Epstein Secrets

e starting point. HCA framed ACA impact as a L-T positive, but key variables remain very fluid this year including: (I) enrollment for exchange and Medicaid; (2) net new lives; (3) networks and plan selection of exchange products. HCA assumes 7-9% reduction of uninsured (reasonable) but offset somewhat

Deutsche Bank Markets Research Rating Buy North America United States Health Care Health Care Facilities and Services (kimi)0117 HCA Holdings, Inc. HCA N HCA US NYS Q4 surgery/mix recovering; 2014 / ACA outlook conservative Reiterate Buy. F ICA's it:sure: demomtrate best in breed (14

hat drove their estimated 2014 net benefit from health care reform of I%-2% of adjusted EBITDA: (1) Health Insurance Exchange (HIX) enrollment and Medicaid lives. Management indicated that its model builds from the latest reported base of HIX enrollees (-3M as indicated by CMS on Jan 24th). It also ta

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. 'Figure 8: 2014 EBITDA Bridge ($ in MM) Base EMMA Midge As • %of 2013 Adj EB1TDA Low Mid High Low Mid High 2013 hausled E8IIDA Report

ines in pricing/volume from exchange mix. The key variables that HCA is tracking for its reform model are: (1) enrollment figures for exchanges and Medicaid expansion; (2) the proportion of enrollment that is net newly insured; (3) health plan selection (metallic), network design and network participati

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. Q4'2013 Earnings Review Key points • Solid results despite challenging volume backdrop. Q4 EBITDA was previewed earlier in January, so the