Team Finance LLC Announces First Quarter 20...( KNOXVILLE Tenn. May 8 /- TeamHeal...),Health
KNOXVILLE, Tenn., May 8 /PRNewswire/ -- TeamHealth Inc.'s parent company, Team Finance LLC (the "Company") today announced results for the first quarter ended March 31, 2008.
The Company previously announced the decision to exit the anesthesia management services business line and substantially completed the disposal of this business line during the third quarter of 2007. As a result, in accordance with relevant accounting guidance, the results of the anesthesia management business are reported as discontinued operations in the statement of operations for the first quarter of 2007 presented in this release.
Net revenue less provision for uncollectibles ("revenue less provision") in the first quarter of 2008 increased 9.6% to $330.0 million from $301.1 million in the corresponding period of 2007. Same contract revenue less provision for the quarter increased by 6.8% to $285.3 million from $267.2 million in the same period a year ago. During the first quarter of 2008, growth in same contract revenue less provision was positively impacted 3.5% by an increase in billed patient volume and a 3.2% increase in contract and other revenue, compared to the first quarter of 2007. New sales, net of contracts that terminated in the period, and acquisitions contributed $9.7 million and $1.1 million of growth between periods, respectively. Net earnings were $17.5 million in the first quarter of 2008, compared to $19.0 million in the first quarter of 2007. Included in the net earnings for the first quarter of 2007 was a loss from discontinued operations (net of tax benefits) of $237,000.
Based on the results of the Company's most recent actuarial study
completed in April 2008, first quarter 2008 financial results reflect a
reduction in professional liability reserves related to prior years of
$13.8 million, compared to a $19.6 million reduction in the first quarter
of 2007. The professional liability reserve adjustment recognized in the
current quarter re
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| SOURCE TeamHealth, Inc. Copyright©2008 PR Newswire. All rights reserved |
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