuity is up, exchange volumes are providing material boosts to hospital margins, and contract labor has hit a trough.
Here's everything else you need to know: |
One callout on the outlook for ASCs (and hospitals of course) during the rest of 2024 and beyond is input costs associated with anesthesia coverage. The costs are out of whack and it tends to be a huge bottleneck for capacity management. Adding fuel to this fire, Anthem just announced significant reimbursement cuts to cRNAs to 85% of the physician fee schedule. I'd heard of payors reducing reimbursement for services rendered by APPs or cRNAs, but this cut seems pretty draconian and will likely backfire on Anthem. Just a datapoint for you guys to think about and keep an eye on. |
Bonus one-pager for USPI. As Tenet continues to strategically prioritize ASC development, USPI will continue to drive the narrative for Tenet's enterprise at large, and nearly comprises 50% of adjusted EBITDA margin despite being one fourth as large revenue-wise: |
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For exclusive content and thoughtful conversations / networking around health system and provider organization topics, join the Hospitalogy community! Reply to this email to ask any questions or learn more from me. |
Eager to chart new territories in behavioral health? The BHB INVEST Conference in Dallas, October 7-9, is your launchpad. Join owners, operators, and investors in behavioral health for networking and dealmaking. With four tracks of content, 70+ speakers, and exclusive networking opportunities, it's where exploration meets opportunity. Set your course—be in the room shaping the future of the industry. Get your tickets. |
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This Saturday marks the official beginning of college football and man, it feels like we're shaping up to have a heck of a year. For anyone who's a Michigan fan, I'm on the hunt for 3 tickets as me and 2 of my buddies are headed up Week 2 for the Texas-Michigan game. Hey, it's worth a shot right? |
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Thanks for the read! Let me know what you thought by replying back to this email. — Blake |
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