ATIP Shareholder/Stockholder Letter Transcript:
To: Stockholders
Date: April 26, 2024
Subject: 2023 Stockholder Letter
Dear Fellow ATI Stockholders,
Spring is a season of rebirth and renewal. As we do at this time each year, I'd like to share with you a
look back at our successes of 2023 and our renewed commitment for the remainder of 2024.
Most importantly, I remain energized by the ATI brand's purpose of making every life an active life. I'm
happy to say that our team made great strides over the last year in further expanding access to the
high-quality, affordable care our providers deliver and that our patients expect. We remain fully
committed to that mission today, and we know there is still work to be done.
First, let's pause to celebrate our providers' performance, acknowledge the progress toward financial
stability, and understand how that helps set the stage for the future.
2023 Highlights
In 2023, we started the year with an enhanced corporate leadership team that set forth our plans
and exceeded our goals. Every quarter showed successively increased clinic performance, expanding
patient access and further building upon the foundation of high-quality care across our national
practice. During the year, we:
Completed our first year under an enhanced executive leadership team of talented and
experienced healthcare business leaders.
Added physical therapy provider expertise to the Executive Leadership Team by elevating our
Senior Vice President of Clinical Excellence to join that group.
Earned an "Exceptional" rating for the fourth consecutive year in the Medicare and Medicaid
Services (CMS) Merit-Based Incentive Payment System (MIPS) for quality patient care.
Continued to progress through crucial milemarks on our strategic roadmap to drive toward
growth and profitability.
Demonstrated continued improvement in employee hiring, retention and attrition key
performance indicators.
Bolstered further demand for ATI's services through strategic prioritization of key verticals,
particularly in the ATI Worksite Solutions, employer direct contracting and workers'
compensation segments.
Garnered increased payer rates amid numerous industry headwinds, including continued
Medicare reimbursement cuts for physical therapy services.
Laid the track for the creation of the Institute for Musculoskeletal Advancement (iMSKA), a
non-profit organization dedicated to progressing quality clinical care with a focus on research.
Empowered our providers to focus on delivering outstanding patient care by reducing
administrative tasks through technology and process innovation.
Expanded access to care by creating a single access management model to ease patient
scheduling.
Created a virtual national practice and team tasked with integrating and operating that
practice.
Continued to progress through strategic footprint optimization, expanding into high-growth
areas and scaling back in underperforming geographies.
Beat our 2023 revenue and EBITDA guidance.
2024 and Beyond
This year promises to be the year of further refining our stabilization and growth strategies. Using data,
technology and operational excellence, we can further optimize capacity, patient demand and quality
care delivery. This will include further investments in provider hiring and retention and improved
patient engagement using digital tools.
To build upon the momentum of 2023, we are committed to:
Maximizing our resources by investing where they will have the most impact for our patients,
providers and other key stakeholders.
Doubling down on key verticals such as ATI Worksite Solutions, employer direct
contracting and workers' compensation as the fuel of future growth.
Unlocking value through data, technology, and other process innovations to enhance our
providers' capacity to deliver high-quality care.
Championing the value of physical therapy and musculoskeletal care within the U.S.
healthcare system as an industry leader and advocate of the profession.
As I've said before, healthcare is local. We remain committed to the people and communities we serve
through the work of our clinic teams, business development and the ATI Foundation.
Thank you for your continued support and belief in the ATI purpose, our people and our performance.
Warm regards,
Sharon Vitti
Chief Executive Officer
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4/26/2024 Letter Continued (Full PDF)