Repeat pull from proven relationships plus room left

Surgery Partners, Inc. (SGRY) — this company's answers

The model's full reasoning — Q2 2022 call → NOWe need to determine if management describes existing counterparties (physicians, payers, facilities) that have already been served and proven, and are currently taking more on their own initiative, with room for more. The transcript mentions physician recruiting: new physicians added, but that's new. Existing physicians? They talk about recruiting cohorts, but that's new. They mention "our most recent 2022 cohorts" and "2021 cohorts" - those are new recruits. They talk about same-facility revenue growth, case growth, net revenue per case. But is that from existing relationships deepening? They mention "new physician recruiting efforts yielded 100 new recruits" - that's new. They also mention "transition of procedures out of traditional acute care inpatient settings" - that's a market trend. They mention "our existing acquisition pipeline" - that's M&A. They mention "ValueHealth partnership" - they acquired minority stakes and de novos. That's new acquisitions. They talk about "our partnership with ValueHealth" - but that's a partnership for acquisitions, not existing customers taking more. They mention "our GPO and key suppliers" - but that's cost management. They mention "managed care" - they talk about commercial contracting renewals, but that's about pricing, not volume expansion. They mention "Privia" - they partnered with Privia in Montana, but that's a new partnership? They say "we partnered with Privia in Montana" - that's a new relationship. They talk about "our physicians" - but do they describe existing physicians taking more cases? They mention "recruiting" as a growth lever. They also mention "targeted facility level and service line expansions" - that's internal investment. They mention "robotics" - that's to attract new physicians. They mention "same-facility revenue increased almost 7% with nearly 2% case growth and 5% higher net revenue per case" - that could be from existing physicians doing more cases? But they attribute it to "solid growth in our high acuity cases, such as orthopedics" - but is that from existing relationships? They mention "our most recent 2022 cohorts are no exception to this trend, bringing more cases with a higher overall net revenue per case than our 2021 cohorts did" - that's about new recruits. They don't explicitly say existing physicians are expanding their usage.

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