Nashville, Tenn.-based Surgery Partners posted a 15.9 percent decrease in revenue for the second quarter of 2020, but company leaders touted its long-term growth prospects and said future projections were trending up.
Here are five quotes from company leaders on Surgery Partners' second-quarter performance, as transcribed by The Motley Fool:
Executive Board Chair Wayne DeVeydt: "As you can see from our second-quarter results, despite the unique environment impacting both our country and company, our business model has proven to be quite resilient. We took decisive actions early, many of which required shared sacrifice across our organization, and supported our colleagues and physician partners in a manner that would enable us to reopen quickly and address the needs of the communities we serve. And while the disruption of COVID-19 [has] pressured our business model in the near term, it has also reinforced the value of the key pillars that support our long-term growth model."
Mr. DeVeydt on how the company increased its revenue-per-case: "Our musculoskeletal service line, which represents nearly 44 percent of the procedures we performed at our facilities in the second quarter, has remained resilient. Of particular note, given the disruption we've experienced musculoskeletal procedures were more than 700 basis points of mix ahead of the prior year period. And the number of orthopedic cases in the month of June of 2020 increased by 18 percent versus the prior year period."
CEO Eric Evans on COVID-19-related disruptions: "The temporary suspension of elective procedures depressed overall volume, but we remain cautiously optimistic as we look into the second half of the year based on our most recent results and the outstanding efforts of all of our team members. As disclosed in our 8-K on July 22, our same-store cases for volumes as a percentage of prior year totals increased from 19 percent to 93 percent from April to June."
Mr. Evans on if he expects to shut down facilities if COVID-19 cases increase: "Based on the strict protocols we have implemented and because our facilities generally do not treat [COVID-19] patients, we continue to believe we are uniquely positioned to be a safe haven for elective surgeries. And we are committed to serving the healthcare needs of our communities as this crisis continues to unfold."
Mr. Evans on how Surgery Partners will stay relevant going forward: "We expect the shift of surgeries to short-stay surgical facilities to accelerate even more quickly than our previous expectations. Technological improvements, cost savings and patient safety had been the primary drivers of this shift pre-COVID, and we believe that patient and physician sentiments in our current environment will further propel this shift for 2020 and beyond."
Read the full transcript here.