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About Concentra Group Holdings Parent Inc. (NYSE: CON)
Concentra Group Holdings Parent Inc. is a leading provider of occupational and consumer health services in the United States, delivering comprehensive care solutions designed to enhance workforce health and productivity. With a mission to improve the health of America's workforce, Concentra operates through a vast network of over 500 occupational health centers, 150+ onsite clinics located at employer worksites, and its innovative telemedicine platform, Concentra Telemed. The company’s extensive reach spans across 45 states, enabling it to serve more than 50,000 patients daily on average.
Core Services and Business Model
Concentra’s core business revolves around providing a comprehensive suite of services tailored to meet the health and wellness needs of employers and employees. These services include:
- Workers' Compensation Injury Care: Specialized treatment for workplace injuries, ensuring timely recovery and compliance with regulatory requirements.
- Employer Services: Pre-employment physicals, drug testing, and other occupational health screenings to support workforce management and regulatory compliance.
- Urgent Care: Immediate medical attention for non-life-threatening conditions, available to both employees and the general public.
- Wellness and Preventative Care: Programs designed to promote long-term health and reduce healthcare costs for employers.
- Telemedicine: Virtual consultations through Concentra Telemed, providing convenient access to care for remote or time-sensitive cases.
The company generates revenue primarily through direct contracts with employers, workers' compensation claims, and fee-for-service urgent care visits. By integrating technology with its physical footprint, Concentra ensures seamless delivery of care across multiple channels, enhancing accessibility and efficiency.
Market Position and Competitive Landscape
As the largest provider of occupational health services in the U.S. by number of locations, Concentra holds a significant share of the corporate health and wellness market. This market is driven by increasing employer focus on reducing absenteeism, improving employee productivity, and complying with workplace safety regulations. Concentra’s scale and integrated service offerings provide a competitive advantage, allowing it to cater to a diverse range of industries and employer sizes.
Key competitors in the space include other occupational health providers, urgent care chains, and telemedicine platforms. Concentra differentiates itself through its expansive network, comprehensive service portfolio, and ability to deliver care both onsite and virtually. Its emphasis on preventative care and wellness also positions it as a forward-thinking player in the industry.
Challenges and Opportunities
While Concentra benefits from its scale and market leadership, it faces challenges such as evolving healthcare regulations, competition from emerging telehealth providers, and the operational complexities of managing a large network of locations. However, these challenges also present opportunities for innovation and growth. By leveraging advancements in telemedicine, expanding its onsite clinic offerings, and continuing to focus on preventative care, Concentra is well-positioned to adapt to changing market dynamics and maintain its leadership in occupational health.
Significance in the Healthcare Industry
Concentra plays a critical role in the U.S. healthcare ecosystem by bridging the gap between traditional medical care and workplace health needs. Its services not only help employers manage healthcare costs but also contribute to the overall well-being and productivity of the workforce. As the demand for integrated healthcare solutions grows, Concentra remains a key player in shaping the future of occupational health.
Select Medical Holdings (NYSE: SEM) has completed the distribution of 104,093,503 shares (81.7%) of Concentra (NYSE: CON) common stock to its stockholders. The distribution occurred on November 25, 2024, with stockholders receiving 0.806971 Concentra shares for each Select Medical share held as of the November 18, 2024 record date. Following this spin-off, Select Medical no longer holds any Concentra shares. J.P. Morgan and Goldman Sachs served as financial advisors for the distribution.
Select Medical Holdings (NYSE: SEM) has announced the distribution ratio for its special stock distribution of Concentra Group Holdings Parent equity to stockholders. Shareholders will receive 0.806971 shares of Concentra's common stock for each Select Medical share held as of November 18, 2024 (Record Date). The distribution will occur on November 25, 2024, with cash provided in lieu of fractional shares. The distribution is intended to be tax-free for U.S. federal income tax purposes. J.P. Morgan and Goldman Sachs are serving as financial advisors, while Dechert LLP is acting as legal advisor for the distribution.
Concentra (NYSE: CON) has announced the opening of a new medical center in DeSoto, Texas, expanding its presence in the Dallas-Fort Worth Metroplex. The facility will offer work injury care, physical therapy, drug testing, DOT physical exams, pre-placement exams, and employer-related health services, including telemedicine via Concentra Telemed. As the largest provider of occupational health services in the United States, Concentra operates 548 occupational health centers across 41 states and 155 onsite health clinics at employer worksites in 37 states, serving over 50,000 patients daily with its workforce of 11,000 colleagues and affiliated medical professionals.
Select Medical Holdings has announced a special stock distribution of its Concentra holdings to shareholders. The distribution will occur on November 25, 2024, with a record date of November 18, 2024. Stockholders will receive approximately 0.806971 shares of Concentra's common stock (NYSE: CON) for each share of Select Medical stock held. The distribution represents about 81.7% of Concentra's outstanding shares, totaling 104,093,503 shares. The transaction is intended to be tax-free for U.S. federal income tax purposes, and no stockholder action is required. Cash will be provided in lieu of fractional shares.
Concentra (NYSE: CON) reported strong Q3 2024 results with revenue increasing 3.3% to $489.6 million. Net income reached $45.8 million with earnings per share of $0.37. The company saw Adjusted EBITDA growth of 2.7% to $101.6 million. Notable operational metrics include 3,258,605 patient visits and revenue per visit increasing 3.9% to $141.42. The company expanded its footprint to 549 occupational health centers and 156 onsite health clinics. A quarterly cash dividend of $0.0625 per share was declared, payable November 22, 2024. The company completed its IPO in July 2024, raising net proceeds of $516.4 million.
Concentra (NYSE: CON), the leading occupational medicine provider in the US, has opened a new medical center in Orlando, Florida. Located at 6708 Grand National Drive, Concentra Orlando West will offer a range of services including work injury care, physical therapy, drug testing, DOT physical exams, and pre-placement exams. The center will also provide telemedicine for minor work injuries through Concentra Telemed®.
This expansion strengthens Concentra's presence in Florida and helps meet the growing demand for occupational health services in the region. With nearly 550 locations nationwide, Concentra continues to expand its network to provide convenient, quality medical care for employers and employees. The company's senior vice president of medical operations, Janet Cobb, MD, expressed excitement about growing Concentra's footprint in Orlando and offering another access point for care to local employers.
Concentra Group Holdings Parent, Inc. (NYSE: CON) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 2024, after market close. The company will host a conference call to discuss these results on Friday, November 1, 2024, at 10:30 a.m. Eastern Time.
Investors and interested parties can access the live webcast of the conference call through the Earnings Call Webcast Link or via Concentra's investor relations website at https://ir.concentra.com. A replay of the webcast will be available shortly after the call at the same locations.
For those who prefer an audio-only version or wish to participate in the question-and-answer session, dial-in options are available:
- Toll Free: 888-506-0062
- International: 973-528-0011
Participants should ask to join the Concentra call when dialing in.
Concentra (NYSE: CON), the leading occupational medicine provider in the US, has expanded its services to Chattanooga, Tennessee. The new medical center, Concentra Chattanooga Airport, is located at 6413 Lee Highway, Suite 107. This expansion strengthens Concentra's presence in Tennessee and allows the company to meet the growing demand for occupational health services in the region.
The new center will offer a range of services including work injury care, physical therapy, drug testing, DOT physical exams, and pre-placement exams. Telemedicine for minor work injuries will also be available through Concentra Telemed®. With this addition, Concentra now operates 547 occupational health centers in 41 states and 154 onsite health clinics at employer worksites in 37 states, serving over 50,000 patients daily.
Concentra (NYSE: CON), the leading occupational medicine provider, has expanded its Onsite Health division to include advanced primary care. This move aims to help employers lower healthcare costs, improve medical outcomes, and streamline access to care. The new offering provides 'whole person care' through a multidisciplinary team, fostering a culture of health and wellness in the workplace.
Key points:
- Concentra is leveraging years of experience in care coordination
- Implementation of Epic electronic health record (EHR) to enhance care quality
- Focus on developing impactful patient relationships
- Aim to make a significant impact on the industry and patients' lives
This expansion marks a new era in employer-sponsored health and wellness services, positioning Concentra to address the health and wellness gap in the workplace effectively.
Concentra Group Holdings Parent, Inc. (NYSE: CON) announced its Q2 2024 results, highlighting a 2.3% revenue increase to $477.9 million. The company reported a slight decrease in net income to $53.1 million and a 1.2% increase in Adjusted EBITDA to $101.6 million. Earnings per share decreased by 2.0% to $0.50.
Key highlights include:
- Patient visits decreased by 1.6% from Q2 2023
- Revenue per visit increased by 3.9% to $139.81
- Total occupational health centers increased to 547
- Onsite health clinics expanded to 154
Concentra completed its IPO on July 26, 2024, offering 22,500,000 shares at $23.50 per share. The company also entered into new financing arrangements, including Credit Facilities and $650.0 million in Senior Notes.
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