By MATT BLOIS
The Brentwood based company Surgery Partners, which operates a network of surgical facilities, reported its financial results for the first quarter of 2019 last week.
During the first quarter of 2019 Surgery Partners reported a net loss of about $29 million, compared to a loss of about $25 million last year.
On a conference call on May 8, CEO Wayne DeVeydt also addressed the debate about reducing the cost of health care in the U.S.
Several politicians hoping to becomes the Democratic nominee for president in 2020 — such as Vermont Senator Bernie Sanders and California Senator Kamala Harris — have supported legislation that would establish a single-payer health care system. Other Democratic candidates have advocated expanding the current Medicare system
DeVeydt said he had confidence Surgery Partners would fare well under any of the potential scenarios.
“Our business model is uniquely built to address these challenges, which is why we support legislation that supports quality care at lower costs,” DeVeydt said. “We believe we are aligned with regulators, payers and patients, and our distinct business model should prove resilient in the wide spectrum of outcomes that may evolve in the U.S. health care debate.”
Revenues increased slightly during the quarter, and the number of cases decreased slightly. Revenue generated per each case rose slightly.
“Over the past year, our team undertook substantial efforts optimizing our portfolio, streamlining our infrastructure and investing to drive future growth,” CFO Tom Cowhey said, according to a press release. “With the first quarter of 2019 behind us, we are starting to see the fruits of these efforts as we execute our growth agenda for the benefit of our customers, physician partners, employees and stakeholders.”
The company ended the quarter with 123 facilities, down from 215 at the end of the first quarter of 2019.