Dallas-based United Surgical Partners International made $565 million in third-quarter 2020 revenues and offered insights into what it expects for the fourth quarter of 2020.
Motley Fool transcribed Dallas-based Tenet Healthcare's quarterly earnings call. Here are four quotes on the company's quarterly performance and its outlook for the rest of the year:
Ron Rittenmeyer, executive chair and CEO of Tenet, on USPI's quarterly performance: "At USPI, the quarter was very strong, demonstrated first and foremost by solid performance, but also carried by excellent quality and service recognition, service line expansion and the growth of our medical staff. … USPI had a significant EBITDA growth of 10 percent over prior year. As you can see on the volume charts, surgical cases remained relatively steady in terms of volume month to month, ending with September growth at 96 percent of the same period last year."
Mr. Rittenmeyer on USPI's service line growth: "Despite the pandemic and its disruption, we have successfully expanded our offerings at existing facilities with 54 new service line starts year to date, including 24 musculoskeletal programs and outpatient joint growth of 51 percent year over year. Another remarkable stat that underscores our reputation in the market is that we've added 1,100 new surgeons who have joined our USPI medical team during the first nine months of the year."
Mr. Rittenmeyer on ending 2020 and beyond: "Going forward, our pipeline remains active with opportunities to strategically add to our network in [the fourth quarter] and next year. We're very enthusiastic about continuing our stated strategy to put muscle behind USPI to grow the platform and provide physicians and patients with more convenient options for care and to continue to evaluate our hospital portfolio for fit and make adjustments in that portfolio as we deem appropriate."
Brett Brodnax, president and CEO of USPI, on how USPI has recruited physicians to the ASC setting: "We've added over 1,100 physicians to our medical staffs just this year. And that's partly as a result of COVID, but I think the increase is more related to our ongoing business development and service line expansion activities. And there is no question, some physicians are moving more of their business to ASCs as a result of patient preference, related to COVID. But others are simply continuing to find it's a more efficient site of care for their surgical patients."
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