Matthew Gillmor

Filton was clear that no 2026 Florida benefit is booked or guided, and that other state programs are not expected to be material.

No timeline or ramp shape offered; Filton pointed to community demand as the reason he expects a fast ramp when it comes.

Filton said professional fees tracking within guided high-single-digit range. Addressing hospital-based physician pressure through competitive RFPs and reducing expensive locums usage. Daily operational focus keeping fees manageable.

Filton said lower flu volume mechanically increased acuity mix (flu patients are lower-acuity). Also saw strong higher-acuity service line growth in cardiology, orthopedics, neurology. Expects more balanced contribution between rate and volume as year progresses.

Filton said Florida DPP ($45-50M) still expected approved but taking longer than anticipated; not in guidance. California DPP faces more hurdles and may need significant modification. Rural health program could provide modest benefit but relatively few UHS facilities carry rural designation.

Filton said Vegas performance consistent with overall portfolio despite tourist volume declines. Unemployment stable in market currently. Watching for potential ripple effects on economy but not seeing them yet. No other significant geographic variation.

Filton said Nevada DPP increase is predominantly acute. Did not have Florida breakdown available during the call.

Filton estimated West Henderson cannibalization at 50-60 basis points on same-facility adjusted admissions and a similar impact on revenues based on ZIP code analysis.

Filton said physician fees still tracking at ~5% growth guidance. New pressure from radiologists seeking subsidies after prior waves from ER doctors and anesthesiologists, but still within the guided range.

Filton confirmed $63M premium pay in Q1, consistent. Expense controls driven by labor stabilization, decelerated wage inflation, and active productivity management.

Filton confirmed the $997M 2025 Medicaid supplemental payment expectation remains materially unchanged.

Hazen named all three divisions explicitly and characterized the magnitude of the adjusted admission decline in those markets.

Sam explained demand exceeds expectations but labor costs are elevated due to workforce deficit in Western NC. Bottom line slightly behind expectations.

Mike confirmed exchange drag absorbed within 2-3% volume guide. Of those losing coverage, 15-20% to ESI, remainder uninsured with ~30% utilization decline. Exchange population uses ER more heavily than traditional commercial.

Sam detailed outpatient strength in general surgery and urology, inpatient strength in neurosciences, orthopedics, and cardiac. Gynecology slightly down outpatient, neurosurgery modestly down inpatient.

Sam noted 2 of 15 US divisions underperforming: one from competitive dynamics dislocating business, another from service mix change in Q2 expected to recover in H2. Declined to name specific markets.

Sam noted no competitive behavior changes yet, but NIH funding pressure on academic centers could create opportunity. HCA's scale and diversification provide advantage over local competitors.

Sam confirmed no impact from California wildfires. Ventura County facility was on alert but Palisades Fire did not reach their locations.

Tim Noel called IDR awards at 10, 11 times Medicare rates excessive, and Bobby Hunter backed thoughtful Medicare Advantage modernization with program stability.

Rex said settlements span businesses including questionable receivables and disputed items dating back a year or more. Breakdown: about $500 million in Optum Health, $850 million in UHC, couple hundred million in Optum Insight, under $100 million in Optum Rx, plus about $100 million in corporate items.

George confirmed roughly one-third split: full risk, other value-based, and non-value-based/basic pay-for-performance. New member influx temporarily lowers paneled percentage at start of year, builds back up. Value-based partners wanting to expand significantly.