There are two reasons for this:

First, each of the financial and operational line items presented in the analysis are treated as independent variables. For example, the range of observed case mix values for orthopedics is independent of the observed case mix values for gastroenterology.

Furthermore, each line item in our analysis excludes centers that did not report the respective information. Therefore, the median case mix represents the median percentage of total cases performed within the designated specialty for all centers performing cases in the subject specialty. Stated differently, it is the median percentage of total cases for all centers which perform the designated specialty. Individual centers included in the sample do not perform cases in all specialties listed; therefore, the sum of the individual specialties will not equal 100%.

This is true for all variables included in the study including operating expenses, payor mix, staff hours per case, etc. The range of observations for the totals is independent of the individual variables which comprise the total. Therefore, the totals will not equal the sum of the individual components.

The data presented in the study is collected from the 2018, 2019, and YTD February 2020 time periods. The selected time frame is intended to benchmark ASC operations prior to business disruptions resulting from the COVID-19 pandemic.

Generally, balance sheet information is most useful when presented in relation to other financial metrics. For example, Net Accounts Receivable is most meaningful when presented in the context of the amount of Net Operating Revenue generated by the business. As a result, Net Accounts Receivable is interpreted using Percentage of Net Operating Revenue and/or AR Days Outstanding.

To ensure that all information is presented within the correct context, VMG has decided to remove the balance sheet section from the updated Intellimarker. However, all working capital ratios are still presented in the “Liquidity Section”

The Payor Mix section now focuses on cases and collections for ease of use and benchmark comparison.

The presentation of the Operating Expense Analysis has been adjusted to focus on major expense categories for ease of use and benchmark comparison.

Currently VMG does not have enough participation to publish a benchmarking study for single specialty or orthopedic focused ASCs. However, VMG is in the process of gathering additional information from the centers to publish more specific benchmarking analysis.

Currently VMG does not receive information on OR turnover time, however we have added this to our information request. VMG will add this to the survey results once we have collected enough information.

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