ATI Physical Therapy Inc (ATIP) 2024 Q2 法說會逐字稿

Good afternoon. And welcome to ATI Physical Therapy’s second quarter 2024 earnings conference call and Webcast. (Operator Instructions) Please note that this event is being recorded.

午安.歡迎參加 ATI Physical Therapy 2024 年第二季財報電話會議和網路廣播。（操作員說明）請注意，該事件正在被記錄。

On the call today is Sharon Vitti, Chief Executive Officer; Joseph Jordan, Chief Financial Officer; Chris Cox, Chief Operating Officer; and Joanne Fong, Senior Vice President, Treasurer and Head of Investor Relations.

今天的電話會議由執行長莎朗維蒂 (Sharon Vitti) 主持。約瑟夫‧喬丹，財務長；克里斯·考克斯，營運長；以及資深副總裁、財務主管兼投資者關係主管 Joanne Fong。

I will now turn the call over to Ms. Fong. Please go ahead.

我現在將電話轉給方女士。請繼續。

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us today. Before we begin, we'd liketo remind you that certain statements made during this call will be forward-looking statements that are subject to various risks and uncertainties and reflect our current expectations based on beliefs, assumptions and information currently available to us.

謝謝你，莎拉。大家下午好，感謝您今天加入我們。在開始之前，我們想提醒您，本次電話會議中所做的某些陳述將是前瞻性陳述，這些陳述會受到各種風險和不確定性的影響，並反映我們基於我們目前掌握的信念、假設和資訊的當前預期。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements can be found in the Risk Factors section in the company's filings with the Securities and Exchange Commission.

儘管我們認為這些期望是合理的，但我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。可能導致實際結果與這些前瞻性陳述有重大差異的一些因素的描述可以在該公司向美國證券交易委員會提交的文件的風險因素部分中找到。

In addition, please note that the company will be discussing certain non-GAAP financial measures that we believe are important in evaluating performance. Details on the relationships between these non-GAAP measures to the most comparable GAAP measures and reconciliation of historical non-GAAP financial measures can be found in the earnings press release as posted on ATI's website and filed with the SEC.

此外，請注意，本公司將討論某些我們認為對評估績效很重要的非公認會計準則財務指標。有關這些非 GAAP 衡量標準與最具可比性 GAAP 衡量標準之間的關係以及歷史非 GAAP 財務衡量標準調節的詳細信息，請參閱 ATI 網站上發布並提交給 SEC 的收益新聞稿。

And with that, I'd like to turn the call over to Sharon.

說到這裡，我想把電話轉給莎倫。

Thank you, Joanne. Welcome, everyone. As mentioned, we have our Chris Cox, and Joe Jordan, and myself will be speaking throughout the call and then we also have our ELT members on the call for the Q&A session. Earlier today, we reported our second quarter 2024 results. Our teams continue to advance our national practice, driven by our shared purpose of making every life an active life. Our providers and support staff embody outstanding teamwork across our platform to ensure that our patients receive high-quality care.

謝謝你，喬安妮。歡迎大家。如前所述，克里斯·考克斯 (Chris Cox)、喬·喬丹 (Joe Jordan) 和我本人將在整個電話會議中發言，然後我們還有 ELT 成員參加電話問答環節。今天早些時候，我們報告了 2024 年第二季業績。我們的團隊在讓每個人的生活都變得積極的共同目標的推動下，繼續推進我們的國家實踐。我們的提供者和支援人員在我們的平台上體現了出色的團隊合作，以確保我們的患者獲得高品質的照護。

Earlier today we also provided Q3 2024 financial guidance. On this call, we'll discuss our expectations for future performance at our efforts to finish 2024 strong.

今天早些時候，我們也提供了 2024 年第三季的財務指引。在本次電話會議上，我們將討論我們對未來業績的期望，以努力實現 2024 年的強勁業績。

So let's jump in. Referrals per day increased by more than 9% year-over-year. Demand for ATI Care was one of the levers that fuelled our growth in Q2 2024. We saw over 1,500 more patient visits each day, compared to the prior year. So clearly, our strategies are working.

那麼就讓我們開始吧。每日建議量較去年同期成長超過 9%。對 ATI Care 的需求是推動我們 2024 年第二季成長的槓桿之一。與去年相比，我們每天的就診人數增加了 1,500 多人次。很明顯，我們的策略正在發揮作用。

The focus of the year continues to be execution and expanding access to physical therapy including in underserved areas. In the second quarter, our teams continued to increase the rate per visit year-over-year by taking action in the following areas: sharing ATI patient outcomes and quality indicators with pairs; improving front end operations and revenue cycle management to efficiently collect payment for our services and our continued efforts to grow our workers comp offerings like strengthening our relationships

今年的重點仍然是執行和擴大物理治療的覆蓋範圍，包括在服務不足的地區。第二季度，我們的團隊透過在以下領域採取行動，繼續提高每次就診率：與配對者分享 ATI 患者治療結果和品質指標；改善前端營運和收入週期管理，以有效收取我們的服務費用，並不斷努力發展我們的員工薪酬服務，例如加強我們的關係

There are a lot of macro level headwinds that we’re experiencing, but this despite the ongoing imbalance in the physical therapy labor market, we successfully grew our ATI clinician head count by more than 4% year-over-year.

我們正在經歷許多宏觀層面的阻力，但儘管物理治療勞動力市場持續不平衡，我們仍成功地將 ATI 臨床醫生人數同比增長了 4% 以上。

We're proud of achieving great places to work designation in May 2024 and recognize the change in culture takes time in vigilance. We're committed to the strategies that both the retention and recruitment efforts recognizing the pivotal role our clinicians play in ATI’s continued growth and success.

我們很自豪能夠在 2024 年 5 月獲得最佳工作場所稱號，並認識到文化的變革需要時間保持警惕。我們致力於留任和招募策略，認識到我們的臨床醫生在 ATI 的持續成長和成功中發揮的關鍵作用。

We're also proud of our clinician turnover rate for the second quarter at 21%, which is consistent with the market. With strong demand and a more stabilized workforce, we continue to build upon learnings and refined our operations.

我們也為第二季 21% 的臨床醫生流動率感到自豪，這與市場情況一致。憑藉強勁的需求和更穩定的員工隊伍，我們繼續吸取教訓並完善我們的營運。

Our continued - our clinics continue to be busier year-over-year with visits per day, per clinic growing approximately three visits over Q2 of last year. Still have some clinics with the excess capacity and we will work to add providers increase access for patients and leverage our real estate and fixed costs.

我們的繼續 - 我們的診所繼續比去年同期更加繁忙，每天的就診次數比去年第二季度增加了大約 3 次。仍然有一些診所產能過剩，我們將努力增加提供者，增加患者的就診機會，並利用我們的房地產和固定成本。

In the quarter, we made progress to refine our clinic footprint and align with our patient community - patient and community needs including closing two clinics and divesting four clinics. Chris will provide a detailed discussion around our operational performance and activities shortly.

本季度，我們在完善診所佈局並與患者社區（患者和社區需求）保持一致方面取得了進展，包括關閉兩家診所和剝離四家診所。克里斯將很快就我們的營運績效和活動進行詳細討論。

As you can see, the robust demand for ATI’s services combined with our business achievements is (inaudible) in our financials with revenue and adjusted EBITDA for the quarter’s strong year-over-year growth.

正如您所看到的，對 ATI 服務的強勁需求與我們的業務成就相結合（聽不清楚）體現在我們的財務數據中，該季度的收入和調整後 EBITDA 同比強勁增長。

We're committed to executing on our strategies and sustaining revenue and earnings performance in the upcoming quarters. Later in the call, Joe will provide a comprehensive overview of the Q2 financial results and discuss guidance for Q3 2024.

我們致力於在未來幾季執行我們的策略並維持收入和獲利表現。稍後在電話會議中，Joe 將全面概述第二季的財務業績，並討論 2024 年第三季的指導。

I'm proud of the outstanding people we have at ATI and have tremendous gratitude for the dedication to enhancing the lives of our patients and their families. They clearly are the foundation of all of our achievements at ATI. I'm privileged to lead a fantastic care delivery organization that is leading and having a positive impact in the muscle skeletal ecosystem.

我為 ATI 的傑出員工感到自豪，並對為改善患者及其家人的生活所做的奉獻表示衷心的感謝。它們顯然是我們 ATI 取得所有成就的基礎。我很榮幸能夠領導一個出色的護理服務組織，該組織在肌肉骨骼生態系統中處於領先地位並產生積極影響。

With that, I will turn the call over to Chris to discuss operations.

這樣，我會將電話轉給克里斯討論營運事宜。

Thank you, Sharon, and good to talk to you all again. During the quarter, our operations teams continued to advance refining processes and enhancing the patient experience. Inspired by our teams’ dedication to our purpose of making every life an active life and excited about the ongoing advancements in our operating environment.

謝謝莎倫，很高興能再次與大家交談。本季度，我們的營運團隊繼續推進改進流程並增強患者體驗。受到我們團隊致力於讓每個人的生活變得積極的目標的啟發，並對我們的營運環境的持續進步感到興奮。

In Q2, we continued to achieve year-over-year top-line growth driven by progress in several important areas.

第二季度，在幾個重要領域取得進展的推動下，我們繼續實現年比營收成長。

This success is a result of the efforts of both our clinical providers across our businesses and the multiple support teams, which collaborative efforts drove this growth.

這項成功是我們各業務部門的臨床提供者和多個支援團隊共同努力的結果，這些合作推動了這一成長。

In the second quarter, clinician headcount grew more than 4% year-over-year, evidence that we are doing the right things for our providers and our patients enabling us to achieve our purpose on an even larger scale.

第二季度，臨床醫生人數年增超過 4%，證明我們正在為我們的提供者和患者做正確的事情，使我們能夠在更大範圍內實現我們的目標。

As Sharon mentioned, we capitalized on strong patient demand and saw over 1500 additional visits each day, compared to last year with visits per day per clinic increasing by 2.7 visits.

正如 Sharon 所提到的，我們利用了強勁的患者需求，與去年相比，每天增加了 1500 多人次就診，每個診所每天的就診量增加了 2.7 次。

Additionally, our providers saw 0.1 more visits per clinical FTE per day, compared to Q2 of last year. The success in expanding patient access, the high-quality physical therapy remains the cornerstone of our achievements.

此外，與去年第二季相比，我們的提供者每天每臨床 FTE 的就診次數增加了 0.1 次。成功擴大患者就診範圍和高品質的物理治療仍然是我們成就的基石。

In the last call, I shared that Q1 marks the first full quarter of implementing our new centralized patient access management model across all of our clinics. In Q2, we saw continued improvement in our capture rate of partner provider referrals. As we gain more experience with this model, we will discover new ways to optimize and better meet demand.

在上次電話會議中，我表示，第一季標誌著我們在所有診所實施新的集中式病患存取管理模式的第一個完整季度。在第二季度，我們看到合作夥伴提供者推薦的捕獲率持續提高。隨著我們在該模型上獲得更多經驗，我們將發現優化和更好地滿足需求的新方法。

And in fact we have several process enhancements, that we’ll be launching for this team in the second half of the year. We remain focused on being an exceptional partner provider creating a world-class patient onboarding experience and reducing the administrative burden on our clinicians. In the quarter, our revenue rate per visit was $108.32, increasing 3.4% year-over-year.

事實上，我們將在今年下半年為該團隊推出多項流程增強功能。我們仍然致力於成為卓越的合作夥伴提供者，創造世界級的患者就診體驗並減輕臨床醫生的管理負擔。本季度，我們的每次訪問收入為 108.32 美元，年增 3.4%。

Continuing improvements in our revenue cycle management function were key contributors to this higher rate. As I've emphasized before, we are committed to leveraging technology and automation to advance this area, increasing clean claims submissions on the front-end and collections on the back-end, all at a lower cost.

我們收入週期管理功能的持續改善是這一較高比率的關鍵因素。正如我之前強調的，我們致力於利用技術和自動化來推進這一領域，以更低的成本增加前端的乾淨索賠提交和後端收款。

This dynamic work continues to evolve and we believe there is ample room for further advancements as we strive for best-in-class performance in our RCM function.

這項充滿活力的工作不斷發展，我們相信，隨著我們努力在 RCM 職能中實現一流的性能，還有足夠的進一步發展的空間。

In closing, and I want to express my pride in our performance so far this year. I extend my heartfelt thanks to all our teams for their unwavering commitment and excellence. Their efforts empower ATI to make a positive impact on the lives of our patients and communities and each time I'm in clinics visiting with our clinicians, our patients stop me to tell me what a tremendous impacts they've had on their lives.

最後，我想對我們今年迄今為止的表現表示自豪。我衷心感謝我們所有團隊的堅定承諾和卓越表現。他們的努力使 ATI 能夠對我們的患者和社區的生活產生積極影響，每次我去診所拜訪我們的臨床醫生時，我們的患者都會阻止我告訴我他們對他們的生活產生了多麼巨大的影響。

As always, I am excited about the opportunities that lie ahead and look forward to sharing more updates in our later calls this year.

一如既往，我對未來的機會感到興奮，並期待在今年稍後的電話會議中分享更多最新消息。

Now, I'd like to turn the call over to Joe to provide a discussion of financial results.

現在，我想將電話轉給喬，討論財務表現。

Thank you, Chris, and thanks everyone for joining the call today. As Chris mentioned, I'll talk about our second quarter financial results, and I'll also discuss third quarter guidance in further detail.

謝謝克里斯，也謝謝大家今天加入電話會議。正如克里斯所提到的，我將討論我們第二季的財務業績，我還將更詳細地討論第三季的指導。

Starting out with financial results. Our net revenue in the second quarter was $188 million, which is a 9.2% increase over the prior year's revenue balance of $172 million. Breaking that down a little further, net patient revenue was $173 million and that's a 10.1% increase year-over-year, while other revenue was $15 million which is essentially flat.

從財務業績開始。我們第二季的淨收入為 1.88 億美元，比上年同期的 1.72 億美元成長 9.2%。進一步細分，患者淨收入為 1.73 億美元，年增 10.1%，而其他收入為 1500 萬美元，基本持平。

As Chris mentioned, our visits per day during the quarter per clinic increased by 2.7 up to 28.4 versus 25.7 in the second quarter of the prior year, and it really reflects our continued efforts to improve clinic capacity utilization.

正如Chris 所提到的，本季每個診所的日均就診次數與去年第二季度的25.7 次相比增加了2.7 次，達到28.4 次，這確實反映了我們為提高診所容量利用率而做出的持續努力。

Our rate per visit during the quarter as you heard was $108.32 up from $104.74 in the second quarter of the prior year. The primary drivers of the higher rate were higher reimbursement rates with certain key payers, favorable rated adjustments driven by some of the operational improvements in RCM that Chris talked about, and favorable service mix changes.

如您所知，我們本季的每次造訪費用為 108.32 美元，高於去年第二季的 104.74 美元。費率較高的主要驅動因素是某些主要付款人的報銷率較高、Chris 談到的 RCM 的一些運營改進推動的有利的費率調整以及有利的服務組合變化。

Salaries and related cost in the second quarter of 2024 were $103 million, which is a 7.6% increase year-over-year. It's primarily due to more clinical and support staff, as well as wage inflation. Looking at PT salaries and related cost per visit during the quarter, it was $56.22, which increased 2.6% year-over-year from $54.81. That increase in cost per visit was primarily due to wage inflation, but it was partially offset by higher labor productivity of 9.6 in Q2 of 2024, compared to 9.5 in Q2 of the prior year.

2024年第二季的薪資及相關成本為1.03億美元，年增7.6%。這主要是由於臨床和支援人員的增加以及工資上漲。從本季 PT 薪資和每次就診的相關費用來看，該費用為 56.22 美元，比去年同期的 54.81 美元增加了 2.6%。每次訪問成本的增加主要是由於工資上漲，但部分被 2024 年第二季度勞動生產力提高（9.6）所抵消，而上一年第二季度為 9.5。

Rent, clinic supplies, contract labor and other in the second quarter of 2024 was $53 million, which is a 5.4% increase from $50 million in Q2 of the prior year and that's primarily driven by higher spend in contract labor and outside services, partially offset by having less clinics compared to last year.

2024 年第二季的租金、診所用品、合約工及其他費用為5,300 萬美元，比上一年第二季的5,000 萬美元增長5.4%，這主要是由於合約工和外部服務支出增加所致，但部分抵消了與去年相比，診所減少了。

On a per clinic basis, these same costs were $59,000, which is an increase of 10% year-over-year from 54,000 in Q2 of the prior year. Provision for doubtful accounts during the quarter was $2 million, which is 1.4% of PT revenue, which compares to 1.5% of PT revenue in Q2 of last year and reflects continued strong collections.

以每個診所計算，這些費用為 59,000 美元，比去年第二季的 54,000 美元年增 10%。本季呆帳撥備為 200 萬美元，佔 PT 收入的 1.4%，而去年第二季則佔 PT 收入的 1.5%，反映出收款持續強勁。

Moving down to SG&A, it was $23 million on the quarter, which is a 36.9% decrease year-over-year from $37 million. The prior year included one-time debt in capital transaction cost that didn't recur in 2024. And in addition to that, Q2 of 2024 had lower corporate insurance cost and higher legal reimbursements

SG&A 方面，本季為 2,300 萬美元，比去年同期的 3,700 萬美元下降了 36.9%。上一年的資本交易成本中包括了 2024 年不再發生的一次性債務。除此之外，2024 年第二季企業保險成本較低，法律報銷較高

We recorded a non-cash long-lived asset impairment charge of $0.3 million during the quarter, which was due to impairment on certain leases and our operating income was $7 million in Q2 of 2024, which increased year-over-year from a loss of $12 million in the prior year and it's really driven by higher earnings based on the higher visit volume, higher rate that Chris talked about earlier and those earnings flowing through to the bottom-line.

本季我們記錄了 30 萬美元的非現金長期資產減損費用，這是由於某些租賃減損所致，2024 年第二季我們的營業收入為 700 萬美元，同比增長了上一年的收入為1200 萬美元，這實際上是由更高的收入推動的，而收入的增長基於克里斯之前提到的更高的訪問量、更高的比率以及流向淨利潤的收入。

Notable below the line items during the quarter included income resulting from a decrease in fair value on our second-lien PIK notes, our contingent common shares and our warrants totaling $6 million. Those instruments are mark-to-market each quarter at the end of the quarter through evaluation analysis.

本季行項目下方值得注意的是我們的第二留置權 PIK 票據、或有普通股和認股權證公允價值下降所產生的收入，總計 600 萬美元。這些工具在每個季度末透過評估分析按市價計價。

Interest expense during the quarter was $15 million, which decreased 10.7% over the prior year and it's primarily due to lower outstanding principal balances when comparing to Q2 of last year, partially offset by lower interest rate hedge benefits. Income tax benefit for the quarter was zero, compared to income tax expense of $0.1 million in the second quarter 2023.

本季的利息支出為 1,500 萬美元，比上年同期下降 10.7%，這主要是由於與去年第二季相比，未償還本金餘額減少，部分被較低的利率對沖收益所抵銷。該季度的所得稅收益為零，而 2023 年第二季的所得稅費用為 10 萬美元。

And net loss during the quarter was $3 million, compared to a net loss of $22 million in the second quarter of last year. Adjusted EBITDA during Q2 was $17 million, which is an 8.8% margin and that increased year-over-year from $9 million, which was a 5.4% margin. And as mentioned the year-over-year increase in adjusted EBITDA is also due to the higher revenue and the associated earnings that come along with it.

本季淨虧損為 300 萬美元，而去年第二季淨虧損為 2,200 萬美元。第二季調整後 EBITDA 為 1,700 萬美元，利潤率為 8.8%，較去年同期的 900 萬美元（利潤率為 5.4%）有所增長。如前所述，調整後 EBITDA 的年成長也是由於收入和隨之而來的相關收益增加所致。

Our cash use year-to-date was approximately $4 million, compared to $45 million last year. As I break that down further within operating cash, we used $28 million compared to $5 million last year and the year-over-year increase was driven by higher accounts receivable on higher revenue, higher payout of incentives and those two items are partially offset by a lower net loss.

今年迄今為止，我們的現金使用量約為 400 萬美元，而去年為 4,500 萬美元。當我在營運現金中進一步細分時，我們使用了2800 萬美元，而去年為500 萬美元，同比增長是由於收入增加、激勵支出增加而導致的應收賬款增加所致，這兩項被部分抵消較低的淨損失。

Cash used in investing activities was $5 million, compared to $10 million last year. The decrease is primarily due to fewer clinic openings. And then cash generated from financing activities was $29 million in 2024, compared to cash use of $30 million in the prior year. The increase in cash generated from financing activities is primarily due to two things; $25 million from the delayed draw term loan, which was fully drawn in January and higher net revolver borrowings. As of June 30, 2024, liquidity was approximately $33 million, which consisted of cash and cash equivalents, a portion of which resides in our joint venture cash accounts.

投資活動使用的現金為 500 萬美元，而去年為 1,000 萬美元。減少的主要原因是診所開業數量減少。2024 年融資活動產生的現金為 2,900 萬美元，而前一年的現金使用量為 3,000 萬美元。籌資活動產生的現金增加主要有兩個原因： 2500 萬美元來自延遲提取定期貸款（該貸款於 1 月全額提取）以及更高的淨循環借款。截至 2024 年 6 月 30 日，流動資金約為 3,300 萬美元，其中包括現金和現金等價物，其中一部分存放在我們的合資企業現金帳戶中。

And now I'd like to share Q3 guidance. We anticipate revenue in Q3 to be in the range of $180 million to $190 million. The midpoint of that range equates to about 4% growth over the prior year Q3 and we expect adjusted EBITDA to be in the range of $9 million to $14 million. The midpoint there represents 22% growth over the prior year and an approximate 6% margin. Our guidance ultimately reflects the dynamics that we're seeing in the market and the strategies we’re employing to navigate and grow clinic volume and advanced clinic operations.

現在我想分享第三季的指導。我們預計第三季的營收將在 1.8 億至 1.9 億美元之間。該範圍的中點相當於比上年第三季成長約 4%，我們預計調整後的 EBITDA 將在 900 萬美元至 1,400 萬美元之間。中點代表比前一年成長 22%，利潤率約 6%。我們的指導最終反映了我們在市場上看到的動態以及我們用來引導和增加診所數量和先進診所運作的策略。

I’ll now turn the call back over to Sharon for closing remarks.

現在我將把電話轉回給莎倫進行總結發言。

Thank you, Joe. So it's pretty clear you can see our Q2 results showed progress and that our strategies are coming to fruition. We are eager to ride the momentum and continue advancing the business to benefit our stakeholders. I remain confident in the people we have and the good work we're doing to stand out amongst the crowd and help people live healthier lives.

謝謝你，喬。因此，很明顯，您可以看到我們第二季的業績取得了進展，並且我們的策略正在取得成果。我們渴望乘勢而上，繼續推進業務，讓我們的利害關係人受益。我對我們的員工以及我們為在人群中脫穎而出並幫助人們過上更健康的生活而所做的出色工作仍然充滿信心。

That said, we have a lot to complete to realize our full potential and I know we have what it takes to get there. I look forward to sharing our progress next quarter and I'll hand it back to the operator to open the call for Q&A.

也就是說，要充分發揮我們的潛力，我們還有很多工作要做，我知道我們有能力實現這個目標。我期待在下個季度分享我們的進展，並將其交還給運營商以開啟問答環節。

(Operator Instructions)

（操作員說明）

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特，傑弗里斯。

Hey, good afternoon, guys. Congrats on the quarter. Maybe, Sharon, as I think about rate growth, it looks pretty good. Obviously, it sounds like you're getting some traction with payers here and service lines. Just curious, how much runway do you think there is left to drive rate growth and what are the levers remaining for you to sustain this really good trajectory on rates?

嘿，下午好，夥計們。恭喜本季。也許，莎倫，當我考慮利率成長時，它看起來相當不錯。顯然，聽起來您在這裡的付款人和服務熱線中獲得了一些吸引力。只是好奇，您認為還有多少跑道可以推動利率成長？

Great question, Brian. Thank you for joining us. I think it's A Tale of Two Cities. I think we continue to work with our payers. We have a good story. And certainly, some of the pairs are responding favorably as they look at rates. I think the second piece is, while we've picked the low hanging fruit, as it relates to revenue cycle.

好問題，布萊恩。感謝您加入我們。我認為這是兩個城市的故事。我認為我們將繼續與付款人合作。我們有一個好故事。當然，有些貨幣對在考慮利率時做出了積極的反應。我認為第二件事是，雖然我們已經選擇了一個容易實現的目標，但它與收入週期有關。

There are continued - we have a path to looking at other advancements that will continue to refine our revenue cycle, our cost to collect and our overall collection performance, our decrease in bad debt.

還有繼續 - 我們有辦法尋找其他進步，這些進步將繼續完善我們的收入週期、我們的收款成本和我們的整體收款績效，以及我們壞帳的減少。

On the other side of it, I think we are all looking to see what happens with Medicare. We have a sense of next year, but it really is the future years when we get out of this, sort of this five-year plan to rationalize Primary Care and I think CMS sets the tone for many of the commercial payers. So, I'm - I think that's a very important piece. While we're the myths continues to be a positive for us to offset some of the Medicare cuts. I really think on the government side, Medicare will set the tone.

另一方面，我認為我們都在關注醫療保險會發生什麼。我們對明年有預感，但真正在未來幾年，我們才能擺脫這個五年計劃，使初級保健合理化，我認為 CMS 為許多商業付款人定下了基調。所以，我認為這是一個非常重要的部分。雖然我們的神話仍然對我們抵消一些醫療保險削減有積極作用。我真的認為在政府方面，醫療保險將定下基調。

That makes sense. And then, maybe just as I think about margins, right, obviously rate is a factor there, but you've done a good job, as well with the G&A line here. I know that recruiting is still tight here and there. So, just curious, how are you thinking about the remaining margin opportunity here? And maybe to narrow down further to just on the G&A line, I mean, that was a really good number for the quarter. How should we be thinking about G&A going forward?

這是有道理的。然後，也許正如我對利潤率的思考一樣，對，顯然利率是其中的一個因素，但你做得很好，這裡的一般行政費用線也做得很好。我知道各地的招募仍然緊張。那麼，只是好奇，您如何看待這裡剩餘的利潤機會？也許可以進一步縮小到一般行政費用線，我的意思是，這對本季來說是一個非常好的數字。我們應該如何考慮未來的一般行政費用？

I think, Brian it's Joe. I think, if you were sticking on the G&A line, I think we would expect G&A to stay relatively flat. We have an infrastructure built up to run the business if we make substantial changes to the business. In the future obviously that can change. But I think for now you'd expect it to be pretty consistent.

我想，布萊恩，是喬。我認為，如果你堅持 G&A 線，我認為我們預計 G&A 會保持相對穩定。如果我們對業務做出重大改變，我們會建立一個基礎設施來運作業務。未來顯然這種情況可能會改變。但我認為現在你會期望它非常一致。

And then, maybe more holistic margin, if I go all the way up the P&L to clinic operations, we're still focused on making sure that we're trying to make the clinicians lives as easy as possible when it relates to none clinic care type activity. So administrative work, so that they could really focus their time on patients and getting patients better, which is what they do best and what they're trying to do.

然後，也許更全面的利潤，如果我一直將損益表上升到診所運營，我們仍然專注於確保我們在與非診所護理相關時努力讓臨床醫生的生活盡可能輕鬆類型活動。所以行政工作，這樣他們就可以真正把時間集中在病人身上，讓病人變得更好，這是他們最擅長的，也是他們正在努力做的。

But ultimately, if we do that right and make their lives easier, it could lead to better margins, as well because they're able to see more patients and we're able to take some of the burden off of them that they should really be doing.

但最終，如果我們做得對，讓他們的生活更輕鬆，可能會帶來更好的利潤，因為他們能夠看到更多的病人，我們能夠減輕他們的一些負擔，他們真的應該這樣做正在做。

Yeah, and Brian, we continue to refine on what we're doing and all levels. And so, Chris will be part of Chris' work. Just operational excellence and how do we make sure we're leveraging our assets as best as possible including our expense base. So, I think there's more work to do there.

是的，布萊恩，我們繼續完善我們正在做的事情和各個層面。因此，克里斯將成為克里斯工作的一部分。只是卓越的營運以及我們如何確保盡可能最好地利用我們的資產，包括我們的費用基礎。所以，我認為這方面還有更多工作要做。

You got it. And then maybe one more question if I may? Joe, as I think about the proposed rule, I know there's some languages there in PT assistance. Anything we should know or how are you interpreting some of the language that’s embedded in the proposed rule?

你明白了。如果可以的話，也許還有一個問題？喬，當我考慮擬議的規則時，我知道 PT 援助中有一些語言。我們應該知道什麼，或者您如何解釋擬議規則中包含的一些語言？

We have on PTAs - PTAs we have right now reimbursement coming in at 85% of the PTs. Some of the commercial payers have adopted that, as well. It's something that we've had to adopt to our strategies too. PTAs are still an important part of our care model and they will continue to be. But we obviously need to make some alterations as we move along.

我們有 PTA - 我們現在有 85% 的 PTAs 報銷。一些商業付款人也採用了這一點。這也是我們必須在我們的策略中採用的。PTA 仍然是我們護理模式的重要組成部分，並將繼續如此。但我們顯然需要在前進過程中做出一些改變。

Chris, do you want to add anything to that?

克里斯，你想補充什麼嗎？

No, I think, Joe really hit the key high points. I mean, we're monitoring kind of the commercial payer environment to see if that is something that continues to be adopted. And then, as Joe said, we continue to believe in the PTA model and expect to continue to leverage PTAs as a big part of our team-based care. And we want to be smart about like where we are deploying PTAs versus PTs versus our clinic directors and making sure that each patient has the right care for them in a way that also helps to optimize our business.

不，我認為喬確實達到了關鍵的高點。我的意思是，我們正在監控商業支付環境，看看這是否會繼續被採用。然後，正如 Joe 所說，我們繼續相信 PTA 模式，並期望繼續利用 PTA 作為我們以團隊為基礎的照護的重要組成部分。我們希望明智地對待我們在哪裡部署 PTA、PT 和我們的診所主任，並確保每個患者都得到正確的護理，同時也有助於優化我們的業務。

Yeah, I think, Brian, we continue get more sophisticated on how we schedule and how we utilize the team-based care.

是的，我認為，布萊恩，我們在如何安排和如何利用基於團隊的護理方面繼續變得更加複雜。

Got it. Thanks, and congrats again.

知道了。謝謝，並再次恭喜。

Thanks, Brian.

謝謝，布萊恩。

This concludes the question-and-answer session. I will turn the call to Sharon Vitti for closing remarks.

問答環節到此結束。我將請莎朗·維蒂致閉幕詞。

Thank you, everyone, for your time today, and we'll look forward to our next discussion in November with our Q3 quarterly earnings. Everyone, have a great day.

謝謝大家今天抽出寶貴的時間，我們將期待 11 月的下一次討論我們的第三季季度收益。大家，祝你有美好的一天。

This concludes today's conference call. We thank you for joining, you may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的加入，您現在可以斷開線路了。