Investor presentation held on Dec 15 to discuss company`s current and future outlook. We believe most investors came away feeling management team has considerable depth and reasonable objectives. Operations-wise, 2% decline in patient volumes in current quarter; no sign of turnaround or stabilization of bad debt expense; expect market-like price increases for managed care in 2005. Management laid out its plan to undertake a new cost reduction program to be rolled out in January and this is expected to benefit results beginning 3Q 05.
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