RE:RE:RE:The Revised Cut's Adjustment to FCF is Very Small
Well, there is no doubt CRH is trading cheaply and EV/EBITDA is not so important for comparisons. Also, I see "seekingalpha" has the Q3 transcript on their site. Still digging in it but I looked at what Richard Bear said about coding because it did not sound right on the call. I think at the first opportunity, he should restate his answer. First problem, no such thing as a 840 code. But, after some deciphering of what Richard said (that the 00811 and 00812 were an even split of 63.75% of procedures), I think Clarus in a break down of CMS changes (Figure 1) should have stated 00812 was 32% of the Anesthesia procedures...not 50%. 00812 reimbursement was the one reduced the most. That helps a little. Bear said, "Yes, so about currently 25% of our coding goes to 740, 75% of our coding goes to 810. 740 is being put into two codes 7X1, 7X2. 7X1 has the base unit value of 5, 7X2 is base unit value of 6. 7X2 is actually for ERCP, which has done in hospital. So, for that 25% currently coded to 740, there is no change. 75% of our coding goes to 840, of that 75% of our coding that goes to 840; 15% of that for quote doubles where it's both an upper and lower down at the same time. So, 15% of the 75% will see no change in base rate changes. Of the remaining 85% of the 75% which is 63.75% we see that equally split between 8X1s and 8X2s." WHEW! Not so easy to repeat!