Surgery Partners reported its fourth quarter 2017 financial results.
Here's what you should know.
1. Surgery Partners reported revenues of $460.3 million, an increase of 50.4 percent year over year.
2. In the fourth quarter, Surgery Partners' same-facility revenues increased 1.6 percent year over year to $492.8 million for the quarter.
3. Surgery Partners net losses were $40 million for the quarter, with $38.7 million of that attributable to the Tax Cuts and Jobs Act.
4. The company's quarterly EBITDA increased 27.5 percent year over year to $63.9 million.
5. Concerning full-year 2017 results, revenues increased 17.1 percent to $1.3 billion.
6. Same-facility revenues increased 4.7 percent for 2017, totaling $1.8 billion.
7. Surgery Partners' adjusted EBITDA decreased 8.4 percent for 2017 to $164.3 million.
Surgery Partners CEO Wayne DeVeydt said, "I am excited to have joined Surgery Partners at this critical juncture for our Company. At a time when the industry is focused on combating the increased cost of healthcare through more affordable, high quality solutions, our unique business model has the company positioned on the right side of the cost equation and fully aligned with the goals and objectives of consumers, physicians and payers."
Mr. DeVeydt said the company is focusing on short-term goals including payer alignment, physician recruitment and leveraging the company's national scale. He expects achieving those goals will have a positive contribution on business in 2018.