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Moody's: Ambulatory surgery centers growing, while inpatient surgeries contract

Global Credit Research - 16 Sep 2013

New York, September 16, 2013 -- Same-store volume growth at ambulatory surgery centers will continue to grow, while hospital inpatient surgery procedures have contracted, Moody's Investors Service says in a new report, "Ambulatory Surgery Centers Buck Trend With Growing Usage Rates." When health insurers began looking for ways to reduce the rising cost of hospital treatments, they found one in the centers.

"Ambulatory service centers provide care without the high-cost infrastructures associated with hospitals," says Vice President -- Senior Analyst, Ron Neysmith. "More procedures can be done safely on an outpatient basis and outpatient facilities are reimbursed on average 57% of the hospital rate for similar procedures, so insurance payors, including Medicare, have increasingly been directing patients to lower-cost settings."

Ambulatory service centers' same-store revenues have been growing in the low- to mid-single digits since 2007, Neysmith says, while hospitals have seen same-facility inpatient surgery cases decline 0.22% annually since then. Patient utilization trends for the healthcare industry have fallen since the recession due to higher unemployment, reduced workers' insurance coverage and increasing co-payment fees. Elective surgeries have also decreased as patients delay treatments they believe are not critical.

"In a highly fragmented market, the larger players with economies of scale and joint-ventures with physician groups and hospitals will benefit from patient referrals," Neysmith notes. Among companies, Moody's believes AmSurg Corp., Symbion, Surgical Care Affiliates, Surgery Partners and United Surgical Partners International are well positioned to benefit from the shift to outpatient facilities, thanks in part to their minority ownership by referring physicians, who experience greater efficiencies in such settings.

The ambulatory service centers that will perform the best are those that concentrate on procedures that earn higher revenues per treatment, such as orthopedic and pain management treatments. Among companies, Surgery Partners and United Surgical Partners International are well positioned in those areas, from which they each earn about 50% of their revenues.

Among factors that could temper the growth of ambulatory service centers are pressures on reimbursement rates, a shift to a bundled payment rate system and increasing acquisitions of the centers by hospitals, Moody's says. But overall, the centers are well positioned to benefit from and cater to longer-term demographic trends, including the aging population.

Moody's research subscribers can access this report at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_157872.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Ron Neysmith
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Peter H. Abdill, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: Ambulatory surgery centers growing, while inpatient surgeries contract
No Related Data.

 

© 2014 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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