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Surgery Partners reports increases in patients and revenue, but loses $29 million

By MATT BLOIS

The Brentwood health care company Surgery Partners reported increases in revenue and patient numbers, but the company lost $28.6 million in the second quarter of 2019.

That’s similar to the $27.4 million it lost during the second quarter of 2018. Total revenues increased to $445.4 million in the second quarter of 2019, an increase of about 2 percent compared to the same period last year.

Despite the losses, Surgery Partners CFO Tom Cowhey said in a press release the numbers indicate some positive trends for the company.

“We believe the first half of 2019 demonstrates the power of our model, our strategic initiatives and our potential,” he said, according to the press release.

The number of cases at the company’s current group of facilities increased by about 2% and revenue from those facilities increased by about 8 percent over the last year.

CEO Wayne DeVeydt said he was optimistic about the company’s future. He pointed to a proposed updated fee schedule proposed by Centers for Medicare and Medicaid services that could lead to more joint surgeries.

The agency recently proposed making it easier to pay for joint replacement surgeries through medicare.

“Hip and knee replacements are the most common inpatient surgeries for Medicare beneficiaries with more than 400,000 procedures in 2014,” DeVeydt said on a conference call Wednesday. “We look forward to seeing the development of the final fee schedule for 2020 and remain optimistic that our ability to access this exciting new market opportunity remains just around the corner.”

The company continues to expand the number of surgical facilities it operates. Surgery Partners had 128 surgical facilities at the end of the second quarter, four more than it did last year. Executives said they have plans to expand exiting facilities.

By | 2019-08-12T10:46:06-05:00 August 12th, 2019|Categories: Business, BW-Healthcare, BW-News|Tags: |0 Comments

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