Team Health, Knoxville, Tenn., reported profits of $4.1 million for the second quarter ended June 30, reversing a loss of $959,000 in 2002's second quarter, when debt refinancing costs dragged down profits. The privately held company's net revenue was $359 million, up 22% from $295.3 million in the previous year's quarter. The net revenue figures include a provision for uncollectible accounts of $108.8 million, or 30.4% of net revenue, in 2003's second quarter and $91.3 million, or 31% of net revenue, in the year-ago quarter. In a news release, President and Chief Executive Officer Lynn Massingale said malpractice costs for the physician staffing and management services company increased 48% from a year earlier. Massingale, a physician, expressed disappointment that national malpractice reform "seems to have lost momentum." -- by Mary Chris Jaklevic
Team Health profits up despite malpractice costs
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