Patient encounters increased 11.9% despite a more mild flu season and severe weather across much of the country. Winter storms had the most impact on lower-acuity post-acute care treatment, executives said on an earnings call.
Post-acute care represented 28.2% of its patient encounters, and 24.1% of revenue.
Despite the increase in volume, same market revenue decreased 0.8%, which IPC attributed to Medicare cuts under sequestration.
The company's administrative expenses climbed 15.9% to $27.6 million as IPC invested more resources in its post-acute care business and spent more money on recruitment and adding new regional offices.
IPC, a frequent acquirer of physician groups, also said it experienced an increase in expenses related to integrating new practices and hiring new doctors.
The company reaffirmed that it expects to report revenue of $720 million to $732 million for the full year. It also projected an adjusted diluted earnings per share in the range of $2.41 to $2.51.
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