Core Insights - The company anticipates solid demand growth in healthcare services, projecting a long-term growth range of 2% to 3% for volumes [1][5] - The company reported strong third-quarter results, with a 42% increase in diluted earnings per share and a 9.6% rise in revenue, driven by broad-based volume growth and improved payer mix [4][7] - The company is focused on enhancing operational efficiency and resiliency through investments in digital tools and management systems [3][6] Demand and Revenue - Demand for healthcare services remains strong, with same-facility equivalent admissions increasing by 2.4% year-over-year [7] - Surgical volume growth improved, with same-facility inpatient volume up 1.4% and outpatient surgical volume up 1.1% [7] - The payer mix showed positive trends, with total commercial equivalent admissions increasing by 3.7% and Medicare admissions up by 3.4% [9][65] Financial Performance - The company raised its full-year guidance, expecting revenues between $75 billion and $76.5 billion and net income between $6.5 billion and $6.72 billion [14] - Adjusted EBITDA is projected to range from $15.25 billion to $15.65 billion, reflecting strong operational performance and increased supplemental payments [14][15] - The company reported a $240 million increase in net benefit to adjusted EBITDA from Medicaid supplemental programs compared to the previous year [10][53] Cost Management and Resiliency - The company has maintained stable operating costs, with contract labor expenses remaining flat year-over-year [11] - Efforts to enhance resiliency include identifying opportunities across revenue and cost to improve efficiencies [12][40] - The company is focused on managing supply costs and has a robust strategy for contract negotiations and technology management [36][39] Future Outlook - The company is optimistic about sustaining high performance levels, with plans to invest in strategic initiatives and expand service offerings [6][48] - The guidance for 2025 does not account for potential impacts from additional approvals of grandfathered applications under Medicaid [15][20] - The company expects to recover a portion of the $250 million headwind from hurricane impacts in 2024, with an anticipated $100 million improvement in 2025 [83]