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Summary of Managed Care & Healthcare Facilities at 30th Annual Credit Suisse Healthcare Conference

Core Content

The 30th Annual Credit Suisse Healthcare Conference focuses on the performance and outlook of Managed Care and Healthcare Facilities sectors, particularly in the context of the ongoing recovery from the impact of the pandemic. The conference spans four days (November 8th to 11th) and features presentations and Q&A sessions from 22 healthcare companies, with a particular emphasis on the challenges and opportunities presented by the post-pandemic environment.

Main Themes and Key Insights

Managed Care

• Mixed Results: Managed Care Organizations (MCOs) have experienced mixed outcomes due to the pandemic. Companies like ANTM and UNH managed to maintain MLR (Medical Loss Ratio) within expectations, while others saw higher-than-expected increases.
• 2022 Outlook: The focus is shifting to 2022, with MCOs providing guidance on their EPS outlook. Key questions include:
  • Rebound in utilization
  • Net Covid headwind recoupment
  • Pricing strategies
• MLR Trends: The pandemic drove MLR higher due to increased non-Covid utilization. Companies are now adjusting their expectations and planning for the new normal.

Hospitals

• Performance: Hospitals reported higher than expected revenues due to the Delta surge, but faced margin pressure from rising labor and supply costs.
• Outlook: Early 2022 outlooks from HCA and THC indicated EBITDA growth over 2021.
• Key Questions:
  • Duration of elevated acuity and revenue per admission
  • Remaining pent-up demand
  • Normalization of staffing costs

Providers and Specialty Providers

• Home Care: Providers saw constrained volume growth and depressed margins due to the impact of the Delta variant, which increased contract labor utilization.
• Hospice: Experienced sequential admissions growth, but ADC (Average Daily Census) remained below normal due to increased patient length of stay from the influx of COVID-19 patients.
• Key Questions:
  • Normalization of contract labor utilization
  • Impact of the pandemic on demand

Clinical Labs

• Revenue Growth: Clinical labs benefited from increased demand for COVID-19 testing, but base testing volumes have not fully recovered.
• Key Questions:
  • Updates on testing volumes
  • Labor costs
  • Relationships with payers
  • DTC (Direct-to-Consumer) initiatives

Medical Staffing & Behavioral Health

• Post-Pandemic Outlook: These sectors have performed well during the pandemic and are expected to continue their growth trajectory.
• Focus Areas:
  • Sustainability of growth
  • Impact of the pandemic on demand
  • Long-term opportunities

Key Companies and Their Presentations

U.S. Physical Therapy, Inc. (USPH)

• Presentation: 9:40 AM on Monday, November 8th
• Focus: Discusses the company's performance and future outlook in the physical therapy sector.

Encompass Health Corporation (EHC)

• Presentation: 12:10 PM on Monday, November 8th
• Focus: Shares insights on its business performance and strategic direction.

Community Health Systems Inc. (CYH)

• Presentation: 4:20 PM on Monday, November 8th
• Focus: Talks about its financial results and market position.

Cigna Corporation (CI)

• Presentation: 8:50 AM on Tuesday, November 9th
• Focus: Discusses the company's strategies and outlook for 2022.

Quest Diagnostics Inc. (DGX)

• Presentation: 9:40 AM on Tuesday, November 9th
• Focus: Shares updates on its business performance and future growth.

Acadia Healthcare Company (ACHC)

• Presentation: 11:20 AM on Tuesday, November 9th
• Focus: Provides an overview of its service lines, growth expectations, and M&A strategy.

Alignment Healthcare Inc. (ALHC)

• Presentation: 12:10 PM on Wednesday, November 10th
• Focus: Discusses the company's technology platform, market expansion, and future growth.

Amedysis, Inc. (AMED)

• Presentation: 2:40 PM on Wednesday, November 10th
• Focus: Talks about its hospice and home health business, the impact of the pandemic, and M&A pipeline.

AMN Healthcare Services, Inc. (AMN)

• Presentation: 1:00 PM on Thursday, November 11th
• Focus: Discusses staffing trends, labor costs, and the company's strategic initiatives.

Anthem, Inc. (ANTM)

• Presentation: 8:00 AM on Thursday, November 11th
• Focus: Shares insights on Commercial and Specialty segments, MLR trends, and future outlook.

Research Analysts

• A.J. Rice: Contact details provided
• Jonathan Yong: Contact details provided
• Nick Giovacchini: Contact details provided

Conclusion

The conference highlights the ongoing challenges and opportunities in the healthcare sector, particularly in the wake of the pandemic. Companies are focusing on recovery, margin improvement, and long-term growth strategies, with a particular emphasis on staffing, utilization trends, and the impact of the pandemic on different service lines. Investors are advised to monitor key performance indicators, such as MLR, EBITDA, and utilization rates, as well as the companies' approaches to pricing and market expansion.