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IPC The Hospitalist Company Reports Third Quarter 2009 Results
Date:11/2/2009

e continue to evaluate opportunities across the hospitalist sector. We remain confident that we will continue to penetrate current and new markets through this combination of organic growth and acquisitions."

Third Quarter 2009

Patient encounters for the three months ended September 30, 2009 increased 18.9% to 823,000, compared to 692,000 for the same period last year. Net revenue for the three months ended September 30, 2009 was $77.5 million, an increase of $14.3 million, or 22.7%, from $63.2 million for the three months ended September 30, 2008. Of this $14.3 million increase, $11.9 million, or 83.2%, was attributable to same-market area growth and $2.4 million was attributable to revenue generated from new market acquisitions. IPC completed one new market acquisition in the third quarter of 2008 and entered a second new market with two practice acquisitions, one each in the second and third quarters of 2009. The change in same-market area net revenue was largely the result of a 16.1% increase in patient encounters and a 3.2% increase in patient revenue per encounter.

Physician practice salaries, benefits and other expenses for the three months ended September 30, 2009 were $56.8 million, or 73.2% of net revenue, compared to $45.8 million, or 72.5% of net revenue, for the three months ended September 30, 2008. The increase in physician costs as a percentage of revenue is the result of more practices under development.

General and administrative expenses increased $1.4 million, or 12.5%, to $12.8 million, or 16.5% of net revenue, for the three months ended September 30, 2009, as compared to $11.4 million, or 18.0% of net revenue, for the three months ended September 30, 2008.

Income from operations increased $2.0 million, or 37.9%, to $7.4 million, as compared to $5.4 million for the same period in the prior year. The operating margin increased to 9.6% for the three months ended September 30, 2009,
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SOURCE IPC The Hospitalist Company, Inc.
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