Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| We're seeing that all of the investments that we've made and our ability to really begin to see stabilization and labor contribute to our ability to serve those beds |
| We are proud of our impressive growth and progress over the past year, and look forward to the significant opportunities ahead for Acadia to extend our market reach to serve even more patients in 2024 |
| Our team has continued to execute on our strategy with positive results across our full lines of business |
| For the full year 2023, we reported robust annual revenue growth of 12.2%, adjusted EBITDA growth of 13.1% and adjusted EPS growth of 14.3% as compared to 2022 excluding income from the Provider Relief Fund recognized from both periods |
| We just continue to have strong demand there as we build referral resources and really talk about the relationships that we have there to make sure we can meet the demand |
| We were also pleased to see consistent improvement in our labor trends throughout 2023 |
| I think we've done an excellent job and our team has done an excellent job this past year of significantly reducing the variations that we've seen in wait times, as an example |
| In addition to improvements in the external labor market, our initiatives to drive higher employee engagement and more operational consistency in our facilities have enhanced our ability to attract and retain employees in a competitive market |
| We have a really strong foundation and a proven strategy for driving growth in delivering greater value to both the patients we serve and our shareholders |
| And then I just think, relentless focus on employee engagement in every facility, tracking it and measuring it and holding our operators accountable has also led to, some real improvements on that front that have enabled us to meet the demand that you're referencing |
| Efforts to improve retention and hiring are evident in our ability to support annual patient day growth of over 5% to ensure we provide high quality patient care |
| Our team has done an outstanding job in meeting the higher patient demand and effectively managing operations |
| Our strong fourth quarter capped off another outstanding year of solid financial and operational performance for Acadia |
| I just think overall, some of the recruiting practices that we've put in place have also, helped us to meet this volume that we're continuing to see |
| So we're clearly seeing benefits just from a patient safety and compliance standpoint as well |
| You're right, we're also seeing improvement in the labor trends |
| We're also benefiting from capacity additions that we've made over the last couple of years, so we have the ability to meet the demand, whether it's through capacity additions or fully-owned de novo or JVs |
| We're seeing the demands, for our services continue to be very strong |
| As the leading pure-play behavioral health provider, we bring the clinical expertise and experience and a proven ability to expand behavioral health care in more communities |
| Our new partnership with Ascension is a testament to the strength of our relationship and reflects our solid track record of clinical, operational and financial outcomes with our joint venture partners |
| And I think we continue to perform well ahead of the benchmark on restraint and exclusion, national quality measures as well which is really important as these events are where both staff and patient injuries most frequently occur |
| Joint ventures will continue to play an important role in Acadia's future growth, and we remain excited about the opportunities to work with other leading providers in attractive geographies |
| We've seen really strong improvements in a number of just very important metrics, the metabolic screening, discharge planning, national quality metrics that will continue to be really important to payers going forward |
| This not only improves clinical outcomes, but also enhances the overall patient experience |
| We continue to see just really strong overall outcomes across the board |
| I would just call it continued optimization of the really strong operational job that this team has continued to deliver |
| The patient day growth, we've seen has been strong for the last quarter |
| And then there's a number of de novo's that we have very strong visibility into from one that we're getting ready to open in Tampa, the Agave Ridge facility in Mesa, and then there's another facility in Madison, Wisconsin with over 100 beds that we'll open later this year as well |
| We have a significant portion of our contracts that are renewed in the second half of the year, and as we have seen those come through and sort of the conversations that we're having, we feel really good about the visibility we have for the first half of the year |
| We have made significant technology investments in 2023 to further strengthen our core capabilities and enable us to deliver stronger clinical outcomes |
| Statement |
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| Just as a reminder, Q1, we had sort of -- or Q4 last year, we had a high watermark, and we've come down over 300 basis points to just below 5% |
| But also, I know the industry's faced some constraints on staffing, and that seems to be easing now |
| Obviously, calling out that a couple of years ago, we had some abnormalities |
| Then certainly our commercial business book is part of the seasonal decline from a specialty perspective in Q4 |
| The opioid epidemic continues to intensify with approximately nine million Americans misusing opioids in the past year in new more potent drugs continuing to emerge |
| If you think about base wage inflation, as we mentioned in sort of the first part of the call, we did see the continued decline, and we saw an improvement down below 5% base wage inflation for Q4 2023 |
| So just overall, we continue to be cautiously optimistic and think we're just going to continue to see a continuation of the trends from Q3 |
| We do think Q1 will have the normal seasonality as we sort of begin the ramp from the holiday period from 2023, probably a little bit slower growth in volume from the first quarter as part of the normal cadence |
| No problem |
| That's certainly not slowing down |
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