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Team Finance LLC Announces Fiscal 2007 Results
Date:2/11/2008

accounts receivable funding between years.

Lynn Massingale, M.D., Chief Executive Officer of TeamHealth, said, "We are pleased with our full year 2007 financial performance, which included year over year increases in both net revenue and earnings. During 2007, TeamHealth was able to accomplish several significant operational and financial achievements. Strong operating cash flow and effective management of working capital provided the Company the opportunity to reduce outstanding indebtedness by a total of $11.1 million and increase the Company's cash position by $26.3 million during the year. Net annual revenue growth of 12.5% was driven by a combination of increases in same contract revenue, the addition of new hospital customer relationships, and the full year impact of selected acquisitions. We are pleased to note that our recent acquisitions have been fully integrated into our operations and are performing very well. The Company is continuing to realize favorable trends in its professional liability costs as a result of our ongoing commitment to, and investment in, patient safety and risk management initiatives that provide a tangible benefit to patients, clinicians, and our hospital clients. These initiatives along with other value added measures are a core component of our service delivery process and provided TeamHealth with an opportunity to develop several significant new hospital customer relationships during the year.

"While we are excited by TeamHealth's 2007 progress, many challenges remain within the healthcare industry. Chief among these is the continued issue of an increasing percentage of patients entering hospital emergency departments for medical treatment without any form of insurance. In addition, securing adequate and stable funding at the federal and state level is another challenge to all healthcare providers. We were encouraged that a portion of the formulaic reduction on 2008 Medicare physician payments was recently mitigate
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SOURCE Team Health Inc.
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