Financial Data and Key Metrics Changes - Total revenue for Q1 2025 reached $211.8 million, a 214% increase from $67.5 million in Q1 2024 [7][15] - Adjusted EBITDA was $72.8 million, up from a negative $0.4 million in the same quarter last year [7][20] - Net income attributable to Newtek Health was $14.6 million or $2.65 per basic share, compared to a net loss of $0.4 million or a loss of $0.08 per share in Q1 2024 [7][19] - Cash in the bank increased to $87.7 million from $43.5 million at year-end 2024 [8][21] - Net cash flow from operating activities was $51 million, compared to $3.1 million in the same period in 2024 [8][22] Business Line Data and Key Metrics Changes - The hospital division generated $203.9 million in revenue, a 240% increase from $60 million in Q1 2024, with $105 million tied to arbitration efforts [15] - Mature hospitals saw a revenue increase of 860.5% compared to the same period in 2024 [15] - The population health division revenue increased by 5.4% to $7.8 million from $7.4 million in Q1 2024 [16][28] Market Data and Key Metrics Changes - Total patient visits reached 48,269, a 20.5% increase from 40,068 in Q1 2024 [6][29] - Mature hospitals achieved a 5.3% increase in visits, indicating sustained demand for services [6][16] Company Strategy and Development Direction - The company plans to open three additional hospitals in 2025, with a pipeline extending to 2028 [12][25] - The growth strategy emphasizes increasing patient volume, expanding services, optimizing revenue through efficient management, and maintaining disciplined cost control [13] - The micro hospital model is seen as a key growth driver, providing efficient access and high-quality care [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the arbitration process, indicating a high win rate and improved collections [10][12] - The company is well-positioned for continued growth, with a strong balance sheet and a clear pipeline of projects [14][25] - Management noted that the current operating environment remains favorable, with no significant payer behavioral changes observed [10][12] Other Important Information - The arbitration process has been refined, with a high percentage of billable visits submitted through the arbitration portal [9][10] - Legislative developments, such as the proposed Murphy Act, could enhance the arbitration process and improve payment timeliness [12][81] Q&A Session Summary Question: Is Q1 performance repeatable in future quarters? - Management indicated that while Q1 shows positive trends, it is still early in Q2 to predict consistency [37][40] Question: How is the company managing prior quarter revenue recognition? - Management noted that they are improving accuracy in revenue recognition based on historical data and trends [60][62] Question: Will the addition of new arbitrators accelerate the process? - Management believes that adding more arbitrators will help reduce backlog and improve the arbitration process [66][68] Question: How does arbitration revenue impact future periods? - Management clarified that there is currently no penalty for timely payments, but future legislative changes could enhance revenue [80][82] Question: Was there any seasonality affecting hospital visits? - Management confirmed that this year's flu season was longer, contributing to increased patient visits, but overall growth is attributed to improved community awareness and service quality [86][88]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 reached $211.8 million, a 214% increase from $67.5 million in Q1 2024 [6][14] - Adjusted EBITDA was $72.8 million, up from a negative $0.4 million in the same quarter last year [6][20] - Net income attributable to Newtek Health was $14.6 million or $2.65 per basic share, compared to a net loss of $0.4 million or a loss of $0.08 per basic share in Q1 2024 [6][19] - Cash in the bank increased to $87.7 million from $43.5 million at year-end 2024 [7][20] - Net cash flow from operating activities was $51 million, compared to $3.1 million in the same period in 2024 [7][21] Business Line Data and Key Metrics Changes - The hospital division generated $203.9 million in revenue, a 240% increase from $60 million in Q1 2024, with $105 million tied to arbitration efforts [14] - Mature hospitals saw a revenue increase of 860.5% compared to the same period in 2024 [14] - The population health division revenue increased by 5.4% to $7.8 million from $7.4 million in Q1 2024 [15][28] Market Data and Key Metrics Changes - Total patient visits reached 48,269, a 20.5% increase from 40,068 in Q1 2024 [5][29] - Mature hospitals experienced a 5.3% increase in visits, indicating sustained demand for services [5][15] Company Strategy and Development Direction - The company plans to open three additional hospitals in 2025, with a pipeline extending to 2028 that includes over 10 projects [12][25] - The growth strategy focuses on increasing patient volume, expanding services, optimizing revenue through efficient management, and maintaining disciplined cost control [12][33] - The micro hospital model is emphasized as a key growth area, providing efficient access and high-quality care [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the arbitration process, noting an 80% win rate and increased facility collections [9][11] - The company is well-positioned for continued growth, leveraging its experience and strong balance sheet [12][33] - Management highlighted the importance of community engagement and business development in driving patient volume [30][76] Other Important Information - The arbitration process has been refined, with a significant percentage of billable visits submitted through the arbitration portal [8][9] - Legislative developments, such as the proposed Murphy Act, could enhance payment timeliness and revenue [11][72] Q&A Session Summary Question: Is Q1 performance repeatable in future quarters? - Management indicated that while Q1 shows positive trends, it is still early in Q2 to predict consistency [37][43] Question: How is the company managing prior quarter revenue recognition? - Management noted that they are improving accuracy in revenue recognition based on historical data and ongoing trends [56][60] Question: Will the addition of new arbitrators accelerate the process? - Management believes that adding more arbitrators will help reduce backlog and improve the arbitration process [62][63] Question: How does arbitration revenue impact future comparisons? - Management clarified that there is currently no penalty for timely payments, but future legislative changes could enhance revenue [71][72] Question: Was there any seasonality impact on hospital visits? - Management confirmed that this year's flu season was longer, contributing to increased visits, but overall growth is attributed to improved community awareness [75][76] Question: What is the timeline for opening new hospitals? - The three new hospitals are expected to open in the third and fourth quarters of 2025, all located in Texas [80]

央视网消息：在北京的很多医院，护士们在日常护理过程中，结合遇到的问题以及患者需求，制作防护装置、改进操作工具等。这 些"小发明"能带来哪些改变？ 气管插管固定套 防咬防脱利吸痰 全麻手术过程中要给患者进行气管插管辅助通气。用传统胶布在患者脸上固定导管容易脱落，而且患者苏醒期可能紧闭牙齿，咬住 导管影响通气，吸痰管也不好放置。针对这些不便，麻醉科护士们设计了气管插管固定套。 北京大学肿瘤医院麻醉科护士长孔国华介绍，它的外形是一个圆柱体，侧面是蝶形的胶布。患者进行气管插管后，打开患者的口 腔，将气管导管固定器放到患者口腔中，先放一侧，它的内面有纳米粘胶，轻轻的力量就可以把两边闭合到一起。这是一个防过敏 的蝶形胶布，也防脱、也防咬，患者的上下牙齿只能咬到导管固定器的外面，而不会咬到真正的气管导管，通过这个孔可以对患者 进行吸痰。 手部康复小装置 多个部位同步练 有些患者因为颈椎病导致手部肌肉力量差，握力减退、手指麻木，做完手术后需要进行手部肌肉康复锻炼，一般都是练习手指操和 握力球。骨科护士设计了手部力量提升练习器，将两种练习合二为一，还解决了握力球容易从手上滑落等问题。 首都医科大学宣武医院骨科护士长李俊介绍，这 ...

连日来，解放军63750医院举行"精技赋能、守护生命"护理技能操作展示。多科室护理骨干通过情景模拟、技能实操、互动体验等形式，还原 临床真实场景，将护理评估、操作规范与应急处理融为一体，全方位展现专业风采。 西部战区总医院举办"强军担使命、战救当先锋"主题庆祝活动，30位优秀护理工作者荣获"星光天使"称号。 关爱护士队伍 守护人民健康 在国际护士节来临之际，全军各部队医院围绕"关爱护士队伍、守护人民健康"主题，开展多种活动。在传递关爱与健康的同时，提升医护人员 专业医疗服务水平。 在南丁格尔雕像前，第71集团军医院护理人员重温南丁格尔誓词。40多名来自基层护理战线的优秀护士代表走上领奖台，接受鲜花和荣誉。 无锡联勤保障中心组织所属医院开展卫勤技能比武，参赛队员以精湛技术和应急能力，展现卫勤尖兵过硬专业素养，提升战场医疗保障水平。 央视网消息：2025年5月12日是第114个国际护士节。国家卫生健康委的信息显示，"十四五"时期，我国护士队伍不断发展壮大。近年来，全国 注册护士数量以年均8%左右的幅度逐年增加。 护理服务持续优化，护理内涵外延不断丰富。目前，各地共计4000余家医疗机构为群众提供7类60余项上门护 ...

Core Viewpoint - Yantai City is actively developing a tight-knit urban medical group model, integrating healthcare resources to enhance service delivery and accessibility for residents [1][2][9] Group 1: Innovative Models - Yantai has established three innovative models for urban medical groups: unified management, traditional Chinese medicine (TCM) focused, and integrated business development [2][3] - Five urban medical groups have been formed, led by major hospitals, to provide comprehensive healthcare services, including emergency and chronic disease care [2][3] Group 2: Resource Allocation - The Yellow Bohai Sea New Area medical group has implemented a unified management model, investing 50 million yuan in information integration to enhance communication within the group [3] - The integration of quality medical resources into grassroots healthcare has been prioritized, allowing residents to access high-quality services locally [4][7] Group 3: Capacity Building - Yantai has initiated programs to enhance the capabilities of grassroots medical institutions, including sending experts to provide training and support [5][6] - The city has successfully facilitated over 500 expert visits to grassroots facilities, improving service quality and operational efficiency [4][6] Group 4: Resource Sharing - The establishment of shared medical resources, such as the "Heart Network" and shared TCM pharmacies, has significantly improved patient convenience and access to care [7][8] - Yantai's medical groups have implemented a comprehensive sharing system, including clinical, research, and management resources, to address local healthcare challenges [8][9] Group 5: Future Prospects - The ongoing development of Yantai's urban medical groups is expected to create a replicable model for other cities, enhancing healthcare accessibility and quality nationwide [9]

类似的事件并不是第一次被公开讨论，这类话题在医疗行业内也始终存在广泛争议。如果仔细分析，可以发现，这位所谓的"0临床经验副院长"其实是医 学专业出身的，只不过没有丰富的临床诊疗经验。所以这就可以拆分成两个议题：一是医院领导是不是必须医学专业出身？二是如果是医学专业出身，是 不是必须具备过硬的临床实力？ 我们先来看看国家对医院领导人的要求。 《公立医院领导人员管理暂行办法》（以下简称，《办法》）中分别列出了公立医院领导人应当具备的基本条件和基本资格。其中在基本条件中提到，公 立医院领导人员应当具有胜任岗位职责所必需的专业知识和职业素养，熟悉医疗卫生行业发展情况和相关政策法规，有先进的医院管理理念和实践经验， 业界声誉好。 出品 | 搜狐健康 作者 | 吴施楠 编辑 | 袁月 最近一段时间，医疗领域持续成为舆论焦点，各类话题不断引发公众热议与深度探讨。某医院医生情感风波的热度刚刚褪去，另一家医院副院长被曝临床 经验缺失一事热了起来。 再说第二个议题，医学专业出身的院领导是不是必须具备过硬的临床实力？梅斯医学曾查阅中国百强医院院长的简历，发现这些院长大部分都是临床出身 的，这些出身医学的院长，专业也有很多特点。其中 ...

Financial Data and Key Metrics Changes - First quarter revenue increased by 4% to $1.5 billion compared to the prior year, driven by adjusted admissions growth of 2.7% and net patient service revenue per adjusted admission growth of 1.2% [12][14] - Adjusted EBITDA grew by 2.5% to $98 million, with growth impacted by an increase in payer claim denials compared to the first quarter of 2024 [15][18] - Total cash at the end of the first quarter was $495 million, with total debt outstanding at $1.1 billion, resulting in total available liquidity of $790 million [17] Business Line Data and Key Metrics Changes - Admissions grew by 7.6%, with inpatient surgery growth at 3.4% and outpatient surgeries declining by 2.3% [6][14] - Supply costs as a percentage of revenue declined by 60 basis points year over year, indicating improved supply chain efficiencies [8] - The growth rate of physician professional fees was 6%, down from 13% during the same period last year [8] Market Data and Key Metrics Changes - The company is experiencing strong demand trends in its existing markets, with an average market growth rate of about 3% per year [40] - Exchange volume growth was significant, with admissions in the quarter growing by 40%, contributing to mid-single digits as a percentage of revenue [61] Company Strategy and Development Direction - The company is focused on expanding its outpatient and acute care hospital footprint, supported by approximately $500 million in cash and a favorable lease-adjusted net leverage ratio of three times [5][10] - The company is actively pursuing M&A opportunities, with increased interest in its joint venture model from potential academic and non-profit partners [9][10] - The strategic focus includes operational excellence initiatives aimed at driving margin expansion over the next several years [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of demand, attributing strong volume growth to operational improvements and the strength of the markets [40] - The company is optimistic about achieving its full-year 2025 financial guidance, reaffirming its outlook based on solid Q1 performance [18][19] - Management noted that while there are pressures from professional fees and payer behaviors, they expect underlying EBITDA growth to accelerate in the latter half of the year [15][72] Other Important Information - The company is in the final stages of recruiting a Chief Development Officer to support its focus on M&A activities [5] - The company’s credit rating was upgraded to B+ from B, reflecting improved net leverage and cash flow profile [17] Q&A Session Summary Question: Inquiry about seasonality and EBITDA decline - Management indicated that the sequential decline in EBITDA is not abnormal and attributed it to various seasonal factors, including the impact of flu season and timing of payments [23][25] Question: Follow-up on elevated denials - Management confirmed that the elevated denials are consistent with previous trends and noted a slowdown in payments even on clean claims [27][29] Question: Supply chain initiatives and opportunities - Management highlighted participation in a GPO and ongoing improvements in service line utilization as key areas for margin expansion [31][32] Question: Update on expansion initiatives - Management reported a growing pipeline for new market opportunities and emphasized the importance of being disciplined in evaluating potential acquisitions [45][47] Question: New Mexico DPP program approval timeline - Management expressed hope for approval by Q2, noting positive signs from discussions with elected officials [56][58] Question: Exchange volumes and payer mix - Management confirmed strong exchange growth, with admissions in Q1 growing significantly and operating in mid-single digits as a percentage of revenue [60][61]

Group 1 - Recent gynecological papers have reported "male cases," leading to public scrutiny, particularly involving a nurse's paper from Hunan Cancer Hospital mentioning "male patients with uterine fibroids" [1][4] - The paper from Hunan Cancer Hospital, published in February 2022, claimed that out of 120 uterine fibroid patients, 78 were male, raising significant doubts [4][5] - Another paper from Henan University of Traditional Chinese Medicine reported 43 male patients among 80 ovarian cancer patients, published in December 2018, which also drew criticism [5][6] Group 2 - The journal "Chinese Medical Guide" has taken action by dismissing the involved editor and implementing measures to improve the review process and training [6] - Hunan Cancer Hospital has acknowledged the issue and is currently investigating the claims made by the public regarding the nurse's paper [5][6] - The incident has prompted disciplinary actions against involved staff, including a nurse from Shandong University Qilu Hospital who faced penalties for similar reporting [6]

Financial Performance - Total revenue for 1Q25 was $1497 million, a 40% year-over-year increase[15] - Adjusted EBITDA for 1Q25 was $98 million, a 25% year-over-year increase[15] - Adjusted EBITDA margin was 66% in 1Q25, a decrease of 10 basis points year-over-year[15] Operating Metrics - Admissions increased by 76% year-over-year, totaling 41389[15] - Adjusted Admissions increased by 27% year-over-year, totaling 84536[15] - Net Patient Service Revenue per Adjusted Admission increased by 12% year-over-year, reaching $17402[15] Capital Structure - The company has $495 million in ABL Capacity and $295 million in total cash, resulting in $790 million available liquidity[32] - Net leverage is 26x and lease-adjusted net leverage is 30x[32] 2025 Full Year Guidance - Total revenue is projected to be between $6200 million and $6450 million[38] - Adjusted EBITDA is projected to be between $575 million and $615 million[38]

Financial Data and Key Metrics Changes - The company's consolidated revenue increased by over 2% while adjusted EBITDA declined by 9% from $165.8 million to $151.4 million [9] - Earnings per common share from continuing operations increased by 33% to $0.44 compared to $0.33 in the same quarter of the prior year [9] - The company ended the quarter with $1.8 billion of debt outstanding and $53.2 million of cash on the balance sheet [15] Business Line Data and Key Metrics Changes - The inpatient rehab division saw a revenue increase of 16%, adjusted EBITDA increase of 15%, and a 6% increase in average daily census compared to the first quarter of last year [9] - The outpatient division faced challenges due to severe weather events and a 3% reduction in Medicare reimbursement, but had a strong finish to the quarter [4][11] - The critical illness recovery hospital division experienced a revenue decrease of 3% driven by a 2% decline in rate per patient day and a 1% decline in patient days [12] Market Data and Key Metrics Changes - The outpatient division's net revenue per visit increased from $99 to $102, while total visits declined by 1% due to one less workday [11] - The critical illness recovery hospitals' occupancy rate increased from 71% to 73%, but adjusted EBITDA declined by 25% from the prior year [13] Company Strategy and Development Direction - The company plans to open several new rehab hospitals and units, including a 45-bed rehab hospital in Temple, Texas, and a 63-bed rehab hospital in Ozark, Missouri, among others [7][8] - The outpatient division added 10 de novo clinics while strategically closing or consolidating 13 locations to optimize resources [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outpatient division's outlook despite recent challenges, focusing on improving patient access and investing in technology [4] - The company is adjusting its business outlook for 2025, expecting revenue in the range of $5.3 billion to $5.5 billion and adjusted EBITDA between $510 million and $530 million [19] Other Important Information - The company repurchased almost 650,000 shares at an average price of $17.52, totaling $11.4 million [14] - A cash dividend of $6.625 per share was declared, payable on May 29, 2025 [14] Q&A Session Summary Question: How should occupancy be thought about for the rest of the year with new capacity coming online? - Management expects occupancy to stay around 85% plus even with new business coming online [21] Question: Was the miss in LTACH related to internal expectations or consensus? - The impact from high cost outlier was higher than anticipated, with a 100% increase compared to the previous year [22][23] Question: Any updates on mitigation strategies regarding high cost outlier and transmittal rule? - Management is in ongoing conversations with regulatory bodies to address these issues and mitigate impacts [34] Question: What do startup costs look like this year versus last year? - Startup losses are relatively the same from last year to this year [38] Question: Any initiatives in outpatient rehab to improve margins? - The company is implementing technology changes and seeing benefits, with expected increases in commercial rates [42][44] Question: Plans to accelerate growth in rehab to diversify away from LTACH? - There are plans to accelerate growth in rehab, with several projects already signed and under construction [49]