TeamHealth 4Q profit rises on acquisitions

Feb. 12--Knoxville-based physician staffing company TeamHealth continues to see solid growth as its fourth quarter profit rose 45 percent largely due to acquisitions.

TeamHealth reported net earnings of $21.5 million, or 30 cents per diluted share compared to $14.8 million, or 21 cents per diluted share, during the same period a year ago.

Net revenue for the quarter increased 14 percent to $621.8 million, up from $544.8 million.

It was the 13th consecutive quarter of double-digit top line growth, TeamHealth CEO Greg Roth said.

Acquisitions made up 9 percent of revenue growth followed by net sales growth at 2.8 percent. Same contract revenue contributed 2.2 percent.

"Our portfolio approach to revenue growth continues to be successful with growth in Q4 generating from all three of our sources: acquisitions, sales and same contract," Roth told analysts during a Wednesday morning earnings call.

Roth said providers see TeamHealth as "an attractive solution" in a rapidly changing health care environment.

Last year, the company acquired 13 physicians group, including three in the fourth quarter.

While there has been some increased competition in the acquisitions market, Roth said the company remains positive of its ability to continue to grow.

Roth cited additional expected benefits from Medicaid expansion in some states and the recently launched health care insurance exchange.

Uninsured patients represent 21 percent of TeamHealth's patient volume.

Newly insured patients will help provide volume growth over the next few years, he said.

Net revenue for the year ending Dec. 31, 2013 increased 15 percent to $2.38 billion, up from $2.07 billion for the same period of 2012.

The company, a leading provider of outsourced physician staffing, is projecting annual net revenue growth of between 11 percent and 12 percent this year.

TeamHealth's 9,700 affiliated health care professionals provide health care services tohospitals, clinics and physicians groups in 46 states

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