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Team Finance LLC Announces First Quarter 2009 Results
Date:5/6/2009

KNOXVILLE, Tenn., May 6 /PRNewswire/ -- TeamHealth Inc.'s parent company, Team Finance LLC (the "Company"), today announced results for the first quarter of 2009.

Net revenue less provision for uncollectibles ("revenue less provision") in the first quarter of 2009 increased 5.9% to $349.6 million from $330.0 million in the first quarter of 2008. Same contract revenue less provision for the quarter increased 4.4% to $319.0 million from $305.5 million in the same period a year ago. In the first quarter 2009, same contract revenue less provision benefited 4.4% from increases in estimated collections per visit while contract and other revenue contributed 0.5% to the growth. These increases were partially offset by declines in billed patient volume which resulted in a decrease in same contract revenue growth of 0.5%. New sales, net of contracts that terminated in the period, and acquisitions contributed $4.0 million and $2.1 million of growth between periods, respectively.

Based on the results of the Company's most recent actuarial study completed in April 2009, first quarter 2009 financial results reflected a reduction of professional liability reserves related to prior years of $18.8 million. A $13.8 million reduction in professional liability reserves associated with prior years was recorded during the first quarter of 2008. The most recent actuarial loss estimates reflected continued favorable trends in the development of previous loss estimates necessitating the revaluation of prior year loss reserves during the first quarter. Net earnings increased 48% to $25.9 million in the first quarter of 2009 compared to $17.5 million in the first quarter of 2008. In addition to the benefit of the prior year professional liability reserve adjustment, improvements in gross margin percentage and a decrease in net interest expense contributed to the increase in net earnings during the first quarter of 2009.

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