The 3 percent decline reflected previously announced contract changes with Tenet hospitals, according to the report.
Conifer had adjusted earnings before interest, taxes, depreciation and amortization of $85 million in the second quarter, down from $93 million over the same period last year. The company had an adjusted EBITDA margin of 26.3 percent, down from 27.9 percent over the same period last year. Those declines were also attributed to the Tenet contract changes.
“Conifer continues to perform well for its clients and also delivered strong margins. Ongoing technology automation and offshoring initiatives support that performance,” Tenet CEO Saum Sutaria, MD, said on the health system’s July 31 earnings call, according to a transcript from Seeking Alpha.
Dr. Sutaria added that Conifer continues to focus on commercial activities, “especially in patient eligibility services, given the need from the Medicaid redeterminations.”
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