Get started? All right. Okay, good morning. I'm Luke Montgomery, Senior Vice President of Finance and Investor Relations here at MultiPlan. Can you guys hear me now? Better. All right, great. All right. Okay. First off, I want to thank you all for coming to the first ever, MultiPlan Analyst and Investor Day. This day has been a long time coming, and this is the exact right moment for us to be speaking to all of you because, so much has changed for the company in just the last couple of months. We just have a ton to talk to you about today, and we couldn't be more excited to share what we have planned for you this morning. My lawyers tell us that I have to read this slide to you, but if I did that, we'd be here all morning, so I'm gonna give you the cliff note version. Before we get started, just a quick reminder that during the presentations today, we will make forward-looking statements as outlined on screen, and actual results may differ from those stated or implied by forward-looking statements due to a number of risks associated with our business. These factors are included in our annual report on Form 10-K and other filings with the SEC. Any such forward-looking statements are based on information available as of today, and as such, there can be no assurance that future developments affecting our business will be those that we have anticipated. While we may elect to update such forward-looking statements at some point in the future, we have no obligation to do so. I'd also like to remind you that a copy of today's presentation can be found on the investor relations portion of our website. Okay, before I hand it off to our presenters, I wanna take you through a quick tour of our agenda. Our CEO, Dale White, is going to set the stage with an overview of where we've been, where we are today, and why we're so excited about where we're headed. Next, our CFO, Jim Head, is going to review our core business with you. It's gonna be a bit of MultiPlan 101, and discuss the levers we're pulling to enhance that business. After that, we have Michael Kim, our Chief Information Officer, and Sean Crandall, who heads up our Healthcare Economics team. They're going to talk to you about the immense power and the untapped potential of our platform. After Sean, we're going to pivot to our growth strategy. Dale is going to give you an overview of the strategy and the key initiatives that we're working on there. Andrea Rowe, who heads up our product development effort, will pick up where Dale left off and provide some details about the new products that underpin our growth plan. We're going to then take a short Q&A session, followed by a quick break. When we come back from the break, we're going to pick up where we left off with the growth plan. We're very pleased that Stephen Sofoul, who was the CEO of BST, will be the first to talk to you about our exciting new data and decision science service line, and why our firms decided to combine. We'll conduct our Voice of the Customer panel, featuring the most, the senior-most members of our sales team, and Jim is gonna finish off with a discussion of our financials and our 5-year plan for unlocking the franchise value of this company. At the end, we'll also leave some time for another Q&A session with our speakers. Without further delay, I'd like to invite, our CEO, Dale White, up, to kick things off. Good morning, everyone. Thanks again for joining us this morning. As Luke mentioned, I'm Dale White, and I've been with the company for nearly 20 years, and you know, serving mostly as the company's Chief Revenue Officer and then becoming the President and COO. I took over as CEO just over a year ago in early 2022. I'll join Luke in expressing how very excited we are to speak with you this morning. Really, it's a timely moment, as Luke said, to be connecting with all of you. There have been some fantastic developments just in the last couple of months. This is the first opportunity that we've had to discuss some of them with you. More than that, and this is important, more than that, we are pivoting and pivoting quickly. We worked hard in the second half of last year to reexamine and reformulate our strategy, and now we're at hard at work at executing on it. We are thrilled to have the opportunity to speak with all of you about that and to lay out our vision of where MultiPlan is headed in the next few years. Before we get started, let me give you a bit of background to set the stage. As I mentioned, I've been with the company for 20 years, and I've seen pretty much everything in that time. The last few years have been really action-packed, to say the least. We went public after nearly four decades as a private company. We endured the pandemic. We implemented the NSA, the No Surprises Act, the most likely, the most sweeping healthcare legislation in some time. We experienced a tumultuous 2022, characterized by heightened volatility in healthcare utilization. That's all behind us now, and we're here today to talk about the future of the company. We're here today to talk about the future of MultiPlan. What do we hope to accomplish here today? First, we want to give you a deeper insight into our business and the power of our platform. Second, we are also going to map out our growth plan for you, and as part of that, we wanna talk to you about our pipeline of exciting new products. You'll have a chance to hear for the first time, as Luke said, about our acquisition of Benefit Science Technologies, which we believe is an absolute game changer for this company. It's a game changer. We are going to give you a sense of how we expect Claritev to look in a few years. Most importantly, we want to convey our confidence that we are on a transformative path. Before we dive into the body of the presentation, I would like to highlight three overarching themes for today. First, our platform provides enormous value to the marketplace, and because of that, we have an enduring opportunity to grow our business, which, as you know, delivers significant medical cost savings to payers and plan sponsors. We are an independent, trusted, and deeply embedded in the healthcare ecosystem. We have invested heavily in our platform. It is highly differentiated, and it gives us sustainable competitive advantage and a right to win with our customers. We are on a path of transformation. You have watched us pivot since late 2022 to develop a plan to transform and grow our business. We are stabilizing our core. We're investing in the business to capture those tangible opportunities. Our plan already has real momentum. We are confident that we can execute, quite frankly, because we've been at this for a very long time. We know we have to prove it. We know we have to deliver the results, and we're on track to do just that. Just watch us. We have a plan to unlock the value of our franchise, and we expect to look like a very different company within five years. We have a massive opportunity to unleash the value of our platform through a host of new products and our data. We are broadening our market reach, and as a result, expect our revenue to look more diversified by product, by channel, and by customer, all ultimately accelerating our growth. We will be smart with our capital and deleveraging, and if we execute on all this, I am confident we should be able to provide meaningful upside to our shareholders. Look, you know I've been here, as I've said a few times, for 20 years. We've really built something very, very, very special. Since our founding, we have focused on affordability, efficiency, and fairness in the U.S. healthcare system. Our scale is vast. We are the major player, the major player in our space, and here are some figures to support that. We have 700 payer relationships. Most of them are very long, very trusted, in some cases, 25-year, more than 25 years, particularly with the larger customer end. It's all built on performance and results. Our end users span well over 100,000 plan sponsors, representing 60 million consumers. We have the leading independent provider network with 1.3 million providers and a footprint in all 50 states. We process huge volumes of claims and data. We process 546 million claims. We see 546 million claims every year. We see $55 billion in charges, enormous volumes and data. We generate $22 billion in identified potential savings for our customers. Our platform sits between four important constituencies: payers, providers, employers, and their you know, plan sponsors and plan members. We're uniquely positioned as an independent player within this ecosystem. We provide an invaluable service with reimbursement solutions that are systemic, fair, and efficient to all parties involved in that process. Our scale and our straight-through processing capabilities are unmatched. Meaning, we process claims the right way the first time, with less rework and less churn, and our $22 billion of identified potential savings is industry-leading. We have widely accepted solutions in the marketplace. We are the gold standard in the market for a variety of reasons. Our proprietary network, which by definition is different from our customers' networks. Our financial negotiation platform includes over 350 professionals who help adjudicate a fair reimbursement. Our NSA compliance services are truly best in class. Our Data iSight pricing solution is industry-leading, and we have the ability to bundle and customize solutions and use all of our tools. Let me just pause there for a second because this is a very important point. How do we bundle and customize? You've heard me say several times that we have 3 service lines. Inside those three core service lines, we have 23 different products, and with our growth plan that I'll describe later, we'll add a 4th service line, data and decision sciences, and 13 more products. I can't overstate the ability that this gives us to bundle products and create customized solutions for our clients. To summarize, the breadth and depth of what we do goes well beyond what our competitors do, and is critical to providing the flexibility that our customers desire, which each pursue uniquely, each pursue unique approaches to cost management and payment accuracy. Our position as an industry leader is no accident. It's been part of our deliberate strategy since our founding in 1980. We started out as a hospital PPO in New York City, and we did four things really well along the way. We rolled up a series of PPOs to create the leading independent provider network. We invested over $500 million to create a prepayment position in the IT environment of our customers. That is incredibly important real estate to us and incredibly important real estate to the payer. You'll hear about that later when Michael Kim, our CIO, will discuss this morning. Over time, we snapped products and services onto our chassis to enhance our market position, and until recently, we managed our business primarily for high margin and current cash flow. Stating the obvious, it worked. We had four separate private equity transactions, all of which created a lot of value for our investors. We grew from just under $200 million at the time of the first transaction in 2006 to $1.1 billion in 2022. What got us here, what got us here is not the strategy that's going to take us to the next level. As I mentioned, we are pivoting, so let's talk about what that means. When I took over as CEO in early 2022, we were at a crossroads. In the aftermath of COVID, we were dealing with several big issues. NSA, which was causing upheaval in the industry, prospective renewal of our larger customer contracts, unusual volatility in healthcare utilization, and a successful but overly narrow product suite, which, among other issues, has led to concentration in our business and a flattening growth. We needed to develop a game plan for the next chapter of the company. As I mentioned, we conducted a strategic review at the end of 2022 and formulated a growth plan. We are now in execution mode. Our checklist of actions this year speaks for themselves. We feel like the ingredients are in place for success. Now we have to execute. Let me tell you why I'm confident we're going to do exactly that. First, we are facing high demand for cost management services from our customers. Demand isn't the problem. Demand has, and it's never been the problem. Demand is always there. Healthcare remains complex, fragmented, opaque, and very expensive, and our customers need to continuously evolve to meet the challenges posed by those dynamics, and they need our help to do it. Additionally, we know our customers want those services from us. We have a right to win because we are already embedded in our customers' environments, and we have earned their trust. You'll hear more about how that looks throughout the day. We are the independent player with the greatest scale amongst our competitors. We have acquired a massive data asset that can be harnessed in flexible, collaborative solutions that support our customer strategies. The opportunity's there. All we need to do is execute and deliver. Our growth plan is our roadmap for how we're going to do exactly that, as you are going to hear again throughout the presentations today. Let me tell you a little bit about where we are headed. As I mentioned, we are on a transformative path, what you see here are the pillars of our transformation strategy. First, as you would expect, we are going to play to our strengths, our unrivaled position with the customers, and our unique platform. Those are the factors of our historical success. We are here to tell you that there is an immense amount of untapped opportunity in both of those assets. Much of what we are focused on right now is the unleashing of that enormous potential of what is already within our walls. Second, we are investing in new products and product extensions that are going to enhance our core business. Third, we are going to leverage our new data and decision science service line, as well as our new B2B payment service through our partnership with ECHO Health across all of our solutions and markets. Additionally, our new data and decision science service line is going to expand our TAM and accelerate our penetration of larger, faster-growing markets like Medicare Advantage, in-network, and managed Medicaid. Finally, as you heard Jim and me say several times, we are going to use our capital wisely and prioritize debt paydown over the next few years.... What's on the horizon for MultiPlan? We believe that within five years' time, we will be a vastly different company in terms of complexion, growth, and capital structure. We expect to have a broader set of solutions that will expand our reach across the healthcare ecosystem. We will be less reliant on out-of-network, and have a revenue profile that is more diversified by product, by customer, and by channel. We will be on an accelerated, sustainable growth trajectory. We will have lower risk and enhanced earnings predictability, and we will have a balance sheet that is better capitalized. All of this, we believe, will generate strong returns for you, our investors, which ultimately is what this day is all about. Before I pass it off, I just wanted to give you a preview of who is with us today. These are the folks, and I couldn't be prouder of this group. They have built the business alongside with me, and I know they are very excited to tell you what they're up to, why they are here, and how enthusiastic they are about the course we have set. With that, I'm going to pass it off to Jim, our CFO, who is going to set the stage for the remainder of the day with an overview of our core business. Jim, I'll hand it off to you. Thank you. Okay, Oh, good, mic's working. Okay. Thanks, Dale. Good morning, everyone. It's great to see some familiar faces here this morning. My name's Jim Head. I'm the CFO of the organization. I joined about 18 months ago, after a long career in investment banking. Call me a reformed banker, now an operator. I've known MultiPlan since 2005. They were actually a client of mine, in the first transaction with Carlyle back in 2005. I've known this company for a long time. I've admired it from the outside in, and I liked it so much, I joined the company. I'm here today, this morning to talk about our core business, and I recognize that this is pretty hard to understand from the outside in. It's complex, and there's not a lot of businesses like us. I'll give a bit of a primer, and hopefully, you're gonna have a deeper understanding of how we do it and why we're so valuable to the system. Before I jump in, I wanted to say a few key things that I want you to take away. First of all, we are very deeply embedded in the commercial health ecosystem. We have a unique position that's been built over 40 years. It's really hard to replicate, and we put an enormous amount of capital to develop this position. Dale talked about that real estate, enormous amount of capital we put against it. We serve a vast group of self-insured plan sponsors, over 100,000, that makes us very sticky in the marketplace, as they are the ultimate decision-maker in the market for benefit services. Second, we have one of the broadest suites of products available, that flexibly serves employers and payers of all types. There is no one-size-fits-all. I'll say that a couple times, there's no one-size-fits-all in this market. We need to have a broad offering that can be flexible and provide choice to the entire market, and we do that with the independent gold standard of provider acceptance, we do it with scale, and we do it with high levels of operational excellence. Third, and most importantly, we do think there's growth in our core business. We do think there's growth. We're gonna support this growth by continuing to invest. We're gonna support this growth by evolving our business and being nimble. One of our goals today is to prove to you that if we execute, we've got the opportunity to continue growing this business and build upon it. Okay, let's talk about our industry. As Dale White mentioned, we exist because healthcare is complex and expensive. We're an important part of the solution. The United States spends $3.8 trillion on healthcare. That's gonna go to about $7.2 billion by 2031, according to CMS. There's a ton of inefficiency. There's $1.2 billion of administrative costs and waste and abuse. That's our sweet spot. We're here to help solve that problem. It's a very complex industry. The trends are not going in the right direction. Medical inflation, increasing complexity in provider billing, lack of pricing transparency, and all across the system, misaligned incentives. Against that backdrop, we help payer customers manage the cost of care and improve their competitiveness. Just to baseline the markets we serve, we focus on both commercial and government health markets. Historically, we've been focused on the commercial health plan market. It's approximately $180 million covered lives, over half the U.S. population. It's served by national ASO players, national carriers, regional payers, TPAs, and more recently, alternative pricing companies. Historically, our business has been focused on the out-of-network space. That's about 85% of our revenues. We've been steadily expanding our footprint into the government space. Medicare Advantage and Medicaid, as you know, are quite sizable and actually growing faster. We have more than a leg up in Medicare Advantage, given our product portfolio. That's beginning to emerge as an important category for us. Medicaid is more of a targeted area, which we think we can reach with some of our new products. Throughout today's presentations, we're gonna reinforce this theme of expanding in the government markets from our position as a leading partner to the commercial health industry. We're simply evolving our business model to follow our clients into the areas where they're growing fastest. Let's talk about our TAM, our total addressable market. To give you a sense of the opportunity in front of us, we estimate our core business is currently serving a roughly $13 billion-$14 billion of total addressable market. That's growing at roughly mid-single digits. About $6 billion, that's the two provider networks, out-of-network cost management, $6 billion, is in our out-of-network space, and we have a high market share. The remainder of the TAM is in payment integrity, where we have a low share, given our relatively small business. We've got some opportunity there. There's clearly more addressable market for us and available to us. We just needed more products to expand our opportunity. With BST and with our B2B, ECHO Health Partnership, we're gonna be well positioned to address markets with an additional TAM of $18 billion. These markets include payer risk analytics through our BST capabilities, network transparency and analytics, which with BST, we've created the PlanOptix platform, and healthcare payments through our new ECHO Health Partnership. In summary, our solutions lead us to a much larger market opportunity. Our competitive advantages, Dale spoke to this earlier, they're vast. We're really a unique company that has distinctive advantages in the market, and it's one of the reasons why I joined the organization. I felt there was an opportunity for this leadership team that you're all gonna meet today, to unlock the value, given our competitive advantages, so we're excited about that. What you see listed on this slide is a range of the assets and capabilities we've accumulated that we believe are difficult, if not impossible, to replicate. That's a function of our evolutionary path, the intellectual capital that we've amassed over the years, the scale we've achieved, the vast amount of data that we've accumulated, and our maniacal focus on customer service and operational excellence. Add to that an entrepreneurial management team and culture. Our ability to dynamically pivot, reconfigure resources, and deliver new value to our market, that's a real strength of the organization, and you've seen that over the last couple of quarters. With our growth plan, which Dale is gonna review in a bit, I'm confident we can use the advantages to grow the business. These advantages translate into our strategy. The heart of our strategy is taking our unique platform and data assets and making investments to unlock that value. Historically, we're focused on consolidating our position in the out-of-network space and expanding our margins. That's historically. We also excel in increasing the savings performance of our solutions, constantly optimizing with our customers to drive more value, create more savings. What you've heard from us over the last year is we need to make investments to expand and enhance our core offerings and create new growth opportunities. In a moment, you're gonna hear from Michael Kim, our Chief Information Officer, Sean Crandall, our Head of Healthcare Economics, who are gonna talk about the power of our platform and the opportunity we have to leverage these assets. Let's talk about our service lines. Today, we report revenue in three service lines, our network business, our analytics business, and payment and revenue integrity. Network-based services is about 23% of our revenue, and this includes a range of network solutions, and it's the heritage of our business. For instance, in 2010, the network asset was about 80% of our revenues. We serve the national payers with our complementary network. We serve TPAs and regional carriers with our primary network called PHCS. We serve the property, casualty, and workers' comp market, and we also play in the government space, where we build Medicare and Medicaid networks for clients. Our analytics-based services. That's the largest service line with 66% of our revenues. That segment houses a broad range of analytic solutions, including reference-based pricing services like Data iSight, our NSA services, negotiation services, we call that financial negotiation, and value-driven health plans, which is our HST platform. Our payment and revenue integrity services is the smallest component at 11% of our 22 revenues, and that includes our clinical audit service and Discovery Health's portfolio of coordination of benefits, subrogation, premium restoration services. All three of these service lines have unique competitors. Okay? We list that in our 10-K. We highlight the competitors in our 10-K. It's important to note that there's no independent provider that plays in all three of these segments. None. We'll talk later about how we differentiate from our competitors in the customer section or the customer discussion after the break. Important to note, we're not included in these figures, because this is 22, is our BST acquisition, which is our new data and decision science service line, or the impact of B2B payments. From a financial reporting perspective, we're gonna fold those two components into our analytics services for the time being. Over time, we'll assess, as they scale up, whether we expand our financial reporting and add a fourth segment. Internally, and you'll hear this from Andrew, so you don't get confused, financial reporting, three segments. Internally, we're gonna operate BST as an independent segment. We think that's the best way to unleash the value and keep the entrepreneurial spirit that they have in the organization and serve all of our customers, but also the other segments of the business. Okay, let's break down our revenues a little bit further. This is, this is a little bit of new data, and in an effort to provide transparency, the top charts show you how our revenue breaks down within each of our service lines. At the bottom of the page, how our consolidated revenues break down by the characteristics of our business. It's not digitally precise, and it represents 22, not 23, but it helps frame the magnitude of our offerings in each segment. Let's talk about network. You'll see that over half of the segment is complementary network offering, which is a distinctive benefit for our payer clients, as it provides that extra layer of network breadth and member choice beyond their own contracted network. Okay, that is a unique differentiator for us. Also, our primary network, which is a sizable portion of the segment, in which regional health plans and TPAs use that to build out their value proposition. Rounding out the segment is our P&C and Medicare, Medicaid network offerings. In our analytics segment, the biggest piece is our reference-based pricing tool, which includes but is not limited to our Data iSight solution. Data iSight, as you know, is our industry-leading, independent, out-of-network claims pricing engine. In analytics is our financial negotiation services, which utilizes a 350-strong team of negotiators. These are knowledge workers who manage high-cost, complex claims, and the scale of this business is a real differentiator for us. It's hard to replicate. Our NSA services are also in this category and represent about 20%-25% of our analytics revenue. Finally, HST is in this category. It's small, but it's growing fast. In payment and revenue integrity, our historic prepay, in the dark green, clinical audit business, is the majority of revenue includes clinical negotiation and advanced code editing. The remainder of the segment is the post-pay Discovery Health products. Looking at the bottom, as you know, our consolidated revenue is heavily weighted by revenue model, savings characteristic, and claim type. 92% of our revenues are percentage of savings related, or PSAVE, as we call it. 92% of our revenues also are related to the commercial health plans. We've begun to break out our volumes and our revenues and our performance between commercial health plans and payment integrity and other. That's in our quarterly reporting. Hopefully, that's going to give you a little bit more sense of the pulse of our business. Last but not least, 85% of our business is out-of-network. As Dale said, we were over-indexed historically to this, and it's because it's we were doing so well and created such a strong position. The, the next few slides are a bit of Claritev 1-on-1. All these products, all these markets, how does it all fit together? We have four service lines addressing four major market segments, and it's not clear to the outside world how each of these services address the market, let's connect some dots here. First, our network business sells to commercial, government, and the property casualty market. Next, analytics. Focuses on commercial health business, the out-of-network business, and P&C. Our payment and revenue integrity service lines sell to commercial, government, and P&C markets. Lastly, we can serve all markets with Benefits Science Technologies. Today, BST has a strong footprint in the payer market, the employer market, supplemental health, so the commercial health market. As if you've heard, we think we can take BST and their analytic solutions across a variety of markets. It's a gateway for us because of that leading-edge analytic capability that they provide. Okay, let's take another lens on our core services. In this case, we're looking at the continuum of care through the lens of our core services and how they are applied, at which point. It starts with care being sought. At this point, the patient is looking for a quality provider. They see the doctor, care is delivered, and a claim is generated. At this point, the payer is looking to see if a claim was correctly billed, whether the claims can be priced under a network contract, and if not, how best to price an out-of-network claim. The claim get priced and paid, and after payment, there may be steps to correct any overpayments. Here's where our services are applied in this continuum. Our network services are used before care and during pricing. Our value-driven health plans are also used before care because they incorporate a member shopping experience, but are also used after pricing through our network or through our RBP pricing engine. Our analytics services are used for out-of-network reimbursement. We have prepayment and post-payment, payment integrity services along the way. We also have revenue integrity services specific to Medicare Advantage. It's called premium restoration. Lastly, all throughout this process, we have data and decision sciences, which can be used to suggest a better way to perform all of these steps, that is where our new service line is focused. As Dale talked about a little bit earlier, if there's one key measure to our historical success, it's the breadth and length of our relationship with our payer customers. It's also one of the keys to our go-forward strategy, our distribution channel. Most of you have seen this before. We do business with 700 payers, 25 years in length for the larger payers on average. We're deeply intertwined in their claims environments, and we've earned their trust by reliably providing service excellence and aligning our revenue model with savings. These relationships are our biggest strengths. They give us a real advantage to upsell and scale new products. As Dale mentioned, the demand from our customers for more product is high. Let's talk a little bit about the commercial health market with some more specificity. It is vast and diverse, and one thing is for certain, there is no one-size-fits-all in this market. There is none. The market is segmented by a variety of factors, including size of employer, how benefits fit into their talent strategy, cost, performance. Of the 180 million covered lives, about 70 million, so about 40% of the total, are covered by an insurance product distributed through a carrier, so they're buying insurance for their employees. The remaining 110 million lives, or about 60% of the total, are self-insured, where the plan sponsor, the employer, is funding the medical risk, and they make the call as to what the benefits design and decisions are going to be. Just to kind of step back for a moment, MultiPlan is an employer. The minute we self-insure, we become a plan sponsor. You can kind of say MultiPlan is the plan sponsor, is the employer. It's intertwined. In the self-funded market, the plan sponsor is ultimately the plan that makes the decision about benefits. The vast majority of these self-insured lives, is 110 million, are with large employers, that have over 1,000 employees, okay? Very many in the over 10,000 category. The trend towards employers moving to self-insure is strong as costs continue to race ahead. This segment is expected to grow at a rate faster than overall employment. The employees of self-insure can vary widely in terms of what they need. Today, it's cost, breadth of benefits, service levels, member choice, member cost, or aversion to member abrasion. That may change over time, those priorities, those objectives, tomorrow they may shift. Our payer customers, when they go to market, they need a broad range of solutions to address the diverse and changing needs of their clients. More specifically, when there's an RFP from Claritev, where there's a change in the benefits of the design, the payers need to customize the solution for the plan sponsor's distinct needs. You can't go in with a cookie-cutter approach. You have to go in with a very tailored design. It's a very competitive market, that's leads to why we think we have a real advantage here. We've got one of the broadest set of solutions in the marketplace. It's a competitive advantage to have a broad toolkit of products for the market. Through our payer customers, we offer solutions that can meet the smallest customers under 1,000 employees, who are even self-insuring sometimes at that point, all the way to large jumbo accounts, those national multi-site employers. Our offerings span the full range of out-of-network benefits, from comprehensive to minimal, based on the employer's need. For instance, a 50,000 employee tech company is going to have a very different set of needs than perhaps a 1,000 employee manufacturing firm. We can offer point solutions or full configuration, and to support a wide variety of benefits packages. This is a huge differentiator for us. Later on, we'll talk about how that flexibility allows us to optimize and capture the most value in the marketplace. Oops, sorry. Our routes to market. Likewise, we sell through all channels to serve over 100,000 plan sponsors, and that's before BST. BST is adding a bunch of employers as well. We wholesale our products through ASOs, regional payers, commercial and Medicare payers, TPAs, and brokers. We also go direct to employers through our HST platform. Importantly, we've said this before, while our concentration in the distribution channel through the payer customers looks high in our 10-K, that's roughly 60% is the top three, a little over 60%. We say, serve a very wide base of plan sponsors, those employers. At the plan sponsor revenue, excuse me, at the plan sponsor level, our revenue concentration is quite low. MultiPlan's top 20 plan sponsors represent less than 15% of our overall revenues. The concentration is significantly lower when you look at the end customer level, which is why we are so sticky. Let's talk about savings, the key performance metric of our business. In the end, we're here to deliver savings to our customers in an independent, fair, and efficient manner. In the last year, as Dale said, we delivered over $22 billion of savings to our customers. I'm going to pause for a moment and just reflect upon that. That's an enormous amount of value, $22 billion. Let me tell you something, it ain't easy to accomplish. Not easy. It's hard to replicate because we're the leading independent platform, our proprietary network assets that we just talked about, straight-through processing at scale, and the gold standard of provider acceptance. As the main driver of the, these of our revenues, these savings are vital, and we've managed to grow our savings over time. In fact, we've grown our savings 36% over the last four years, and you'll see inside that, it wasn't growth and bill charge. It wasn't just the volume of the market. What we've done is continued to enhance our savings performance, the solutions performance enhancements was the vast majority of the growth, which was about 8% compounded. Okay, let's round out our primer with a few key highlights from the rest of our portfolio. Obviously, NSA has been a big topic for folks. We launched this comprehensive solution in 2021. We now have 100 customers using our solutions today. As I mentioned, NSA is about 20%-25% of our revenues in the analytics segment, so roughly mid-teens% of our total revenues. Now that it's ramped up, it is a steady business. We call it the Steady Eddy, the reason is because it deals with emergent care, which is kind of a straight line. It will grow over time, it's very different than the vicissitudes of the discretionary care market, where people make choices, maybe delay, et cetera. Emergent care is pretty straightforward. There are multiple steps in our end-to-end NSA service offering. We've talked about those before. That's all the way from identifying the surprise bill to negotiating through the, ultimately, the IDR process, if it gets that far. Very complex overall process. We keep you up to date quarterly on the volumes and performance on our quarterly calls, we won't go into the details here, we left some takeaways. The main takeaway for you is that we have scale. We've processed over 2.5 million claims since inception. Let's step back for a moment. This is a really complex process, very difficult to execute at scale. The capability is core to our business. We are the leader, and the position is a testament to the value we provide our customers, and we're executing and delivering. There's further opportunity, and we'll talk about this later, to enhance and improve our services and help our clients. When the news of the regulation first came out, people thought it would be the death knell of MultiPlan. In a way, the No Surprises Act indirectly created the biggest RFP in our company's history. We had an entire book of business that was up for grabs. In hindsight, as we march through 22, I think we can say that we passed with flying colors. We secured our customers and delivered from day one, and it's become a proof point of our agility and ability to pivot. Let's talk about DHP. This has been a bright spot in our portfolio. We bought the business in 2021, and it's turned out to be a successful transaction for us. It was a textbook example of how to snap products onto our chassis. It brought several new elements to our portfolio, including it rounded out our payment integrity suite. It provided an entree into the Medicare and Medicaid market, adding 60 customers. The product suite was really well positioned in the regional payer space because of its independence. You'll see later in our platform section, it brought a mountain of data to our platform that we can mine for additional value. DHP was a little slow out of the gate relative to our expectations, but still grew nicely in 2022, over 20%. As we mentioned in our Q1 earnings call, we've seen strong performance so far this year. Let's talk about HST. It's been a great addition to our portfolio. We acquired the business in 2020, late 2020. This business gives us a really unique reference-based pricing platform, one that we think is best in the market, in the industry, given its unique capabilities. It's our version of Medicare-style reference-based pricing. It's more than that. It exclusively incorporates our PHCS network for physician services. We have a network attached to it. It's wrapped around our engagement tools for members, providers, and plans, which makes the claims process efficient and acceptable for all parties. We add to that patient advocacy support tools for members. It's a very differentiated offering. It's been very well received in the market. In fact, we now have over 1.1 million members on the platform that we're accessing through over 1,200 employee groups. It also diversifies our route to market with an important solution that we can sell through TPAs, brokers, consultants, and directly through employers. Revenue has been growing rapidly, we expect this to be one of the drivers that will help us accelerate our consolidated revenue growth over the next few years as we add services to this platform, and we grow the members. As Andrea is going to discuss with you later this morning, we're enhancing this in meaningful ways this year with the introduction of our balance bill protection product. Okay, I hope you found this primer helpful. Before I pass it off to Michael Kim, I just wanted to make three points. We are... I said it upfront, we are deeply embedded in the commercial health ecosystem. We have one of the broadest product suites that flexibly serves all types of employers and plan sponsors, it makes it super sticky. We firmly believe there's growth in our core services if we invest and if we adapt to the market. Okay, I'll turn it over to Michael. Thanks. Thanks, Mike. Thank you, Jim. Good morning, everyone. For the past nine and a half years, I've been fortunate enough to lead the information technology and information security departments at MultiPlan. Prior to joining MultiPlan, I spent 12 years as a consultant and three years at an early-stage software company and six years at a large legacy insurer. Those experiences really highlighted for me one of the things that I love, one of the many things I love about being at MultiPlan, and that's that we have the resources of a large company, but like a small company, we're nimble enough to drive change very rapidly, and today is about change, and that is one of our core competencies at our company. Before we get into change and transformation, my job is to give you a little bit of a current baseline of where we are today, and that current baseline is we have a great set of assets, and that's our platform and our data. I get the privilege of talking to you about our platform, and my colleague, Sean, will be talking about our data. When we've taken the liberty of broadening the definition of platform to not just be about the technology, but the middle column here is about our data, and Sean's gonna talk about our data. It's also the people that we have, because they are an outstanding group of technology professionals that are maintaining and the care and feeding of our platform on that. Dale and Jim talked about the $500 million that we've invested in our technology. Not surprisingly, it has 10 petabytes of data that we could store in our technology. That's equivalent to five Libraries of Congress, 5,000 servers, 330 applications, and 400,000 custom business rules. The last two points I'm gonna talk about in a couple of the following slides. Sean's gonna talk mostly about the data, which includes, on an annual basis, 546 million claims that flow through our platform. I'm gonna talk a little bit about the 1.1 million files that data comes in from. Most of that data comes in from, 'cause that is a source of competitive advantage for us. Today, we have about 900 technology professionals supporting that, and I'll talk a little bit about that as I wrap up on that. It's a very stable workforce that we have, with low attrition. Recently, we've been able to augment staff and recruit to deliver on a lot of the growth initiatives that Andrea Rowe is gonna talk about today. Our platform. The 1.1 million files that I referred to in the prior slide, that's the top line on this, the EDI files on that. Basically, it means that we are deeply embedded into our customers' claims adjudication systems on that. We've built these data integration pipelines painstakingly over the past 40 years on that. There are 1.1 million files that we get, 700 payers. It represents about 3,000 data integration points that we have. To give you a point of reference, we have about 100 people within the technology organization that's implementing projects, that's enhancing or building new data pipes, and they could do about 200 a year. To have close to 3,000 of these integration points, the ability to replicate that would be extraordinarily difficult and extraordinarily expensive. The other thing I would say, about our deep relationship with our customers, is that we do business with them in whatever way, shape, or form that they want. We could do it as a batch EDI file, connecting their system to our system. We could do a direct real-time web service, which is what the bottom line here represents, API-based. If they don't have the resources to be able to implement this direct connection, they could just manually log on to our web portals and input that claim. We wanna be in a situation where we can ingest whatever data, in whatever way, shape, or form that they want. All of that comes into our intake process and comes into this hub, our claims engine workflow orchestration on that. That hub is a... It connects to all of our products and solutions. Our overall architecture is that we wanna connect all of our different products to this hub on here. We started as a network-based services company. We added analytic-based services, then we added the prepayment integrity, and then in 2020, with our HST acquisition, which we've integrated, we've added in value-driven health plans. Post-payment integrity and revenue integrity services is our DHP acquisition. There are so many product lines that are, we're still in the midst of connecting all the dots on that one. Most recently, with our BST acquisition, was the data and decision sciences. What I would say about this platform is two things. One is, given the architecture, we can achieve horizontal growth very easily. The hub and spoke architecture, we could snap on another product line to this chassis. The other thing that I would say about this chassis we're talking about is it has an ability to support vertical growth. Without a substantial investment in infrastructure or people, we could process a lot more volume with the same set of products that we have, right? Whether it's 1.1 million files or 1.2 million files, has no impact on the overall cost structure for us. It is a massive infrastructure that we have to support this with 5,000 servers and 10 petabytes and 900 technology professionals on that. The architecture seems pretty simple, but the reality is, with 330 applications and 400,000 custom business rules, this is what the real world looks like. This is an actual dashboard that our network operations center staff are looking at. I said 330 applications. These circles here represent applications or nodes. This is 26 out of the 330. All these lines represent claims flowing through our system. This is a real dashboard on that. What I would say is this is a very complex environment because of those 400,000 custom business rules. When a customer engages with us, they'll send us a claim, but they'll say, "Oh, use these products, but not for this employer group. By the way, this provider, I want you to exclude out of your network and then apply this minimum pricing. If you can't achieve anything below that, I don't want to accept that." Those are all kinds of business rules that are embedded into the system. What I would say is that complexity is our friend. It's what our clients value, our customers value. We embrace it. It causes a much stickier relationship, and we offer more value for them. It is difficult to manage, and you need to have the style, size, scale, and complexity to manage an environment and a platform with 400,000 business rules and thousands of new business rules being added every day on that. I would say that it would be nearly impossible without massive disruption to replicate this. The other thing I would say is, from a switching perspective or trying to manage this environment, you need to have the size, scale, and complexity to be able to monitor this environment, right? By the way, this is the real dashboard. When a system starts degrading in performance, it turns yellow, and an alert is fired, and you need to know who to send the alert to, and you need to know what the definition of when a system is degrading. Is one second? Is it five seconds? Have all of that defined and all the rules defined and be able to monitor that, and have the support staff to be able to follow up on that, all right? The other thing is, this is just one set of dashboards about the technology, but the data that's flowing through also has to be monitored. There's another whole set of technologies looking at, hey, we just got 1.5 million claims today. One claim might be missing provider name. It gets stuck in this process as a result, because it's missing a provider name. You need to have all the rules defined for having the support structure to identify. By the way, on an average day, 10,000-15,000 claims get stuck in this. You need to have people who are making sure that the claims are flowing through that. That's a massive investment that needs to be made, and part of the reason we spent $500 million building out this complex environment. As I said, we welcome it. We embrace it. I mean, it's a source of competitive advantage. It's the reason that our relationships with our customers are so sticky. Not only did we invest $500 million, but today, in 2023, we'll spend $170 million on technology and the investments in technology. We want to make sure that that spend is done in a very well-thought-out manner and has the results that we desire. The results are, we want to make sure that our platform, from a technology perspective, stays flexible and continues to be scalable. When I say flexible, I mean fast, nimble, adaptive. When I say scalable, I mean that it's resilient, means it doesn't go down, that it's secure, doesn't get hacked, it's reliable, that the speed of the platform is fast, and it's efficient, it doesn't cost too much, right? Those are kind of the objectives that we have as we build new technology or enhance the technology that we have. The four critical guiding principles that we have underneath that are: one is, we've pivoted as an organization to be product-centric, that we develop our code in an agile methodology because we think that has the best outcomes, rather than the traditional waterfall methodology. That's the first point. The second guiding principle is what we call MultiPlan I/O, which is the reference architecture. Everything we do, we want to do with modern technology and modern tools. That's instead of big, monolithic applications, we want to have microservices that talk to each other via APIs, that sit in containers, that have autonomy. We have a reference architecture that we are slowly. Everything that we build, we comply with that new reference architecture. The third we call DevSecOps, is automate, automate. We want to automate as much as possible anything related to testing, anything related to releasing code into production so that it's efficient and effective. So we're applying all of the modern technology and tools around DevSecOps automation. The fourth is take advantage of the cloud. We are today mostly an on-prem company, but our last three acquisitions are in the cloud, so we're a hybrid model right now. HST, and DHP, they were in Azure. BSC is in AWS, and we were MultiPlan, the legacy MultiPlan business, we were on-prem. We have a hybrid multi-cloud environment. We are moving more workloads into the cloud for all the benefits of the processing power it has and the cost advantages that it presents on that. Those are the four guiding principles on that. I talked to you about being nimble and having the resources of a large company. Five years ago, machine learning AI wasn't even a twinkle in Dale's eye, right? Today, we have a data science department and a mature set of capabilities where we have 25 data scientists, 16 of them have graduate degrees, nine of them have PhDs. With the acquisition of BST, we now have an MIT professor, and Stephen's gonna talk about him, who literally wrote the book on a data science technique called robust optimization, linear optimization on that, and a pipeline of talent into MIT, on that. Fast forward, over the last three years, our data science applications have won multiple awards starting in 2020, 2022, 2023, the MedTech Award this past year. I have no doubt that we'll continue to, our data science algorithms and models will continue to be award-winning in the healthcare sector on that. We have a tremendous amount of headroom here. If you look at the complexity, the chart that I have, and the 330 applications and the product suites that we have, both at the process level and the product level, we see a ton of applications where data science can make us more efficient and more effective and result in incremental revenues on that. The other thing I would say is, the cost of doing business is higher today as it relates to information security. It is a barrier to entry on that. I've seen over the past 10 years, that our customers' requirements around information security has gotten a lot higher. It is very rigorous, the requirements that we have. At our company, we really focus on information security from the individual contributor all the way up to Dale and the board on that. In fact, we have a board member, his name is Richard Clarke, who is one of the preeminent cyber experts out there, and he's been shaping our information security program over the past eight years. Not surprisingly, we spend 7%-8% of the technology spend on information security. That's double a lot of the industry averages that we've seen for companies of our size and scale and the industry that we're in. We've seen 2%-4% was the ranges, typically. That's resulted in what you see on the bottom left on this slide, which are security ratings by independent agencies. SecurityScorecard, we got an A rating. Bitsight rating is 800. That's kind of like a credit score. Anything above 740 is considered outstanding. 800 is best in class. We look at BitSight ratings of all of our largest clients, our vendors, our competitors, and we have the highest BitSight rating, and we have consistently had the highest BitSight rating. InfoSec controls, the middle part of this, all of the compliance requirements, all of the certifications that we have. In addition to that, last year, we had 170 client audits on information security on that we've successfully navigated on that. That is a big barrier to entry, and we feel very, very comfortable with our capabilities in and around that. Finally, talk a little bit about our people, right? We have 900 technology professionals. What are they working on the, from a platform perspective? As you can see on this pie chart, 48% of the staff is on running the business, keep the lights on types of activities. 52% is on growing the business and profits. Industry benchmarks, the last time we looked at it, anything below 60% on running the business was considered world-class. We're substantially lower than 68%, that's a reflection of the DNA of the company, which is operational excellence. We just want to do everything more efficiently and more effectively every day, pounding away at that. That left us room for growing the business. 20% of the staff is supporting all of the day-to-day enhancements on our products to make sure that they're better. 20% is on implementing the growth initiatives that we discussed, and Andrea Rowe is gonna go into more details about. By the way, we didn't have all the people for that. Over the past six months, we've successfully onboarded almost 100 people. It was 800 people about a year ago. All right, we're now 900, and by the end of the year, given the BST acquisition, we'll be likely closer to 950 on that. 12% or about 100 people, they're focused on implementing all of the EDI client implementation projects on that, and that has a direct impact on revenues. As you can see, our whole organization from a people perspective and technology, is aligned with growing the business and growing the profits of the company on that. In summary, when I talk about the platform, it is a really solid, massive foundation that's really set up to grow both from a technology and people perspective. With that said, I'll turn it over to Sean? Thank you, sir. All right. All right, thank you, Michael. Good morning, everybody. My name is Sean Crandall, and I'm the Senior Vice President of Healthcare Economics here at MultiPlan. I have been with MultiPlan and its family of companies 20 years, this October. In my tenure, I've had the privilege of being part of the team that has enabled MultiPlan to become the clear market leader in delivering affordability, efficiency, and fairness into the U.S. healthcare system. Previous to that, I spent time in the employee benefits consulting area, in the underwriting and reinsurance area, and I had humble beginnings auditing health and welfare statements at the age of 17. What is healthcare economics? Healthcare economics is seen as a strategic advisory partner, not only to the MultiPlan team, but to our clients' affordability and healthcare economics units as well. Our team sits at the table hand in hand with our sales team and their customers, walking through their analytics and market dynamics. With humble beginnings, as part of the network development team, the healthcare economics has expanded advisory services to the entire organization, as Claritev's products portfolio group. Today, the team is comprised of 70 analysts, developers, data solution engineers, and client analysts that actively use our vast data sources to deliver value. As a collective team, we complete 28,000 requests annually and provide self-service solutions that our Claritev employees use over 300,000 times a year to support our core business. In order to execute on our advisory, we rely on Michael's team heavily to provide a curated data ecosystem, where we have built over 100 modules and house billions of historical claims records to help service those requests. Now, I'll kinda touch on the four key areas that we service. Sales and marketing and our client services, operations and our service areas, product and service line strategy, and our corporate and reporting strategy across the organization. Let's take a look at some additional detail within each one of those lines. Okay. Within our sales and marketing vertical, the healthcare economic team sits as a strategic advisory partner, not just a vendor, to large national payers, local regional TPAs, and regional health plans. We leverage our data platform and advisory, thus, we need to have a comprehensive understanding of customer performance, and it's vital for us to find improvement areas for our clients. Navigation through data is key. As Michael stated before, we have to account for 400,000 different business rules within our day-to-day operations. In addition to helping service our existing client base, we serve as the analytics lead on new business development, in which we process $16.3 billion in claim charges from external data files in the last 12 months. In our MultiPlan operations and service areas, granular-level performance analytics about how we are operating and servicing our business is needed to meet our client needs. Healthcare economics aligns our data and our subject matter experts in a way to derive value all across the organization. For example, we send 62 million insights and recommendations via our analytic engines to various operational areas across the organization. Within our product and service line strategy, we leverage our data ecosystem and play a vital role in new products and initiatives to help create that strategy for those service line leaders. A few notable contributions over the last 24 months include: You heard Jim earlier say we created 161 million QPA values to support the NSA process. We've analyzed 19 trillion transactions for our network development team that not only services our primary network product, as well as the expansion of our Medicare Advantage network. Within the corporate and reporting or corporate reporting and strategy, we are responsible for all your what I'll call your business intelligence and corporate reporting needs, but we also provide market insights on the healthcare affordability and delivery that help inform future product direction and strategy. Let's get to the exciting part, the power of the data on our platform. Today, I wanna run through just the basic current scale of our platform, as well as to kinda outline the runway that we have in front of us. To recap, you heard earlier, we've received 215 million claims, totaling $155 billion in charges in 2022, where we've identified savings on, to the tune of $22 billion. As a part of the continued review of our business and our data flows, the team has discovered use cases that we could capitalize on another $400 billion on our platform that we could tap into to realize additional potential. We're looking at about 3x 3.5x opportunity with additional system volumes that we can apply new products through, okay. Again, this is all done to address the needs of our clients. Having the data is one thing, but you need to be able to execute on it. With our additional potential defined, how do we realize that? There are two key components that you need. The first is the MultiPlan data platform that contains both provider and claims data. We have 1.3 million providers and over 100,000 facilities, that we have value-added data components like hospital affiliations, provider groupings, and key specialty categories. That, in conjunction with our MultiPlan claims data, okay, that contains net advantage, in-network, fully insured, in-network ASO, as well as a whole host of other platforms, that is a key component to help harness that. The second component, which is the most important part of delivering value, was the acquisition of BST. We needed a vehicle in order to do that. MultiPlan has historically looked at things from a very descriptive standpoint, okay? In order to expedite this, BST will allow us to predict and recommend strategic actions to recognize values within these claims flows. You will hear from Stephen later this morning that outlines the potential that we have in areas of risk, and harnessing the power of payer transparency files, and the platform that comes along with it, which is BenInsights, to directly deliver that value to our client base. Now, to kind of help preview Stephen's presentation, I want to go through two things. On how this data on the provider side and the partnership with BST will provide value. First, price transparency applications. BST has curated 400 billion records, and when you combine that with our provider data and the financial engine that I've talked about before, it'll enable us to work with our payers and clients directly to realize areas of improvement and optimization for their network configuration. Second, we'll be able to directly impact risk identification and affordability of our clients. Using the MultiPlan data runway that includes both net advantage, in-network claims, and fully insured and ASO volumes, is part of the delivery value that we seek. The part I'm really excited about on this, is the, not only ability to use these existing data flows, but from the risk standpoint, identifying members that are low-cost claimants in one period, that could be a high-cost claimant in the future per-period, with little or no efforts on our client's end, okay? We have the data. We've harnessed the power. That is exciting to me. Okay? With that said, I'd like to thank you for taking time to go through how we derive data for our clients. Again, there's a significant runway in front of us, and the healthcare economics team will continue to dedicate our resources to meet the demands of the client and market needs. Up next is Dale to talk about our growth plan. Dale, I'll hand it over to you. I'll give it to Luke again. You've just heard from Michael and Sean about the platform, our platform, and our tremendous data assets. As mentioned earlier, much of what we are focused on with our growth plan is about unleashing the power of our platform and data to capture additional opportunities that are right under our nose. What we'd like to do now is to pivot to a discussion of our growth plan. Along the way, we are going to tell you why we arrived on this particular plan, explain why we are confident that we can execute on it, and detail the product initiatives that underpin it. Let's start with some context. When Jim and I took on our current roles, we were thrown straight into the proverbial frying pan, because as I mentioned, 2022 was a tumultuous year. During that first year, the No Surprises Act went live, it was a company-wide effort, consuming much of our resources to implement our solutions on behalf of our customers. Also, at the end of Q2, we renewed the first of our 3 multi-year contracts with larger customers, which increased our visibility for the next few years, but also had the financial impact that implied our 2023 revenues were going to look flat, all else equal. In Q3, third quarter, we experienced volatility and softness in healthcare utilization, which caused our revenues to rebase lower. Against all that, in fact, independent of all that, we recognized that we needed to revitalize our strategy to accelerate our growth and take the company to the next level. In the second half of 2022, we assembled the leaders of the company to conduct a comprehensive strategic review. Through that review, we identified and prioritized our most attractive opportunities, and we established a renewed set of strategic goals. These goals include significantly accelerating our growth trajectory, reducing our revenue concentration by product as well as by customer and by channel, broadening our footprint of services pointed at the in-network claims, which outnumber out-of-network claims by a factor of 10 to 1, and following through on our aspirations to further penetrate the fast-growing government business, starting with Medicare Advantage. Guiding the execution of our strategy is a set of principles that characterizes how we should invest in our business to optimize our success. First, we want to capitalize on our strengths, and I'll say more about that in a minute. Second, I mentioned earlier that the demand from our customers for new services is strong. Our strategy is driven largely by our intimate knowledge of the challenge our customers are trying to solve. Third, our strategy is aimed at supporting our customers in the markets they are focused on, growing specifically the government markets of Medicare Advantage and ultimately managed Medicaid. Lastly, we are resolved to invest in opportunities with high incremental returns that have manageable sizes and risks, and in other words, that we are confident we can execute on, given our capabilities, our resources, and our capital. Just a moment ago, I mentioned that one of the guiding principles of our plan is to capitalize on the underexploited strengths of the company. This is a theme you've heard several times today, but is worth repeating. These are the advantages that have made us successful in the past and that are the foundation to our future success, because they continue to present a ton of latent, untapped opportunity. Jim talked to you about the strength of our customer relationships. Sean spoke to you about the enormous opportunity to monetize more of the claims already on our platform. That means doing more with $155 billion of charge volume we already point our services against. As Sean mentioned, there's another $400 billion of annual charge volume that already exists on our platform that we can do much more with. Again, it's all here. It's all right here inside our walls, and all we have to do is unlock the opportunity. This is our growth plan. This is our growth plan in a nutshell. First, we are reinvesting in our core out-of-network solutions to continue to improve our competitive position and expand the value we create for our customers. Second, we are expanding our service lines from three to four with our new data and decision science service line you see here. Third, we are introducing our new B2B payment services to add value across all four service lines. What you see on this slide is the pipeline of products we plan to launch across our different service lines in 2023 and in 2024. In a moment, our Senior VP of Product, Andrea Rowe, is going to discuss all of this with you in much more detail. The revenue of these products, the revenue expectations of these products are high, but we believe they're very realistic expectations. Over the next several years, we expect to generate incremental annual revenues of $200 million-$275 million. As we mentioned in Q1, we expect $50 million-$100 million to come from our core service line enhancements. As we mentioned when we acquired BST, at least $100 million will come from our new data and decision science service line. With the announcement of our B2B payments partnership last week with ECHO Health, we expect between $50 million and $75 million from this new solution over the next several years. Again, in total, we expect these initiatives to increase annual revenues of $200 million-$275 million over time, significantly increasing our revenue growth trajectory and our base of revenues. It should be obvious from the previous slide that I'm very excited about the combination of MultiPlan and BST. As we noted when we announced the deal, the transaction brought together complementary capabilities. In short, we believe BST's industry-leading data and decision science capabilities is the key to unlocking more of the value on our, from our platform and our customer relationships. In fact, BST adds 13 more products to our product line. This is the first time we've had an opportunity to speak with you about why we did this transaction and what the combination really means for MultiPlan going forward. I'm delighted that you're going to hear more about that from the former CEO of BST, and now head of our data and decision sciences service line, Stephen Sofoul, in a few minutes. This is also the first time that we've had a chance to speak with you about our exciting new partnership with ECHO Health. ECHO is going to help us deliver B2B payments that will streamline provider reimbursements and drive further efficiencies in the end-to-end claims adjudication process. We believe this offering will enhance the value we provide across our entire solution set and enhance our competitive position in the key channels we are focused on, including the third-party administrator and regional health plan channels. I'm delighted to take a moment to introduce Bill Davis, CEO, and founder of ECHO Health, Tom Dean, President of ECHO Health, who are with us today. Thank you for both for coming. As a side note, Bill and I have known each other for a very long time, we are both super excited about the partnership that we've established and the possibilities that are in front of us, and we look forward to moving forward. As you can see, right, we are pivoting quickly with our strategy. We believe we have the right strategy and an outstanding pipeline of product initiatives to grow our top line meaningfully over the next several years, and along the way, to transform MultiPlan into a better and stronger company. As you've heard me say many times, now our focus is on execution, and execution. A strategy isn't worth much if you don't execute against the plan. We expect our investors will monitor our progress and hold us accountable to meeting our milestones. This is something we can control, and we are excited about the journey. Before I hand it over to Andrea Rowe, our Senior VP of Product, I wanted to acknowledge and thank John Prince, our newest Board Member. John comes to MultiPlan with 25 years of executive leadership, a lot of that with Optum, where he was President and COO of Optum, and prior to that, held multiple executive roles at Optum, including the President and CEO of OptumRx. He brings enormous executive leadership to the Board. He brings enormous talent and experience in operating businesses. He brings enormous and experience in the pharmacy, and as you'll hear in a few minutes, how we want to look at that space as an opportunity. More to come, but I wanted to thank and acknowledge John Prince for joining the board. With that, I'm gonna hand it over to Andrea Rowe, who's going to talk about our new product initiatives and bring some of what we're doing to life and help you appreciate the opportunity that we see in front of us. Andrea? Should I just keep talking? Oh, there it goes. Okay. Phew! Okay, good morning. My name is Andrea Rowe. I've been with MultiPlan a long time, back to 1998. As such, I've had a front-row seat to MultiPlan's evolution. In fact, I've participated in our evolution in varied leadership roles, in operations, and in IT. Earlier this year, I was honored and thrilled to be asked to bring that deep experience to my current role, leading product. Today, I'm going to talk to you about MultiPlan's investment in product, as well as where our products have been, and as Dale just mentioned about the growth plan, where those products will be. Two years ago, MultiPlan started this journey to transform into a product-centric organization. This is a significant investment, including my role, building and leading product, building a product team, and building the relationships and ways of working throughout the company. Our job is to try to help drive Claritev's growth by translating customer needs and market trends into effective roadmaps for our products. Our sales and account teams have deep relationships with our customers, and we rely on them to communicate the voice of the customer. We also often talk directly to the customer, especially when concepting new products. For example, our customers played a heavy role in developing the NSA compliance services that we launched last year. The product organization is responsible for translating those customer and market needs to help focus our IT, our operations, and reporting teams on successfully innovating to bring products and product enhancements to the market. You just saw this slide as Dale walked you through the growth plan. Today, I'm going to go deeper into the investments in our existing service lines, describing the products we're creating for the first three rows here, expanding on HST platform, our core service enhancements, as well as solidifying our position as a leader in NSA. Before getting into those products, let me demonstrate the growth plan's impact on our MultiPlan products through the lens of the product lifecycle. This is a typical product lifecycle, and a good organization would have products in various stages of this lifecycle. Today, most of our products lines are in a steady state of growth, with our network-based services being the most mature. Under our analytics-based services, we also have a high-growth service, Value-Driven Health Plans, that is hosted on the HST platform. As the name implies, our growth plan is designed to spur growth, let me illustrate the end result with these new products. We are significantly expanding our HST platform this year and next, which will drive new growth for these already high-growth services. Within our core services, we're introducing additional new products that I'll be describing shortly. New products like ProPricer within our analytics-based services, and like IBR within our payment and revenue integrity services. Our network-based services, which are Claritev's longest standing and most mature, are going through an exercise this year to determine their next generation. The product team is collaborating with network development, operations, and sales, and our newly acquired BST. We are close to presenting the business case for a new concept for this network, for our network-based services that involves highly curated networks for specific populations. Product is also hard at work, aiding the development of our new data and decision service line. We are about to begin a similar exercise to implement the partnership with Echo that was just announced. As we build out the Echo strategy, we will determine how we bundle payments with our other offerings to meet our customers' needs. Okay, let's go a little deeper. The first of our key initiatives in the growth plan is expansion of the HST platform. The market landscape is changing as more employer groups are self-insuring. In fact, market trends are that the self-insured employer enrollments will continue to accelerate for five more years. Voice of the customer tells us that these employer groups need ease of access to get to all the tools that are necessary to self-insure. Which brings us to our vision for the HST platform becoming the employer Healthcare Solution in a Box. HST already has a very rich offering across member plan and provider engagement tools. In blue here, are tools that we already offer. In gray are the tools that we are adding with our growth plan. As always, right, good organizations evaluate the how, considering whether to build, buy, or partner. We're leveraging all of those in building out these concepts of Healthcare Solution in a Box. First, we decide to build our Balanced Bill Protection. Listening to the needs of the customer, we know that a portion of the reference-based pricing market wants full provider acceptance. Balanced Bill Protection delivers this by managing provider balance billing from start to finish, alleviating abrasion for members, employers, and providers. I'll even mention here, our new product organization, as I mentioned, how they'll help focus the whole company to bring a product to market. This is one that has been very interesting internally to watch the teams really build that new muscle way of working across IT, ops, finance, and legal to make sure what does this product actually look like, and does it meet the needs of the customers? For the tools we've decided are a better solution via a best-in-class partner versus building from scratch, we have three of these here. In 2024, we'll partner to add capabilities in pharmacy, care navigation, and our payments via Echo. For the buy approach, we're going to leverage our newly acquired capabilities from BST. To enhance the existing analytics and reporting, also to incorporate benefit plan design into the tools in this healthcare, employer healthcare solution in a box. Finally, we would use BST's prescriptive analytics to create those curated networks that I had just mentioned. We think these highly curated networks will fit beautifully into the employer healthcare solution in a box. Another of our growth plan initiatives is to enhance our core services in strategic ways. We'll focus on a product within our analytics-based service line. Let me introduce to you our ProPricer service. MultiPlan has the industry's broadest range of out-of-network pricing options. With ProPricer, the customer can set their unique preferences as it relates to balancing savings on the one hand, with their tolerance for abrasion on the other. Our AI-enabled pricing technology, combined with 40 years of claim data and pricing experience, wires together the out-of-network pricing options the customer has elected to use to deliver the best price on each claim under those stated preferences. This is another of those examples where the product organization looked at the market landscape as well to say, "How do we take our assets and modify to meet the needs of where everything is going?" ProPricer takes many complex options and simplifies the solution for the customer, removing the guesswork from payer and network cost management programs. We'll focus for a moment on our prepayment integrity services. In 2023, we're enhancing our Itemized Bill Review. This is a product offering that MultiPlan added with the acquisition in 2021 of Discovery Health Partners. It addresses the payment integrity on high dollar services. Our customers who have implemented IBR have had very strong results. This year, we're investing in two innovations to enhance results even more. We're connecting our extensive prepayment integrity analytics process to incorporate the data mining for the best cases to pursue. We're also building functionality to simplify the client interaction with us in submitting cases, providing documentation, and tracking progress. This is a, I wanted to touch on an example where our product organization has been talking with, via our sales organization, what are the customer wants and desires, and really, that ease of simplification of interaction with us was the feedback that we received. As we go into 2024, we'll be expanding on our advanced code editing capabilities. This service has been deployed by customers to complement the primary editing, but it's also a powerful editor in its own right. In fact, a number of our customers have told us they would benefit by its use as their first pass editor. Therefore, our growth plan calls for optimizing the program for use as a first pass editor, adding increased ability to customize when used as a subsequent pass editor, and adding visibility into the claims throughout the process. NSA, the last growth plan initiative that I'm going to cover today is initiative to solidify our leadership position we have in helping customers comply with the No Surprises Act. Our NSA compliance services are a great example of Claritev innovating our existing offerings to create a new product to meet customers' needs. Jim showed you earlier the significant volume we have driven through these new services in the first 17 months. In 2023, we're continuing our investments in NSA services in a number of ways, most notably adding sophistication and enabling insights. First, the sophistication. Due to the nature of NSA's regulation, NSA claims have 4 touch points that impact price. That price is either the QPA... Oops, a little early. That price is either the QPA or the QPA expressed as a factor of the QPA. Remembering that QPA is the median contracted rate benchmark. Okay, what we are doing is we are enhancing our NSA services by building a rules-based program that allows customers to vary the pricing at any of these 4 touch points. Customers will be able to create many rules to vary the price based on any number of claimed scenarios. Let's take an example. ER upleveling is a common problem in the industry. We have a proprietary severity score that we have created with our data science and healthcare economics teams, leveraging both actuarial and clinical data and expertise, and experience. This rule shown here says if an emergency claim is coded at the highest severity, the data suggests the patient's need wasn't severe, the customer may prefer to hold reimbursement closely to the QPA, maybe even below it, since the claim was coded for a higher reimbursement than was warranted. In essence, we're enabling our customers to apply game theory to most effectively price a surprise bill in order to minimize the added medical and administrative costs of the post-payment process. For enabling insights. The other investment in NSA this year is enabling insights, which we are delivering through a newly created data and analytics platform developed with the help of our data science team. With this platform, not only will customers be able to see the results of the pricing at every stage of the process, but we'll be providing the insights that will guide them in determining what rules to apply using the new rules engine capability. We are working, even today, very, very closely with our customers in, like, directly connected through our sales account management team to subject matter experts at our customers to make sure that this product meets their needs. These insights will help them set what rules they want at what levels that I just mentioned, the rules-based pricing engine. In review, we are committed to the continuous evolution of our products across this life cycle. This slide illustrates where we're headed with our 2023, 2024 growth plan. This slide illustrates where we're headed in our 2023, 2024 growth plan initiatives, shifting our product lines even further into high growth mode. In closing, I'd like to highlight three. In 2024, we'll launch our next generation network strategy, likely highly curated networks. Second, we've just announced our partnership with Echo, who we are very excited to strategize with. Finally, our data and decision science service line will move further up the rapid growth curve. You're going to learn more about this exciting new service line from our next speaker, Stephen Sofoul. Clearly, the product organization is off to a great start with a tremendous pace of innovation by way of our growth plan. I want to thank you for your time, focusing a little deeper on this, and we are going to now go into a Q&A session. I'd like to invite our speakers from this morning up to the. I think, just a couple of things. I think most of you can hear me, but, we'll do a short Q&A session. Oh! Uh-oh. Okay. I'm good. It hit the little thing. For 15 minutes, and there are two folks in the room that have microphones that can help. Then right after that, depending on how much time, we'll take a short break. Mm-hmm. We can hear you, Steve, but go ahead. There we go. Steve Valiquette from Barclays. Thanks. Great set of presentations so far. Great info. Thanks for setting everything up and going through all this. One question around the $100 million of revenue growth coming from the, you know, data and decision science services. I think that was on slide 57, as far as all those growth trajectories. Just curious, a little more color around the trajectory of that revenue growth as far as, you know, will the growth be lumpy with, you know, larger new contracts being added? You know what, you know, maybe just a sense for the average size of a contract, or will it be more of a linear progression as you kind of visualize the $100 million of revenue ramping up from that opportunity? Thanks. Okay. Yeah. Thanks, Steve. I'll take that question. I think, in a nutshell, I think it's gonna be relatively linear. Now, as Dale mentioned earlier, it's a handful of products. There's some that are in market today, like the BenInsights platform. There's others that we're releasing, PlanOptix, et cetera, which Steve will talk about, but these are not giant contracts. What these are software as a service solutions, and so it's gonna be smaller installations, but distributed to a very broad base of customers. For instance, in PlanOptix, you could argue the payers would want it. Ultimately, down the road, you could see the provider universe wanting to have those same tools to understand price transparency. I think it's a deeper well, and, but smaller software installations. I think that Mario, just to add one comment, I think the pricing model for many of BST services, right? You know, you heard Jim, you know, as a percentage of savings. 85% of our revenue is percentage of savings. The BST products, it will be different, right? It's not a percentage of savings. It will be a software license fee. It will be a PEPM. We'll be changing the models as we move forward. Yeah. Hi, Daniel Grosslight with Citi. Thanks for all the detail here. Jim, I want to go back to a point that you made that I think is oftentimes lost on customer concentration, even though if you look at the 10-K, it's very concentrated, but ultimately, the plan sponsors are much more diverse. I'm wondering, how much do plan sponsors rely on the plan to drive their decision on out-of-network products? For instance, one of your large customers developed their own product, and they're pushing that as their lead out-of-network product. How much influence does that have on the ultimate plan sponsor? Well, let's put ourselves in a employer's shoes. you know, I'll go back to that tech company, the 50,000-person tech company or the 1,000-person manufacturer. They're gonna look at a variety of different options in terms of what they want to accomplish with their benefits, choice, member abrasion, things like that. Again, we made that point, one size does not fit all in the marketplace, and it's very segmented. There's gonna be spots where reference-based pricing is gonna be more acceptable, cost-conscious, et cetera, but there's gonna be plenty of spots where a broader suite of solutions. I look at my alma mater, Morgan Stanley, or something like that, or a big tech company, where they want a very broad choice of solutions. At the higher end of the market, I think choice matters more, and so you have to have multiple ways to win. By the way, our payer customers think that way, we think that way. They understand that they have to have multiple tools in their toolkit. Got it. Maybe just one more on that. You mentioned that you're seeing some take rate compression in some of your large contract renewals. I'm curious how much of that margin the plans are keeping for themselves or passing on to plan sponsors? Well, we'll talk about that in the financial section. In a lot of ways, our distributors and with their contracts are, you know, kind of setting price on our services. Obviously, some of that, I presume, would get passed along to the end plan sponsor. Got it. Thank you. Thank you. Hi, Josh Raskin at Nephron. I've got two questions. I guess the first is, you know, you've got this giant base of customers, 700 plus plans. How do you prioritize cross-sell? You're introducing a ton of new products. How do you sort of, you know, triage what's most important for MultiPlan or, you know, as a sort of customer choice? The second question is just around the NSA product, and I'm curious, the sales process, how is that impacting network services? Do your customers think of that as separate, or do they think of that as sort of combined, and they're buying them both together, and is there some sort of, you know, differential on how you deliver that together? Sure. In answer to your first question, Josh, in many ways, the list of products that we have, that we're developing through our growth plan and the additional products that BST brings are the wish list of our customers, right? We haven't deviated, you know, five deviation points away from what we do or what our customer wants. These are our customers' pain points, everything organically we're doing through our growth plan is aimed at enhancing our core business. It's the NSA, it's the balance bill protection initiative that we're snapping on the HST's platform. It's the Pro Pricer. These are pain points that our customers have expressed to us, it's their wish list. We're in sync, we're in alignment with what our customers want, and we're building and adding through BST to resolve additional pain points. We're in a complete alignment. In terms of your second question around the NSA act and no surprises, obviously, on out-of-network, all of our solutions are available to a payer, and many of the payers use our solutions to manage No Surprises Act claims. Many of them have developed, and you know they've developed their what they call QPA or their median contract rates, and have asked us then to manage that on their behalf. From a network perspective, our network can be utilized and is, in some cases, you know, for a surprise bill, or negotiation services can be used on a surprise bill. Also a payer can say, "I have my own QPAs. I'd like my QPAs to be applied to that claim MultiPlan." Flag the surprise bill, manage the process. If a provider pushes back on the back end after their initial payment, you manage the post-pay process and then ultimately IDR. It all comes together. We're very flexible, and we can tailor that solution to the needs and wants of the payer. Yeah. Josh, I'd just also say we're bringing a lot of products to market, and are you going to crowd out an individual customer's ability to buy? I think you should note that we're targeting different segments with these products, so it's not like we're showing up at the one client saying, "Here's a whole new list of things." You know, for instance, the balanced bill protection product is going through our HST program. That's almost just a, an upsell on top of the normal customer. "Hey, do you want to join the HST platform?" "Hey, you're a member, or you're, you know, you're on our platform. Would you like this additional service?" Whereas, the NSA services, you're going specifically and enhancing the process. The good news is they're not mutually exclusive. On the other hand, we've got to do good marketing behind it. We've got to have the products ready. What you're seeing from us, what Andrea just said, is we're building a pipeline, so we have more things to go to our clients and help their pain points. Krista. Oh, sorry, Francoise Sorry. She's got the mic this time. Hi. Francoise Giacalone, Oaktree Capital. Just kind of a follow-up to these marketing questions. You've outlined a number of new products and sort of new markets and adjacencies that you're interested in entering. When, when you're marketing, when your salesperson is calling on the client, in order to sell these new products, are they calling on the same people, or is there a new introduction that has to be made? I mean, who's sitting in the room when Claritev comes to call? I can't... It's hard for me to imagine, like, is everyone there who needs to be there to be able to sell your new products as well? I think it's a great question. You're asking: Who's the internal buyer of the products and services that we have? It in large part depends on the size and scale of the customer. I mean, in many of the cases, the larger customers have teams of people that are dedicated solely to manage out-of-network costs. On a regular basis, our team is connected to that team, and then behind that to the network development team, to the claims operations, to the healthcare analytics team. Sean works exclusively with the larger customers and their healthcare analytics. Each of those can be buyers of our products and services, and we're connected. We have gateways into the company, but we also have relationships with the internal buyers behind that gateway into our larger customers. Who are the internal buyers that typically we work with? It will be network development, it'll be claims operations, it'll be healthcare analytics, and those tend to be the internal buyers. Having said that, with the addition of BST, right? We think, and you'll hear later from Steve about our PlanOptix price transparency product. We think we know inside larger payers, there's competitive intel teams that always look at where the payer is positioned against their competition. There's going to be the healthcare analytics team, who's managing the risks and the competitive nature of their program. The network development team is going to want to have access to that data and that product to better negotiate with providers going forward, because of the data and the power of the system that we're bringing. We're, you know, again, as you go down in size and market, the resources become more limited and more centralized. Look, we've been at this a long time, and we know, particularly the larger payers, 25 years relationships. We have relationships that cross over, not only into the commercial health space, but we have contacts inside their Medicare Advantage product team or inside their managed Medicaid team, depending on the products we had and are talking to them about. Thanks. We learned a lot about the new products. I was wondering, besides the product innovation, where are you in your discussions with the customers? Have you contracted for these new products already and started the IT implementation, so basically, that customers start to roll claims on these actually and sort of, so they have more clear line of sight on that? Well, yeah, maybe we can talk about. Depending on the product, some of which have not been released yet, so some of which were already in the environment. I think it's relatively smooth. I think when you talk about balance bill protection, we're on the cusp of putting that out into the market. That is just a snap-on to our existing HST platform. It's not an integration lift per se. That's, I think there's a sales cycle to it. We're starting to generate that. On NSA, it's really kind of a cross sell back to our existing client. That's going to be just kind of, "Would you like this service to turn on?" "Yes." "Do we want to customize it?" "Yes." There'll be some back and forth, but these are all relatively easy. Now, I think we'll talk with Steve Soffel when he comes on. When it pertains to some of our newer products, those are gonna be coming into production. There will be a sales cycle, but there's a pretty receptive audience here because a lot of this stuff is services they can't get today. Dale, you might wanna- Yeah, I think. Help it out. Look, the organic initiatives that Andrea Rowe outlined are, and as Jim Head just talked about, are easy ones to snap on. We're talking to the same people. It's enhancing our core. Pro Pricer is an adjustment to our existing, our existing process. The balance bill protection on HST is snapping on to our existing HST platform. You know, the NSA is enhancing the work we do for the customers who purchase NSA services from us. Those are. We know, we have line of sight. We've been engaged with the customers about that. Again, this is no surprise. We're in front of our customers, as you know, on a regular basis. We're listening to what their pain points are, we're listening to and understanding what their needs are, and then building product to address that. None of this will surprise our customers, right? The addition of BST and the 13 products that they bring, we're excited about, right? We've owned BST for a month and a half, now we've collaborated with them on the development and formation of the PlanOptix, on the PlanOptix, which is the price transparency product, which Steve will talk about. The all the additional products in terms of risk scoring and BenInsights, our teams are super excited about to be bringing into the market to the customers. Dale, the strategy that we had that ultimately led to the acquisition of BST, we were talking to our clients about this last year. Yeah. Seeding these ideas about risk and transparency, et cetera. This is not a, "Hey, we just bought a company. This is a brand-new discussion." We had been basically getting in front of our clients and creating this roadmap, and then BST crystallized it for us. You know, when we announced the transaction, our customers were like: "Wow, this is exactly what you've been telling us all along." We've got a very good start in terms of the sales cycle with these products. Hi, Rishi Parekh, JPMorgan. Sorry, three questions. One, can you walk us through the margin profile on the revenue initiatives that you outlined, and how we should actually think about it over the next couple of years? Two, and I may be jumping ahead a bit, but on Echo, can you walk us through what you're doing today, the processing fees that you're probably incurring today, and is that all gonna disappear with this Echo relationship? Take the ECHO. I'll ask my third question. Product? Okay, I'll speak to margins. The margin profile of all these products is ultimately gonna be quite strong. We're not getting into a new kind of people-based set of businesses. These are snapping on onto our platform, they're gonna all be very high margins. I think we'll talk a little bit about BST, which as we scale it, the margins are going to improve. That's, you know, that's not a product, that's a company that we've acquired. Generally speaking, all of these, when we reach run rate, are gonna be at corporate level margins, in our opinion. I'll talk to the Echo. Today, we basically don't do payments, right? This is added services that we're gonna partner with Echo to bring to the table. We will figure out how do we enhance what, how do we bundle that with our existing offerings to add more value to our clients? That was, remember, that build-by partner. This is a, "Let's find someone best in class," 'cause we don't do that today, and partner to say: How do we bring that, bundle that with our existing offerings to the market? Do you want to add something? Look, for us, right, as Andrea pointed out, it's buy, build or partner. In this case, we're partnering with one of the best payments company in the U.S. For us, it was all about speed and speed to market. The partnership's not, again, we've known each other, the companies know each other, the founders and CEO have known each other a long time. We're super excited about that. I can tell you, and you'll hear from the best voices about the enthusiasm for these products, the BST and payments. You'll hear from the sales team, because they're facing the customers day in and day out, large and small, TPAs, regional health plans, the larger carriers, Blues plans. They're the best voices for you to hear the enthusiasm about it. We're really excited about the opportunity that payments brings to this company, and looking forward to the possibilities going forward. Just the last question on the MA front, you know, we've been hearing from providers that the post-denial and adjustments, the yields are less than Medicare. Can you just walk us through how your revenue recognition works on the MA business? Well, there's two. Let me speak to it currently, I guess, Rishi. I mean, two, we do two things. As Jim mentioned in his presentation, we build Medicare Advantage networks for customers who need resources and help in expanding their footprint, right? We have worked with a number of plans that want that are under very tight timelines to develop their network, so it gets certified by Medicare, and they turn to us and help us. You know, we leverage our 1.3 million providers that we have under commercial and in some cases, government-related contracts, and help them build a network so that they can then file it with Medicare and be in the Medicare Advantage business in that county or that state. That's one way, right? That's one way we get revenue. The second, largely today, right, is through payment integrity. Today, we do work through our payment integrity and our revenue integrity program, both programs which can be tailored to meet the Medicare Advantage programs and their pain points. We've tailored our payment integrity program to meet the needs of the seniors and the senior utilization. The revenue integrity program, which we've talked about, is how we can help health plans identify instances where CMS has underpaid them for a member and get it corrected and bring that revenue back to the health plan. In both cases, most of that is based on a percentage of savings. Rishi, the important to know here, these are the revenue models that are consistent with our core business, percentage of savings or fee-based. We're not in the Medicare side, we're not in that risk business, if you will. We do think we can be very helpful to the entire ecosystem as risk shifts between providers and the government and the payers. The having those insights and having that data, we'll approach it from a fee-based or a, you know, kind of a SaaS type of model versus taking risk, per se, on contracts. Hi, Steve Valiquette from Barclays. There's obviously been a lot of investor attention on artificial intelligence, to say the least. You mentioned the AI-enabled pricing technology when discussing Pro Pricer. I guess I'm curious if you could just describe the AI capability in greater detail. Is this something that you've purchased and/or licensed from a third-party vendor as far as the AI technology, or is this something that you've developed internally? I'm just curious. I'm sure investors want to hear more about this as well. Thanks. Sure. The basis of that is what Sean talked about, which is we have an awful lot of data historically on performance, whether a provider appeals, abrasion, success across all from a very long period of time. What we've developed is AI models that predict the likelihood of a provider appealing the result of one of our things, and for those, we would route the claim differently or reprice. Our AI is both impacting the offering of the price discount as well as the routing of the claim on that. It's a set of rules that it's generating, that's routing the claims to what we think is the best area, best solution, as well as, you know, predicting the likelihood that there might be some provider abrasion and doing things to make sure that there isn't, based on whatever the client has configured as their sensitivity. Is that our capability? Yeah. No, we developed that all in-house. Right. with our data scientists, and so that is intellectual capital that we have and our unique data. Yeah. Explaining 400,000 different rules to somebody outside would take a long time. Sure. why don't... Let's see, it is, 10:35. Why don't we take... Luke, do you want to go to the top of the hour, or you just want 15 minutes? Do we want to take a 25-minute break, or do we want to- What do you want? We can do 15 minutes, or we can come back at the top of the hour. Fifteen? 15. Okay, 10-11 Hi, everyone. We're ready to get started. Hi, I'm Stephen Sofoul. It's my privilege to introduce our new data and decision science service line. As the President and CEO, and cofounder of Benefits Science, it is my privilege to be able to share a little bit about our company, our founding, and what we've grown into, and then to talk about what we saw in the combination of these two businesses, really unlocking the value of the data science assets and product portfolio of Benefits Science, combined with the existing integrations of hundreds of payers at MultiPlan, to be able to provide advanced data analytic solutions to payers. We're excited to introduce the business today. As the cofounder and CEO of Benefits Science, we're gonna go through a journey today to talk about the impact of artificial intelligence and machine learning in this business, how we're deploying it into markets that we have been servicing now for over a decade, and we couldn't be more excited for the opportunity to combine together with this fantastic organization. We've been hard at work for the past decade at developing data-driven solutions, some of which we're gonna have a chance to talk about today, as well as introduce a new solution called PlanOptix, which the industry is extremely excited about, and we actually began collaboration on this product solution with MultiPlan even prior to the combination of our two companies. This new service line for MultiPlan is all about data, and not just ingesting and processing data, but deriving insights from the data, turning those insights into prescriptive actions for our customers. In our product wheel, these solutions that we offer, at Benefits Science, and now MultiPlan, leverage both in and out-of-network claims, med and RX claims, to deliver descriptive, predictive, and prescriptive analytics. You may think of MultiPlan as a company that historically has focused on the out-of-network portion of the payer's claims data. Over the past few years, through recent acquisitions, including the Benefits Science acquisition, we are now able to provide services on the larger in-network percentage of the claims, which you've seen in some of the slides, that untapped potential, which we'll talk about in a little bit more detail. I'd like to share a little bit of the story of Benefit Science and then talk about why we're here, why we're together. We were founded in 2012. Myself, Dimitris Bertsimas, who I'll speak about a little bit more in a moment, and Sid Mann cofounded the company. You know, we believed at that time that advanced data science methods were going to play an increasingly important role in the healthcare industry. Back then, the words artificial intelligence, machine learning, most companies weren't very familiar. Very few were leveraging those technologies. In fact, the industry, even today, is largely utilizing actuarial science to predict risk. Fast-forward now 10 years later, virtually every company in healthcare is trying to figure out how to leverage their data and to use these advanced technologies, to derive insights and then take action on the data. I can assure you we are not a startup. We are processing data on over 75,000 plan sponsors on a monthly basis, those data flows are increasing rapidly. It is our belief, our clients really press us, press us on this, that it's not enough to just simply describe what has happened. The descriptive analytics. They also expect us to predict what's likely to happen in the future. We learn from the past with data to predict what's likely to happen, then we go a step further with prescriptive analytics. This is really what many would consider the Holy Grail in the analytics world, which is, don't just tell me what's happened or what you expect to happen, but tell me what to do about it. How do I solve the problem of the risk that's presented? What makes us unique? I mentioned Dimitris Bertsimas a few moments ago. Dimitris and I met when I was pursuing my MBA at MIT, and he had just recently exited a company called D2Hawkeye. He was on the board at D2Hawkeye and an early contributor. In fact, one of the only board member who actually voted not to sell the business to Verisk because of the growth opportunity that he saw in that business. When he and I met, he was roughly a year after that exit, and our vision for bringing these technologies into this space just perfectly aligned. Dimitris is one of the world's leading experts in a field called operations research, and particularly robust optimization, and a professor at MIT for over 30 years, and continues to guide the direction of our data science team. Steve, you asked a question earlier about the AI capabilities. These are really core native to who we are as an organization. Omid Nohedani is our Vice President of Data Science and AI. Basically, our entire data science team has been trained by Dimitris in the operations research world, either through their PhD work, Master of Business Analytics, or postdoc work at MIT. I can say with confidence that the data science, the advanced data science methods, particularly machine learning and AI, that are built into our solutions, are world-class. We know that. Those world-class capabilities will increasingly add on to the capabilities that MultiPlan already has in place. When we talk about risk models in a few minutes and some of the predictive analytics that we have, you'll see we are not farming this stuff out. We are building this in-house, and these are built with the latest and most modern methods. We also just have to say, Dimitris and I could not be more excited about the combination of our two companies. You remember Sean's slide earlier. Dale had a slide as well, that showed this $400 billion of untapped potential for those in-network claims that are really not addressed very much today with the current suite of products that we have. We are so excited. In fact, we had a lot of options in front of us. There were a lot of strategics that were interested in these capabilities and deploying them into their environment. For us, we could not find a greater opportunity than what MultiPlan afforded us for this massive sandbox of $400 billion of claims flow that we could deploy our technology into. We are, the proof is we are here, right? Of all the opportunities that were in front of us, this is what made the most sense for us, and we could not be more excited for the future. I'd like to introduce some of the product solutions that are inside of our data and decision science service line. We'll start with a product that we actually began collaboration with MultiPlan prior to our combination. This started in Q4 of 2022. To set the table for this initial solution we'll talk about, in 2022, July, CMS regulations required that healthcare payers disclose the rates that they have negotiated with providers. This is called the Machine Readable Files, MRF data, or price transparency data. Really, the first time in the last 50 years, employers, employees, service providers, can gain access now to the highly protected rates that were negotiated between payers and providers. The data, the file structure from CMS was mandated, but the data files are large, and they're messy, and they're extremely difficult to process, which, by the way, we love. We love that messiness, right? Because what it means is, even though the data is publicly available, without the ability to analyze the data and enrich it's virtually unusable. I'd like to introduce PlanOptix by MultiPlan. This is a software solution suite, which will address many of the issues that not only payers are facing today, understanding their position in the market, understanding how to prepare correctly for price negotiations. Every corner of the market, and Jim, you've mentioned it earlier, whether you're a point solution, whether you're a provider, whether you're a payer, whether you're a broker, you have a desire to access this information. We believe that, as he showed earlier, this, the TAM for this industry will quickly grow to over $1 billion a year. The PlanOptix software suite, we started with something called Search. Very quickly, our customers told us, "We love having access to that data, but it's not enough." It's not enough to simply get to the data and information because the records are vast. We today, with our search solution, which is scheduled for release in the market in the next few weeks. We enable access to 400 billion records, fully indexed, under 1 second. If you want to search a CPT code and understand the price of that particular service or that particular service at a provider under a certain network, you can get to that information very, very quickly. As I mentioned earlier, it wasn't enough. We had to go further than that. Introducing Market Intelligence, which is a second module of our suite, which is scheduled for release later in 2023. This is extremely exciting. This is where. By the way, we have already been doing this work with a very large payer, one of the 10 largest in the country. Where we have been helping them understand, prepare for price negotiations as they start to negotiate with providers before those meetings. Where do I sit versus my competitor? How do I make sure, not just at a global level, but even at a service level, right? Labs and X-rays versus inpatient versus outpatient. How do I ensure that I'm negotiating correctly when I measure myself against my competitors? Intelligence will enable our clients to find answers to those questions rapidly. Sorry, back up one more slide. The third module or the third module in the PlanOptix software suite is optimization, network optimization. I mentioned earlier, we have unique capabilities. If you Google Dimitris, his name, you'll see he's one of the world's leading experts in robust optimization. On network, optimizing networks is, in my opinion, one of the most valuable services that we can provide to a payer. We'll talk about the what that means in just a few moments. Market intelligence. I mentioned this layer sits on top of search. It is a critical layer for payers who want to negotiate with providers or just simply want to understand, in what markets, how they, where their, how they compare against their competitors, right? You can go down to an MSA level of detail. You can see, based on the negotiated pricing that they have with providers, how they're positioned, where they're strong, where they're weak. This is intelligent information that will help them position their business in the markets where they need to be stronger. This solution, as I said earlier, is scheduled for release in a few months. Next, optimization. Again, core and native to who we are as a data science team with expertise in robust optimization. This need for payers to better understand how to curate their networks using mathematics. This is not the typical way that networks have been constructed in the past. This solution will enable a carrier or a payer to not only understand where they're positioned in the market, but also compare themselves or help them curate these networks that are very much tailored to their customers' needs. If a payer has a customer that says, "I need to be more competitive in a particular market," they can do that with our software. They can actually help curate that market and help them see who's in, who's out, in order to meet the financial objectives. We're very excited about the opportunity that this provides our payer clients to, in seconds, do something that would have taken days, weeks, or may never have been done prior to our software solution. Where are we at so far with PlanOptix? We have ingested data on over 70 payers, and we can ingest data on a payer within a couple of days. We only stopped there just to focus on our the initial release, but we have included all of the national major carriers, as well as many of the regional ones as well. We've also enriched the data in a way that only MultiPlan can. As an example of that, MultiPlan has the largest independent network in the country of 1.3 million providers. Understanding as the MRF data comes in in a very messy way with NPIs and how providers... You know, some files have NPIs, others have tax ID, how all that, how to make sense of all that, and how to know which providers are linked to each other, are part of the same doctors group. It's a very, very difficult thing to do, but we can do that at Claritev because of our data assets, particularly around network. We've also enriched the data with other assets, such as the Medicare rates, which again, we have core competence in. To be able to measure for our clients, the rating and put it in context and help it make sense, is very unique for us. We are, we are extremely excited about the PlanOptix software suite, and as you've heard before, this is a core part of our growth strategy as we move forward. The second product that in our data and decision science solution suite that we'll talk about today is BenInsights. BenInsights is a solution that has been in the market now for roughly 8 years, is on Gen 6 of that software release. BenInsights is essentially a data ingestion, warehouse, and business intelligence platform. We connect to 160 payers receiving data feeds. We also collect Rx data, and we can put that data in context for our customers. We deliver analytics in three ways. Descriptive analytics, these are reports. We have over 200 standard reports that are delivered to our clients, customizable dashboards, and an ad hoc report generator, which enables our customers to create their own content on the data. We also deliver predictive analytics with risk scores that, again, all of the competitors in this space, this area here of Ben Insights, are generally buying those risk scores from a third party, and we build our own. Those are, again, native capabilities that we have. We have individual risk scores, we have group risk scores, we have a musculoskeletal risk score, which I'll talk about a little bit later. We have a pregnancy risk score and more to come in that area. We also deliver prescriptive analytics. You'll hear about something called smart cards. I'll address that in a minute in more detail. We can deliver with algorithms, we can identify where performance is not meeting expectations on a health plan, and not only identify that underperformance, but we can actually recommend prescriptive actions to take to make changes. BenInsights provides a holistic view of the plan performance, and it does so at the plan sponsor level. We can also aggregate several plan sponsors into a block of business for a broker or consultant. We can also roll an entire block of business together for a payer or a TPA, right? Help them understand how their entire block is performing. BenInsights is a mature product that has been in the market, is a market-leading solution in this space. The third solution that we'll talk about today in our data and decision science service line is risk analytics and insights. We're really excited about the future of where this particular suite will go under the MultiPlan umbrella. You'll hear me talk about this in a few minutes, but Jim mentioned it earlier, right? The payer customers have been asking for more intelligent solutions in this space for a long time. Again, the combination of our two companies will enable us to not only deliver to those customers who are asking for more solutions in this space, but also give us the opportunity to really do some innovative things around Medicare Advantage and other areas of risk predictive modeling. A little more detail. Individual risk scores. We have an individual risk score that has been in the market now for just over five years. My partner published a research paper on this topic: How do we use claims data to predict cost over the next 12 months? We do that now on every single member that flows through our pipes. We make a prediction on how much they're likely to cost the health plan, and not only a prediction on cost, but also what is the dominant feature driving that cost, right. I can take claims of anybody in this room, if I have a, anywhere from a few months to a few years of claims, predict what you're likely to cost the health plan in the next 12 months, and also indicate why that is. If I were to predict you're going to be a large claimant, why is that. What's going on in those in your claims to help us understand what product or solution could offset that risk? That's our individual risk scores. Our group risk scores allow us to, regardless of individuals being right or wrong at a particular individual, what we want to get right is the cost of the group as a whole. This is really important when you're talking to plan sponsors or to brokers and consultants or third-party administrators that are guiding their self-insured clients into a rate structure, a premium structure. Because once they set those premiums for the year, they're set, right? You can't go back to employees and change the rates in the middle of the plan year. Getting that right at the group level is extremely important. We have a risk model that will predict the cost of the population over the next 12 months. We have a musculoskeletal risk model, which predicts who is likely to have a knee, hip, back, or shoulder surgery in the next 12 months. Extremely valuable. Many of you have seen these MSK companies that are doing digital physical therapy now, and, you know, the valuations of those companies have just been through the roof. Those companies will perform better if they knew who to target in the population. Our risk models can help identify who's likely to need that service, who's likely to have a surgery in the next 12 months. Finally, our high-risk pregnancy model, which now, as early as the third month of pregnancy, can predict which pregnancy is likely to end as a high-risk pregnancy. Again, for the right solution to offset that risk, it's extremely important to get in front of that. I'll circle back to a comment I made earlier. Why does all this matter in the Claritev universe? Well, payers have been asking for these solutions. They're trying to get in front of the risk as early as possible, right? It's not enough to be made aware of the risk once it has become a high risk. What they're looking for are solutions that can help them see the risk long before it has progressed into an advanced stage. Deploying these risk models along with others that are underway right now, Medicare Advantage risk models, other chronic condition risk models, which we'll be talking about in future days. We're extremely excited about how our predictive analytics can help support the payer needs at Claritev. In this product line, we'll also have digital underwriting and a few other solutions, down-market client analytics. Payer clients have told us, "Look, we do a great job servicing the top 10% of our largest customers, but it's difficult for us to provide that same level of servicing down below that." We are automating many of the analytics around what to go talk to those clients about, what products and solutions can help offset the risk, and doing so in a highly algorithmic way. The final product suite that we'll talk about today in our data and decision science service line is our supplemental insurance suite of solutions. Just in three years since we launched our services into the supplemental industry, we now are engaged with six of the top 10 supplemental carriers, when you measure by in-force premium. What are we doing for these companies? Well, the first thing we do is we help them pay more claims. For many of you're probably saying, "That doesn't sound right." Right? Why would a carrier want to pay more claims? Well, the reality is, in this particular section of the market, the supplemental industry, they have received an immense pressure to increase their loss ratios. In many cases, their loss ratios are below state-mandated levels because people just forget they've bought these policies, so they don't file claims. What do we do? The carriers in this space have a very difficult time receiving claims data because oftentimes they compete with the major medical carriers. They need somebody that's third party to receive the data, and that's what we do. We have also built algorithms that connect the claims data to the policies. For instance, if a carrier, a supplemental carrier, is selling a hospital indemnity policy or a cancer policy or a critical illness policy, we have digitized connecting which claims would trigger a payout under these policies. By the way, they're different for every carrier, right? They all have their own set of their own algorithm on what gets paid and what doesn't get paid. By digitizing that process, when we get a claims file in, which we receive on a monthly basis, we can instantly identify who is eligible for a reimbursement under that policy. I had the privilege of receiving a phone call from one of our clients in this space, and he said, "Look, I can't send this to you, but I want you to listen to it." I listened to this call that he received, and it was a call from an individual who had recently lost his wife, and he was calling the customer service line of the supplemental carrier, and he was trying to understand, why did I just see this deposit in my checking account from the supplemental carrier? He called up the customer service agent, and she, of course said, "I'm sorry for your loss." He, you know, very calmly said, "I've already been paid for the disability claim, but I've seen this large deposit, and I just want to better understand if a mistake was made, and I was overpaid." The customer service agent asks him to wait for just a moment. She goes into the system and comes back, letting him know it's not a mistake. "The service that we have that has been deployed for your employer, we're monitoring these claims data. You signed up for this. You probably have forgot. It's okay. You signed up for this. We identified a claim against the critical illness policy, and we just paid it," right? It was a $35,000 payment that showed up without having to file a claim. It was for 30 seconds, I just heard silence and then sniffling, right? This was at a terrible time in this person's life. And my friend, who was saying, "I need you to hear this call," he said, "This was your technology that enabled us to do this." It was just a really powerful moment. I encouraged him to tell his CEO to get eight and a half million dollars and go buy a Super Bowl commercial because this is the one that needs to be out in the public eye. In addition to our ability to support claiming in the supplemental industry, we're also helping increase sales in that industry. How do we do that? Let's say we receive a census file from a carrier on a new customer that they're trying to win, and all we get in a census file is generally the age, the gender, and the zip code, and it might have 10,000 individuals on that census file. With just those three data points, we can profile the risk of that population. We can estimate how many cancer cases are likely to occur, how many emergency room visits, how many critical illness cases are likely to occur. Now the carrier can say to the employer, "We have customized the proposal that we believe fits the profile of your group best." We're not selling products just to sell products. We're selling products that are highly curated to the risk profile of that population. We have software now, you can just drop in a census file. Within five seconds, it profiles the risk, and then it matches it to the selection of policies that are offered. Those are our sales or upsell solutions in the supplemental space. It's been my privilege to introduce you to Benefits Science, more importantly, our data and decision science service line. We are excited. You've heard a lot about this already. You'll hear more about it in the coming weeks and months. We believe that MultiPlan's rich 40-year history of establishing customer relationships, its track record for having deep, deep connectivity into the payer solutions, combined with the data science assets and product portfolio that Benefits Science brings to the table, helps position this company in an incredible way, in a unique way, as data science and AI really becomes a bigger and bigger part of the story as the healthcare industry shifts that direction. Thank you very much. Thank you. Thank you. We are to that point in the agenda where we will. We've invited the sales leadership of the company, the folks behind our customer and our client relationships, to have a chance to share their perspectives with you. We'll have time at the end for a few Q&A questions before we move on to Jim's financial perspective. Before we get started, why don't I let the team introduce themselves to you? Monica? Sure. Good morning. I'm Monica Armstrong. I'm a Senior Vice President over National Accounts, and I'm a 20-year employee of MultiPlan. Good morning. I'm Andrew Cohen. I am a Senior Vice President and Chief Revenue Officer. I've been with MultiPlan two years. Good morning. My name is Jacqueline Kinsey, I'm Senior Vice President of National Accounts, I've been with MultiPlan for over 20 years. Yes, good morning, everyone. I'm Mel Manarang, Senior Vice President of National Accounts, specific to our blue market. I have also been with the company for 20 years. Hi, Michael Battistoni. I represent the TPA segment for sales and account management, and I've been here 10 months. Okay, we have all the market and all the market segments represented. Let's start with a question. Monica, you start. Why is MultiPlan a market leader, and what differentiates us in the market in the eyes of the customer? As you've heard today, I think there's many ways that we're differentiated in the market, but if I had to choose, I would say it's our breadth of services and the footprint we have in the market today, which we began over 40 years ago. We work with over 700 players. We touch half a billion claims annually, we span all market segments. What I want to talk to you is really about the national customer perspective and tell you what's important to them. We are able to customize solutions at speed and scale for them, which sounds simple, but it's not an easy feat. As you have heard Michael Kim speak to you today, we are deeply embedded in their processing environments and in their claims platforms. In the national carrier space, it's not just 1 claims platforms, it's multiple claims platforms. You've probably heard Dale say, if you know a payer, if you've seen one payer, you've seen one payer. I will take it a step further and say, if you've seen one claims platform, you have seen one claims platform. These are large and complex systems, and we have been working with them for a very long time. Our ability to handle that complexity and accommodate the customization is very difficult, but we've been doing it for a long time, and we think it's practically impossible to replicate. That's honestly, one of the reasons we're the market leader today. I think I'll add on a little bit what Monica said. What you hear from Monica is how foundational the components are in place for us to do what we do on a daily basis. All markets are different, right? Nationals are different from the blues, the blues are different from the regionals are different from TPAs. Having that foundation in place, as you watch Michael Kim go through that, I don't think people fully appreciate that. As we're starting to move into different things and different capabilities, what you see is there's a big, big, deep breadth. That breadth, if you would, has allowed us to create very tight relationships inside of those markets, and those markets now look to us. They look to us in terms of, "Hey, can you help us do these different things because we can't, or we don't have the expertise?" and so forth. I think what it is flexibility. It really is that flexibility, and I think being able to scale is really fascinating. The BST situation, when we talked a little bit further about it, is a great example that being able to make data actionable, analytical, is gonna be really very important to us. Okay, second question. For your market segment, right, for your market segment, where do you see the greatest opportunity, and where do you want to focus the most in the short run and over the next few years? What are your customers telling you? Mike, why don't you start? Yeah. In my segment, one of the biggest themes right now is using data and data science to improve healthcare outcomes. The real challenge and the goal is to get it down to, as Stephen said, the individual plan member level. You can get the data. It has to be, you know, you have to aggregate medical, pharmacy, benefit data, but you also have to have it real time. That's always been the challenge, and getting it as quickly as possible to do something about it. You can aggregate it, and you can make sense of it, but if you can't prescribe things to change outcomes, that's when you really start adding the value. That's where BST really comes in to help us with a lot of our products. What we're doing, and as Andrea said, with HST's Employer in a Box concept, we can bring that together with a member engagement, where we give them tools like the mobile app to help them navigate their healthcare, give them help when they specifically need it, based on a condition or a set of situations. Then they can ultimately make the right decision for them, for getting the right care and saving them money. We're actively now putting those two things together, and it's really resonating in the market. I agree with Mike. The demand for member-centric care is being driven by the self-funded employer. That segment of the market is the lion's share of a national carrier's business. They're looking for innovations from us to help them be more competitive. At the end of the day, all of our channels are vying to meet the needs of the employer, and that employer comes in all sizes and has different needs and goals that change with the economy and the culture. One size fits all. Yeah, I agree. I think probably, and we hit on this a little bit earlier in Dale's presentation and Jim's, but this really isn't specific to my segment. It probably is something that my colleagues and I are all thinking about and all looking at excited about, but it's really the ability or the opportunity for our services in the Medicare Advantage space. Multiplan has a footprint in that space. We are looking to really expand that footprint. Sean talked about it earlier. We have 500 million claims- Yeah. -that we process annually. 134 million of those claims belong to the Medicare Advantage space, That's through our core products like Payment Integrity, Revenue Integrity, through the acquisition of Discovery Health Partners. You add BST and their products and services to that, and it allows us, from a segment and a sales perspective, to really go out and aggressively pursue clients and opportunities, and it'll take us well along that path in terms of our goal to expand our footprint. I think what's kind of intriguing is you listen to all the different opportunities that exist out in the marketplace today. What dominates just about every conversation that we have with a payer, regardless of what type of a payer they are, is cost pressures. The cost pressures are very notable, right? As you think about that, now let's think about the services that Claritev has. The legacy services, which Dale White referenced earlier today, 23 of those solutions, very specific on the medical cost management side of it. With Benefits Science Technologies and also with our friends at ECHO Health, we're now gonna have additional solutions, right? We're gonna have these 13 solutions. If you think about a health plan or a payer specifically, think about the inventory is kind of claims. Think about the intelligence is really the other side of it, right? If you would, that's that piece that allows them to bring it together. Having the ability to bring all those together allows us to go full scope with the client. We're not just kind of targeted in there. When we think about this, these opportunities now allow us to do bundling, and the bundling is really important. We already have the relationships. Those relationships are already deep with it, but being inside of an organization, not only inside of, if you would, the inventory side of it, but being in a business intelligence side of it. Thank you. It now allows them to be actually- Big exhale now. What they see with their claims and claims. Is that a big exhale now? Yeah. Yeah, right. Uh-oh, someone's mic's on. Oh, someone's mic's on. You know, normally, in fact, that's what it was working against me. I tend to- I think it's... like, free flow a little bit more. Yeah. In this environment, you want to just. Okay. 700 payer relationships, long and trusted relationships that, in some cases, span decades. We often brag about the relationships that we have and our customers and how strong and vibrant they are. Tell us, tell the audience about the nature of your, the interaction, with your customers and the cadence of how you are plugged into their activities. Sure. I'll start with that one. Look, we've said this all day: we're truly embedded, especially with our large national customers. Earlier, or two seconds ago, I just talked to you about claims platforms and processing environments. Clearly, in the IT segment, we are extremely engaged. It goes past that. We are working with their customer service teams. We work with their network development teams. I think Sean Crandall mentioned earlier, we sit with their health economics teams, and we talk about trends and the analytics to understand what's going on in their world. Really, our cadence is multifaceted. We often talk to our customers on a daily basis. Those conversations are truly full spectrum. They're calling and asking about cost and billing trends, or it could be something around regulations. NSA is the one that comes to top of mind. Really, if something's going on in the healthcare industry, they're picking up the phone and calling us. I can't... I really want you guys to listen to this part. I can't emphasize it enough. It's truly a consultative relationship we have. We are seen as a partner, not a vendor. We actually think of ourselves as part of their organization. Their lens is our lens, and we determine our success by giving them value through their lens. That's how we've earned their trust for 40-plus years, and it's why they continue to come to us every day to help them solve problems. I've been in this business for over 20 years. This is another example, by the way, of what differentiates us. No other, as Monica alluded to, no other vendor can match the tenure of our experience with our customers, let alone the knowledge that we have gained of their organization over the years. Yeah, I agree, I think, you know, Monica and Jacqueline touched on some important points when we're talking to our clients and the cadence and the delivery of our messages to our clients. I think one thing that we always forget to emphasize, but it's important, is that MultiPlan is an independent company, right? MultiPlan, an independent company, you couple that with the breadth of the channels that we touch, from employers to plan sponsors, national payers, regional payers, third-party administrators, and that really gives us a very unique vantage point with our clients. It brings a unique perspective. It brings additional insights that they look for. When we're out there, or when I'm out there meeting with a client, it's not Mel saying: Hey, client, this is how awesome we did for you last quarter. It's, let me listen to what your pain points are. Let me listen to the complexities of your organization, and let's solve and solution for it. I think what you just got done hearing, that there's sometimes it's an overused term, but it's client intimacy, right? This organization, having been from the outside looking in two years ago, it always struck me when I'd hear about MultiPlan, you'd hear how about how long these relationships had been. When I got here, I was even more surprised, not only are the relationships really deep, but they're incredibly well done, right? We consistently perform for our clients, and I think that's really interesting. As you watch the thought leadership that has come out of here, the innovation now, as you start to think about some of the things that you just heard today, this is really a very transformative period of time for this organization. Being able to build... I was reflecting on a comment that I heard earlier today: How are you guys gonna get across into the different things? We have relationships that are so deep in that side of that organization, from the high C-suite all the way down into the functional areas. This allows us to do that. Those have kind of things to extend, right? People are looking for more things from us as we start to go into the marketplace. In my mind, it isn't that far of a carry to do this, but I think what you're hearing is that what we've done historically allows us, enables us to have that right to go out and to do more things. We're, obviously, we're pretty excited about where we can go in the future. One of the questions that Jim and I get asked a lot at conferences is, you know, what does MultiPlan do that, you know, the so-sophisticated health plans, the larger plans in particular, can't do themselves? Look, they have sophisticated IT, they have sophisticated talent. They're smart companies. How do the customers think through the choice between tackling a new challenge themselves and seeking MultiPlan's help? Mike, why don't you take this? Because for those of you in the audience, Mike comes from a payer, with 20 years on the payer side. I think he'd be a great voice to hear. Sure. When you talk about and I've been working with these guys a long time, and it made it really easy to come because I could see what they could do. When a company has something that comes forward, they have years of roadmaps, right, and IT and constraints and projects. It's a constant list of prioritization, right? What we do, and the medical cost issues that arise, by definition, are emerging, right? Our regulations change, the company has to look at that and say: Do I change my roadmap? You know, these things are historically pretty hard to steer. You know, or do we look to someone else? Like you said, these embedded relationships that we have usually take us down a path where by the time they're identifying the issue, we've identified the issue, right? Maybe we're already working on a solution. With the trust and all the years of experience they have, they can now say, "Well, this is a build or buy decision," right? Do I wanna take my own resources and build a solution, or do I want to look to MultiPlan to help solve that for me? When we look at a project, we look at it from a lens that, you know, a lot of these issues translate across a wide swath of customers. We can come in with a solution that can sometimes even be cheaper than they could do it, right? Speed to market, obviously, is key as well. A good example of that, again, we'll use the No Surprises example. This transformed how a big chunk of customers' claims were paid, administered, dealing with the government, arbitrators, all that stuff, not just technology, right? It's the technology, of course, but it's the people and the processes that we had to do and get it across the finish line for an effective date that was non-negotiable. These guys did it in a way that was class-leading and delivered it on time and made it so it could hook right into customers' existing feeds. You know, of course, companies do their own things. It's core competencies, right? Even in those situations, we tend to be able to find ways to add value to their core systems, whether it be just amending their data or adding, you know, insights in certain other ways, that we just keep that relationship getting deeper and deeper, and that allows us to grow. Okay, one final question. We've talked a lot today about our growth plan and how it creates several new opportunities to work with customers across a wide range of channels. What opportunities are you most excited about for your segment and your customers? What is your expectation about how these products will be received by customers in the market? Yeah, I'll jump in on this one. Our customers are telling us that they want more from us. As Dale said, our challenge has never been about demand. It's about delivering and developing innovative products quickly to meet the needs of the payer. It's honestly hard for me to pick just one product that I would look at in our new solution set, but I'm thinking data and decision sciences. Our PlanOptix software suite, in particular, will help our customers turn a tedious market requirement into a strategic tool that they can use for their business. I'm also excited about Pro Pricer because it leverages all of our tools in a streamlined and flexible way, and that's particularly important for our large customers that have a large and varied customer base. For the TPAs, I would say, you know, I would say the same thing with a twist, right? For me, it's the BenInsights, like I talked about before, and being able to marry that with the HST employer-in-a-box solution, that's really hugely transformational for me. In terms of Pro Pricer, that gives my segment a really easy-to-explain, class-leading way to get to the best price on their out-of-network claims and not sacrifice customer service by doing it. Those are the 2 things. If I could have a third, it's Echo, right? It is brand new, but in the TPA market space, there's a huge unmet need there, the phone's already ringing. I am gonna go with risk analytics as a game changer. It's funny, as I heard my colleagues present tonight, today, I realized, and I forgot some of the story. We have been talking to them about this this entire time. As we said, BST was not an accident. It was the perfect complement at the exact right time. Our clients have already said to us, "If you can get to it faster, so we can intervene and help and create a positive outcome for our member, then we are coming to you to get this done." The combination of the data we already have in-house, which Sean and Michael talked to, and our clients already verbally asking us to connect the dots, is what's getting me very excited, clearly. Yeah, I agree. I mean, I'll say it, BST. I think you guys could have already guessed that by now. Look, the company is humming. We're excited. You hear it in the enthusiasm from Dale and Jim. As a sales leadership team, it goes downwards, right? We are all very excited. We're stoked about the opportunity to sell these services. For starters, you know, Sean pointed out earlier, we have so much, an enormous amount of untapped opportunity here in-house. I'll probably misquote him, but, you know, three and a half times the opportunity to tap into that. That's really exciting from an organizational perspective. Our clients are calling. They want the innovation. Don't forget, all of the other services that MultiPlan has, and we've built over the last 40 years, those are just gonna get better. They're gonna get better with the acquisition of BST. The clients are calling. We're challenged to go out and execute, and I think we're positioned very well to do that. Thank you. I'm gonna start out with ECHO Health. ECHO Health, in our mind, is really exciting in terms of the TPA markets and the regionals for a variety of reasons. We've had a nice set of offerings down there before, this actually rounds that offering out, makes it a lot more comprehensive. Again, the bundle piece is something that's incredibly important. Being able to be across the whole backbone, if you would, of these organizations is incredibly important, it's something that if you take a look at the long tail in this market, there's a lot of opportunity out there, allows us to diversify. You heard Dale White talk about today, not only are we diversifying our client base, right, we're diversifying our product sets. Those things, in our minds, become incredibly important. I think there's another theme here. All the solutions are important to us. What you're hearing is this is a product or a company which we have very product-centric. That's not necessarily how people recognized us in the past. We're making investments, we're doing things that our clients are actually going: "Oh, my gosh, this is different, right? This isn't what we thought MultiPlan to be." I think that's really important. When we look at the BST acquisition, so important, it's transformative to our business, but it's transformative in terms of how people perceive us in the marketplace. When you look at that ability to go across the full scope of all of our different client segments and what they mean to us, that makes a difference. We see it right now. Mike just referenced it. Since the ECHO announcement, it's been really interesting just to watch how things have changed in the TPA markets. In the regional markets, we're getting calls that we've just never had before. We have 115 business development professionals that are in the marketplace right now. When Dale asks, "Are we excited?" Excited isn't even the right word. You know, we feel like we have a right to win. We feel that we've created that right to win over the years because of our performance level, our service levels, and all those good things that go along with it. We've created reputational acknowledgment around, hey, these guys are thought leaders around things. The NSA is a great example of how that came to be. Arguably, one of the most complex pieces of legislation that's ever been issued. Right? We took the time to develop the content, to understand it, get down at the legislative level, to really understand what it is, then go back and listen to our clients. Our clients are actually really smart, right? They need some help. What was interesting, this conversation allowed us to understand how to create something that we could deliver to them that was going to be meaningful, right? This is exactly what you see with all these different solutions. It's in our DNA. It's how we think about things. It's how we want to deliver, how we want to over-deliver for it. When you ask me if we're excited, Dale, I think it would be an understatement. I think we're a little excited. I think it's obvious, right? It's obvious from the presentations and our discussion that the company is beyond enthused about having BST as part of the MultiPlan family. Echo and the partnership with Echo is a week old. I'm not asking you to announce your first contract with, you know, for the Echo partnership today. I would be curious to see, to hear, what has the market reaction been to the Echo announcement, particularly among the TPAs and the regional insurers? You know, I think Andrew said it. It rounds out an offering. It's a product we haven't been able to offer in the marketplace. That's a needed product, right? In this segment, these types of solutions, right, being able to pay providers electronically, most of the time is a huge efficiency for them. The market is fragmented, and yet our ability to have these existing relationships, they're very interested, right? They want to know what we're doing. The timing seems right? It's a lot of people are shopping for this stuff. To add to Mike, I mean, it's really clear there's some things from a competitive point of view, it puts us above par, right? We already have an excellent network. We have a lot of those things that we can go with, payments is certainly going to be something I think is just going to be very transformative for us. Okay, let's. I think we have a few minutes for Q&A, with the caveat, as you well know, we don't talk specifically about our customers. I think we have a few minutes, if there's any questions in the audience before we turn to Jim for his financial presentation. Any questions for the panel? Yes. Hi. Can you hear me? Yeah. Hi, this is Frances Ning, Tikehau Capital. Thanks. This is very clear in terms of the comprehensive solutions, how there's a lot of new products coming that's requested by clients and how it's deeply embedded. We hear you, but can you just help me understand a little bit more when I try to reconcile with the reduced rates from the contract renewals, when it's so crucial to the large clients solutions on their platform, what are some of the factors and considerations that not having the rates be higher, at least the same or higher, but actually it's been reduced? What do you see upcoming in terms of contract negotiations, in terms of rates, going forward for either your small or medium-sized customers? Thank you. Let me take that, right? That's a question that we've been asked in terms of the contract renewals with our larger customers, all of which are multi-year. We've been and we've said, you know, it's we're a big-ticket item, right? We're a big-ticket item for many of our larger carriers. We're a big line item on their expense budget. Our, you know, the relationships that we have with our larger carriers, they don't want all the benefit to inure to us in terms of trend, in terms of utilization. Those relationships get reset. There's no change in scope or service, right? It's the rate for the service. As we do and as we've done, we look at that, and we make the best decision we can, and then we look for ways to mitigate that by providing new services, by looking at ways to deepen our savings, by looking at ways to monetize more claims and procreate more value for our customers. Those are the things that make the real difference. We had a very narrow set of products. We have more products. As you heard today, right, we have more products, more services to be able to offer our customers. In terms of the tail and the long tail of customers, you know, we have an incredibly long tail. Most of those relationships, you know, they're not multi-year, they're not... They're, they renew on an, you know, they renew once a year on an annual basis, evergreen contracts that continue. We're not concerned about the renewal of those contracts. That's never been an issue or a concern or a worry for us. Hi, Daniel Grosslight with Citi. Thanks for your perspective. It's very helpful to have the boots on the ground, I do find it very helpful. I have a similar or related question, it's really in terms of the model, the revenue model, PSAF versus PEPM. It seems like, you know, at least in the TPA business, it's mostly PEPM-based. Some of these newer products will likely be more SaaS-based or PEPM-based. I'm curious if you're hearing from your clients that they want to move away from PSAF to PEPM at all. I guess related to that, you know, is some of this pricing compression that you're seeing just a natural outgrowth of being based on, you know, the claims dollar amount? Well, inflation, medical inflation is going to be 6%, 7%. I'm a big payer. You know, MultiPlan didn't really do much to deserve the pay raise for that. I'm gonna take that back now. Two-parter: any kind of change in the PEPM versus PSAV dynamic into, is this rate compression just a function of being based on percent of savings? Let me start with the PEPM, and then you can have both. All of you can add to it. You're right, Andrew. The PEPM model that we see is largely on two products. It's our primary PPO, which historically has always been a PEPM model, and it's on our HST product. You saw that with, you know, in the reporting that we give on a quarterly basis, you saw the increase in the PEPM, largely because of HST. That is a PEPM model. We'll continue to, as we add BST products and product capabilities to our suite of products, those two will be largely PlanOptix, will be a license fee. Risk scoring, then insights are all services that are based on per member per month or per employee per month. you'll see a... Not a shift in the sense of what we do today on our core. We're not anticipating a shift. we'll see a shift in terms of the add. We add new products and services and capability through the BST acquisition largely. It's more PEPM, but I'll let them speak to the question of, are they seeing a shift in terms of what clients are asking relative to PSAV, you know, percentage of savings or PEPM on our core. I think it certainly follows by channels, right? I think it certainly follows by the product mix. PSAV is still, it's a large part of what goes on inside of our markets today. It hasn't really, I don't think, changed that tremendously that much. I think as the product mix evolves a little bit, we're going to see things. Dale alluded to, and with DHP, we've seen a lot of changes in terms of that. The nice part about those, obviously, is those prices tend to be pretty static over a period of time because those contracts tend to be a little bit longer. Obviously, when we move into some of the BST, you have both subscription pricing as well as you could have PEPM both sides. I think we're going to see that mix evolve a little bit as we get into the marketplace. I think the compression that we saw probably a year and a half ago has certainly stabilized a lot. I would just add, because I'm going to take exception to saying, I don't have any conversations with my carrier where they think we're not doing enough for them. The product and the suites and solutions that we offer, that's not in question or even part of our discussions, like I think we said earlier. They just continue to ask us to do more. What we've done well over the years is we always augment, we're always moving and changing to meet their needs. With that said, I think Andrew answered the PSAV question, but we're excited. We have those multiyear contracts in place, and we're just looking forward. Hi, Jean Cruz from New York Life. I just have a question about the size of the sales force, if you could put it in context for us, turnover and plans for hiring. Separately, BST, I think, is going to be a separate product line. Will that have a separate sales force? Will it be integrated? Just give us a little color about that. Sure. It's a great question. I think Andrew gave a number of nearly a hundred-. 115. 115 total sales and account management teams, right? They're the face to the customer. you know, when you think about the different market segments, if you think about the larger carrier relationships and the Blues, our relationships are there, are long and in place, and the leadership team and their account management team are the face of the company and looking for ways to upsell the products and services. BST will be our, you know, they're the face to the customer. They're responsible for selling all the products and services. Steve and his team will be the subject matter experts supporting them because they have the relationship with the client and the internal buyers, right? In terms of... The same rings true as you go downstream in market, both Andrew's team and who focuses on regional health plans and Mike's team, who focuses on TPAs, have a combination of sales executives who are hunting for new opportunities and leads, and account managers who are looking for upsells or client managers who are looking for upsells within existing customers. It's the combination of those two teams that achieve the best possible sales outcome. We have a separate sales force for HST in particular, because that's a channel that goes to the retail, right? They're not working directly with payers. They're working with brokers and consultants, and it's through that retail channel, and it's different, right? From that perspective, that team is separate and focuses exclusively on brokers, exclusively on the benefits consultants. Mel Manarang and her team, as an example, she has responsibility for the Blues segment. The Blues segment is different, right? They have different rules. They have to be guided by the Association and the Association policies. They have different terminology, different vernacular, different strategies, that's what her team does, then. She zeros in on only that. I'm sorry? Say that. Turnover isn't a concern. I mean, it's not a concern across the company. We've got incredible retention. We have 2,500 employees. Carol, our average tenure now? 9 years. Turnover hasn't been a significant or material issue for us. You take it at the end, Jeff? Okay, perfect. I think it's Jim's back. Watch yourselves. Okay. All right, thanks, Dale. I'm excited to wrap up our agenda today with a discussion of the financial picture, and I think it's gonna touch on some of the questions that were just raised, so hopefully, we can help you. We're gonna talk about 2023 performance. We're gonna talk about our growth drivers and the algorithms, if you will, for growth in the future. We'll talk about some of our savings performance, volume, and rate, as well as cash flow, balance sheet, capital structure, and how we think the company's gonna look in a few years. Ultimately, we're gonna wrap this up with why we think it's a strong case for investment in MultiPlan today. Before I dive into the presentation, I just wanna reinforce a bunch of things that we've talked about today. First of all, from a financial perspective, 2023 is a reset year. Okay? We've rebased our revenues, and we feel confident in our ability to deliver on the expectations this year. Further, that provides a base for growth into 2024. Second, our out-of-network, our core out-of-network business, has runway for growth, okay? We'll talk about the way we get there, the algorithms. Third, strong demand for our new services, which you've heard very consistently throughout today, and we think that we are building a product pipeline that's gonna continue to contribute going forward. Fourth, we generate a lot of cash flow. We're gonna use that cash flow to optimize our capital structure and put ourselves in a position to have a very efficient refinancing in the next few years as our capital stack matures. Finally, I just wanna reinforce that we're on a transformative path. This is not your grandparents' MultiPlan. This is a real company that's got real opportunity. It's why I showed up here. I'm very excited about it. I think you heard how excited the team is, how jazzed we are about the prospects in front of us. As Dale said, we gotta execute. I think five years from now, we're gonna be in a different position. The enterprise risks that everyone has been focused on over the last couple of years are dissipating, and it didn't take us long to pivot the company over the last three, four quarters, and start demonstrating some of the things that are the positive changes in our business. We think there's runway for growth in 2024 and beyond. Simply put, we think the market's just underappreciating our story. I'm gonna back up here. That's our. Next, our financial model. You all know our financial model is pretty terrific. We have recurring and persistent revenues, and our platform, as Michael and Sean have demonstrated, is highly scalable. As incremental volumes improve, we have operating leverage. Think about that. That next dollar that we put through our platform drops down. That gives us a lot of runway for additional investment. We've got this uplift of operating scale. Further, when we add new products to our platform, it oftentimes doesn't require any implementation with our customers. It's like: "Would you like this service?" "Yes." "Well, we just turned it on for you." There's a lot of opportunities like that. The operating margins have a bias upwards as volumes increase, as we scale the business. However, we're gonna keep our EBITDA margins relatively static. Some questions earlier today, where is the EBITDA margins? They're not gonna race up to the roof again and go back to where they once were. On the other hand, they're not gonna rapidly decline either in our minds. One of the reasons why is there's that push and pull. The uplift of the operating scale, but we wanna reinvest back in the business and drive more revenue growth. For the near term, we're gonna kinda make the case that margins will be stable. They might bounce around a little bit, but they're not going in a direction one way or the other. Those margins are you know, kind of best in class. For a long time, I did a run when I first joined, and it was when we had 75% margins, and I think we had the Bloomberg consultant do it for us because it was independent. Run every company over $1 billion in the public markets, and how many have margins over 50%? How many have margins over 60%? How many have margins over 70%? All of a sudden, we just became one of one. That's not necessarily the way to run the business going forward. We've got too many opportunities in front of us. From a margin perspective, my message to this audience is, we're gonna try and keep it in that band, and if we are, if we're investing in the business, like we're gonna invest in BST, you're gonna be pretty happy with that. Finally, our cash flow gives us a lot of strategic flexibility, as you all know. Let's talk about resetting that foundation that I just mentioned. You know, this reset year is a result of customer renewals. Those three larger contracts that we've described. The good news is, that gives us a lot of visibility for the next few years. We're not focused on those, you know, customer contract discussions. We're focused on new products, we're focused on executing. It gives us visibilities, and furthermore, good news is, it makes us quite sharp in the marketplace. Sharp meaning against competitors, against insourcing. The reality is, we're just, you know, we're really putting ourselves in a, in a stronger position, ironically, by taking our rates down a little bit. Starting from Q4 of 2022 annualized, essentially, this year is a year in which we use some of the growth in our core business and some of the new products that we're introducing, that's offsetting, essentially, the contract renewal pressures. We run pretty darn hard to stand still, but that's the foundation for the future. I'll talk about volume in a moment. We stated on our Q1 call that utilization and volumes are normalizing, and we think that provides additional visibility to our 2023 guidance. On our Q1 call, we also said, we feel like the first half is shaping up according to expectations. Q2 might be a little bit softer than Q1. This is what we said on our Q1 call. I'll talk about Q2 in a moment. In the second half, we expect modest incremental growth. That's gonna deliver our guidance for the year. All in all, we feel very comfortable with our expectations. Okay, let's talk about volumes. What we're displaying here is what we've been reporting over the last few quarters, in terms of our medical charges process, the top of the funnel, the identified savings yield. That's not our rate, that's our batting average, if you will. For every dollar of claims that comes in, how much savings can we generate? What you'll see is our batting average is going up. Last but not least, is the savings. At the top of the funnel, you see that a little bit of how volumes have gone up in Q4, and 2021, and the first quarter of 2022. That was essentially the Omicron surge. We got a lot of COVID claims a lot of COVID charge volume in that realm. In 2022, it dipped. We talked about the utilization headwinds that happened. It was a strange time last year. You saw it throughout the ecosystem. You saw it in the hospitals, you saw it with us. Ironically, the MLRs of the big carriers were coming down because of a little bit of the capacity constraints, but also just deferral of care. Those medical charges processed are starting to inch up, and you're seeing that activity starting to pick up a little bit. That savings yield, we've done a really good job of taking that up over time. What that is Sean Crandall and Michael Kim grinding out incremental improvements with our clients every single day, okay? That's the benefit of our platform, finding new opportunities, consultative selling in. "If you do this, we can generate more savings. If you add this program, we can generate more savings." We're really good at that. That's a hallmark of our success. The output of these two categories, you see how the total savings, identified potential savings, has increased. It, there was a nadir in the 2nd half of last year. We've talked about that on our Q3 or Q4 call. It's starting to build up, okay? Longer term, excuse me, I'll back up here. As we stated on the Q1 call, we have not baked in any material changes in the volume environment to get to our guidance for the year. We lag the market by 6-8 weeks on average, we have our own unique skew, if you will, because we're out of network versus the broader market. What we have seen in recent weeks, I know many of the research analysts have been reporting on what's going on with United and Humana, et cetera, is consistent with what we talked about on the Q1 call. We are seeing capacity coming back in the system. We're seeing some of the more discretionary categories like ASC starting to return. That's not a surprise to us per se, we just lag a little bit, okay? We've got our own skew. Okay. Frances, you mentioned this earlier, let's talk about our% of savings as a or revenues as a% of identified savings. You could call that our revenue yield or our rate, okay? A reminder that 90% of our business is under that percentage of savings model, so this is an important indicator of our pricing yield. The chart shows that in late 2021 and early 2022, our yield peaked. Returned to the mid-five levels in the second half of 2022. That was mixed effects, as we talked about on our Q3 call, and some contract rate adjustments. We kind of ended the year in the mid-fives. Q1 2023 showed the impact of our contract renewals, not the entire impact, but a large portion of the impact. That took our take rate down about 34 basis points. You might see a little bit more in Q2, but after that, we've got the full effects of the contract renewals and our take rate. I think the message that we'd like to impress upon you is, we think this is gonna normalize, and it's gonna be driven much more by mix going forward than it is any shoe that's gonna drop with respect to contract renewals, et cetera. We're sharper in the marketplace. We've got more products, we've got more solutions. We think this is beginning to stabilize. That's good for our business. Okay, we are here today to reaffirm our core guidance for 2023. As a result in our confidence in the state of the union at this juncture, we're reaffirming guidance for Q2 and full year 2023. Just very specifically, I'll note that this does not include any impact of the BST acquisition. We're gonna kind of separate that right now. We're reaffirming guidance. Q2, we are not completely done, we're, you know, we're well along in the quarter. Based on what we know today, our revenues are likely to land at the top end of our guidance range. Okay? For our beloved research analysts in the room, this is not going to be a Q2 earnings call. In the Q&A, I'm hoping you can just accept the fact that we're saying, "Hey, we're landing at the top end of our range on revenues. We still have to grind through our expenses," all that stuff. Fundamentally, we feel very good about the quarter. As it pertains to the rest of the year, what we will do in August is update the annual guidance, okay, with the Q2 numbers. We'll provide more color on Q2 about the results and the environment, what we're seeing, you know, what's doing well, what's not doing well, all that stuff. Then we'll provide an updated second half view, okay? With that updated second half view, wherever we land, we'll probably present a much tighter range like we've done in the past, and give you a much fuller picture. At this stage, it felt a little silly not to be able to tell you where we were on Q2. Further, on our August earnings call, we'll break out BST. We want you to be able to see, you know, what we promised at the beginning of the year, how that lands, what BST looks like, and you can, you know, develop your own conclusions of the whole. That's 2023. Let's turn to the longer term. We're gonna break this into 2 things: the core out-of-network business, and then we're gonna look at kind of the growth algorithm of the whole. We define our core out-of-network business as the network and analytics service line, with 1 exception. We're just gonna carve out HST, which has different growth dynamics, and it's a component of our overall growth. All in, that's about 85% of our overall revenue picture. It's important to note that there's multiple factors that contribute to our out-of-network point of view, some of which are market driven, some of which are specific to MultiPlan. Let's break down the components that are market driven. These factors net to a positive trend. There's multiple factors, but they net to a positive trend. An overwhelming driver of market growth in our business is medical cost inflation. Long term, we're projecting 4%-5% in this example, which is probably conservative, given what we're seeing in the market today, and particularly going into 2024. Add to that 1%-2% member growth, which is driven by market share gains of our customer base. These are aggregators of lives. That trend that's been mentioned a few times today, ASO is growing on a relative basis, and we're very exposed to the ASO market. That's a good thing. Whether it's TPAs or the large platforms, we're very well positioned. These two components combined are more than enough to offset any headwinds from in-network shift of providers or member behavior towards in-network. Very common question: Is everybody going in-network? The answer is no, we haven't seen it. You've asked us every quarter. We'll answer it every quarter. We see shifts along the way. It is on the margins, okay? It's on the margins. There is trends towards in-network on the margins, and behavior shifted a little bit more towards in-network late last year, okay? It's not an overwhelming wave over the top of the bow of our ship. By the way, medical cost inflation, health plan growth, more than offset that, okay? Those are the market factors that are out there. They net to a positive. Let's throw it over to the company-specific factors. As I mentioned before, we have this track record of continuing to grind out more savings and productivity enhancements, solution enhancements. In this example, we map out 3%-4%. I just told you a minute ago, it was 8% compounded over the last few years. We're not signing up for that. We think 3%-4% is very achievable. We believe this is gonna be more than enough to overcome any volume pricing headwinds from our larger customers. Think about what we just mentioned. Our larger customers don't let us get all that gravy that we see on the left side if our prices were static. They're not gonna give us the full benefit of medical cost inflation and member growth. They're just not. We give up a little bit, but in the end, it nets to a positive trend. We see this as a mid-single-digit growth, 4%-5% growth rate in our core out-of-network services over time. That will require continuing investment, which you've seen from us today, and we have to enhance our services, and we have to stay nimble and pivot our business, but we can, you know, we can safely feel good about delivering this over the long term. Okay, let's tie this into the longer-term growth algorithm of the entire organization. Long term, we see 8%-10% growth opportunity on a consolidated basis. This is both revenue and EBITDA. I talked about the margins being relatively static, that is what we're signing up for. In the core, we've got 4%-5%. In our existing services, we've got another 50-75 basis points off our payment and revenue integrity, i.e., the growth in that small segment is adding 50-75 basis points to our entire consolidated growth rate. HST is gonna expect to do even better, 100-125 basis points, as we bring out new products, grow the platform. That's about 6% right there. Fueling further growth is our new services, which are pretty small right now. Our new data and decision service line, which is BST, is expected to add 200 to 250 basis points. That's really kind of tying together with what Dale had talked about, what we're expecting out of BST over time. Payments, which is 0 today, we think we can add 75 to 100 basis points to our overall growth rate. What we're talking about is 8%-10%, we're not stopping there. Andrea and the team, Steve, at BST, Sean Crandall, we're trying to pile more products beyond that and layer cake more growth on top of it. We feel very comfortable describing our long-term growth algorithm in the following way. Okay, what does that do to us? Our revenue mix was biased towards out-of-network cost management, approximately 85% of our revenues. Over time, without any additional acquisitions, we're not piling in new products inorganically. Over time, we think we can shift that down to 70%, okay? That is just the expected growth of the portfolio we have today. Our percentage of savings model, we're not seeing a shift away from it, but from a mix perspective, most of the stuff that we're adding on now is gonna be either software as a service, it could be a kind of a per claim or a percentage of payment, or it's PEPM. We think that that can be 25% of our business over time versus 10% today. We think that there's a mix shift going on here, which is quite attractive, but we're not disavowing any of the strength of our core model. It's just that we're getting bigger and diversifying. Okay, let's talk about investments. Our growth initiatives require capital, you saw that this year. We've stated that organically investing in the business is our highest priority use of capital. We view it as fundamental to supporting our growth, those initiatives are a major driver in the $20 million-$25 million of increase in CapEx in 2023 that we've highlighted. That's the green bar. In the future, we expect to maintain this high level of investment on a dollar basis. This year's growth investments that we complete will be refreshed and replaced with new growth investments. That green bar is going to consistently kind of turn over, if you will. We think that the, on a dollar basis, it may grow a little bit over time, but generally speaking, it's not going to all of a sudden go up to $200 million. We think we can comfortably support our business. There's a lot of high return investment opportunities that we can, you know, these are in the $1 million-$5 million range, not in the $50 million-$100 million range. As our revenues grow, the percentage of revenues that our CapEx represent is going to shrink a little bit over time. All right, cash generation, something we love. Our business model generates high levels of cash flow, as you all know, and when we talk about free cash flow, it is after interest expense, it's after taxes, it's after capital expenditures. It is bottom line, net, net free cash flow. Over the last couple of years, it was a really high percentage of our revenues, high 20s. As our revenues declined in 2023, and our interest in capital commitments grew a bit, our free cash flow conversion softened to 11%-12% of revenues, which is still admirable, not what we once were. We think this is where scale comes in. As we start growing our revenues again, we pay down some debt, and reduce our interest burden, we think we're gonna be able to bring our free cash flow generation as a percentage of revenues back up, okay? Maybe not returning to the glory of 2021, which is like, you know, Olympic podium, but for sure, we're gonna be best in class going forward. Capital allocation. We've maintained a very consistent set of priorities over time. Invest in the business, use M&A as a value-enhancing component of our strategy. We've done snap-on deals. Our last three deals were all kind of $150 millionish. That's a signal. Those work really well. And then, next step, pay down and share buyback. To date, well, to date, in the last three quarters, if you will, we've deployed $350 million of capital actively. In Q4 of 2022 and Q1, we used $200 million to pay down debt. At a discount, that was $274 million of total debt repayment. In May, we used $140 of cash on our balance sheet to finance the cash portion of the acquisition of BST. If you know that BST folks took stock. They wanted to retroactively ask if they could get all stock now that the stock has moved up a little bit. We can't do that. I have to go to the board, Steve, sorry. Anyway, it's worked out pretty well. We used the $140 million of cash, and we did a little bit of share repurchase. As you heard on our Q1 earnings call through May fourth or fifth, we had used about $9 million of share repurchase. Going forward, how is this all gonna work? A high priority will be to continue to invest in the business. You've heard that. That's gonna be a relatively small percentage of our cash flow. The main priority near term is debt retirement, we've been clear to the agencies, we've been clear to all of you at conferences, that debt retirement is pretty important. We'll continue to look at acquisitions, they'll be a lower priority for the next year or so, okay. One of the reasons why is not because there's not opportunities out there. We wanna get the BST integration right. We wanna focus on these new products. You know, it's interesting, what keeps me up at night is not some of the things that you might think of customer renewals or leverage, or... It's actually executing against the plan. That's what keeps me up at night. We're gonna focus on debt retirement in the near term, and share repurchase is on the table. We said we'd be opportunistic, but it's not a big piece of the overall puzzle. Okay. Hopefully, that's consistent with what you've heard over time, but we wanted to make sure it's clear, given the fact that we just put a lot of money to work over the last few quarters. Okay, long-term capital structure. Today, our net debt stands at $4.6 billion, and we know this is a consistent focus for you. As investors, we know it's a consistent focus for the rating agencies, and we agree it's not where it needs to be as a public company. Okay. Our focus is on debt retirement, as I mentioned, in the near term. It's our goal to essentially put ourselves in a really good position in a few years when we refinance our capital stack, to do it in a really efficient way, okay? That's a guiding principle for us in the near term. We're not gonna waver from that. If we allocate our capital that we generate towards debt retirement, and some of it will be at a discount, as you can imagine, just given rates, the rate environment and where our debt trades, we think we can put ourselves in a position where we get the debt below $4 billion by 2027. That's the next three, four years. As we execute on our growth plan, we've got an opportunity to continue to grow our EBITDA, and that will bring our leverage ratios somewhere around 4 times by 2027 ±. We're not gonna stop there because we're not done with the mission. It's just that, you know, we gotta be realistic about how much we can really accomplish in the near term. Long term, we wanna be in the 3s as a public company. That's long term. That's where we should be, and that might bounce around a little bit, but if you said, "On my wish list, where would you like to be?" That's the right number. Okay. BST acquisition. I get the sense that you understand our enthusiasm for the acquisition. We acquired the company on May ninth for $160 million, $141 of cash, $19 of stock. Steve wanted it to be more stock, he wanted it to be more stock on May twelfth. In any event, we put a little stock in the deal because actually the management team wanted to take some stock, and we wanted to send a signal to the world that they believed in us, and they do. There was some tax benefits, about $11 million, the net purchase price comes down a little bit, closer to $149. Super high-quality model, okay? SaaS model, PEPM, subscription. Gives us a real horizontal product engine and capabilities across our entire enterprise. You heard the sales folks talk about how this really kind of, you know, changes the game for them. It stretches across a bunch of markets, the markets that we serve today, but also new markets, supplemental and others. The financials are gonna be reported as part of our analytics service line, as you know. Q2, we'll report a partial quarter, and then Q3, you'll see the full impact. As the business scales over time, we'll assess whether it makes sense to break it out. I think we all want this to be a scale where we can say: We've got a SaaS business here that's really attractive and data analytics, et cetera, but it's not big enough at this juncture, and we're gonna monitor it over time. Over time, we do think it's gonna be a significant contributor to our revenues. We signed up for $100 million plus of revenues for this business, we said, over the next several years. The right way to think about this is pick a year and ± anywhere, that's the endpoint. The starting point is today's $16 million of revenues, and we think that it will grow over time, and we think we can keep going past that, but it's not gonna happen overnight. You don't just walk into your clients and then just drop a bunch of new products on them, and all of a sudden, they're... We've got a very nice runway for this business going forward, and we expect you to monitor the progress of our acquisition as we go forward over time. Okay, we haven't really talked about this, but what is notable in the transaction is we created some serious alignment, okay? We put together an incentive and a retention program that's structured to ensure success. We like this idea of alignment. We wanna drive the revenues of the business. We want people focused on the right thing. We put arrangement targets of $66 million of incentive payments over time. These are tax-deductible compensation, and we expect the NPV of these payments to be closer to $40 million, if you think about the time sequence and the tax benefits, et cetera. We've set up ambitious annual targets that they have to meet in 2024, 2025, 2026, and 2028. Okay, that's that scale that we're talking, so we can scale the business over time. Employees will need to be employed at the time of the incentive payments, so down the road, to receive it. As we get closer to the milestones, we'll keep you posted on the financial expenses, just so you'll understand them. Trust me, if we're meeting these goals, we're gonna be pretty happy. We all are gonna be happy, investors, management team, et cetera, 'cause we will have built a sizable software-as-a-service business inside our four walls, okay? That will be enormously valuable. Okay, in summary, I think we'll say a few more things about BST. We're very excited about the acquisition. We're pleased about the integration, which is really important. We worked six months to get the closing right. Okay, day one, we had a really strong message to the BST employees. We had an integration plan mapped out. We knew what we were gonna do right away. It was not a shotgun marriage. This is something we've worked on for a long period of time, from a product perspective, from a people perspective, et cetera. We're very excited about the teamwork we're seeing to date. We're excited of what our customers are saying about it. Again, the customers kind of saw this telegraphed over the last six months. This was not new news completely. It was new news that we had this capability in-house all of a sudden. We're just thrilled to have the team on board. Last but not least, Dale started the day with where our transformation leads us. You, you heard from the team that we're pretty excited about it. This is the destination, it's kind of the output, right? The output is a broader suite, more diversification, faster growing. You can't live on the outputs. You gotta put the inputs in, okay? Unfortunately, we're here today to be excited about what the future could be. Tomorrow morning, you know what happens? Our fearless CEO says, "Execute, execute." Okay? We've told you, we've signed up for that. You need to hold us accountable to this. This is not a bunch of PowerPoint slides. This is real people doing real stuff and grounding it out every single day. Our point to you is Dale also says is, "Watch us." We expect you to watch us, we expect you to hold us accountable to this, and we think we know, we think we're on the right track here, and we're focused on the things that matter most to deliver. With that, I think we're gonna do some Q&A, Dale, with Steve, and you, and I? Yes. Okay. I have to get my notes here. Yeah. You good? Yeah, thanks. Maybe, I guess I wanted to follow up on the question. There's been a lot of perception partly around the, I guess what you laid out in the last presentation, I think on slide 87, was very helpful of showing the drivers of the core out-of-network business, and I think that explains a lot of it. I guess the question for you is, I mean, you sort of baking into that model where you have a bunch of benefit from trend and inflation and other stuff, there's kind of this giveback to the customer that comes in the form of price, and you kinda lay that out, I think, at, what was it? 1%-2% or 2%-3% per year. I guess this past year in 2023, it was a little bit elevated at, kind of at 8%. Is that kind of just sort of clustering of timing? Some of that was a little bit pulled forward. How does that differ? Because that seems like that would be consistent with the kind of model you laid out. I'm curious also how this all compares to historically, what you've seen, because historically. Yeah. You probably had a similar model. Maybe let's try a slightly different take is, if we were sitting here, in February of 2024, what does that bar look like? You described it best. That's a cluster. We announced three contract renewals within two quarters. Quarters. In 2024, you're not gonna see a bar like that, okay? If you therefore spread impact over a couple of years... By the way, we don't think the impact is gonna be quite as dramatic going forward, as we're sharper in the marketplace. Having said that, we just have to recognize that the most important thing that our bigger clients are looking at is, "Why should I give you all the benefit of medical inflation?" Again, it's a guess, right? What if medical inflation is really high? It's kind of a give and take. The real point of what we've just described is we're not spending any bandwidth or time worrying about that right now. We're just focused on the business. Hey, Daniel Grosslight with Citi. I maybe just want to go back to your long-term targets. I know you're not providing 2024 guidance, but if you can provide 2024 guidance. If you could just give us some framework on how to think about getting from that core growth to that long-term growth, how long do you think it's gonna take ultimately? Is it more linear? Is it gonna go in kinda fits and starts? Just help us think through the timeline to get to that longer-term target. We always put our guidance out in February. I think, Daniel, it's important to understand the, we said that we think 23 is gonna be a base, we're hoping to kind of give you the breadcrumbs to think about where we could be. I don't think it's a J curve to get to the 8%-10% growth. I think it's probably a little smooth, more smooth than you might imagine, okay? As it pertains to, you know, where we could get to next year, I think, you know, the algorithm is pretty reasonable across a variety of years. Hi, thanks. I've got two questions. I guess the first is, maybe both for Steve. On the risk models that you guys were talking about before, what makes your predictive modeling more effective, right? I think about UnitedHealthcare and some of these others that are spending, you know, $1.5 billion on CapEx every year, $5 billion on tech spend. Like, they've got data, you know, they've got predictive models. Is it data scientists? Is it you've got data from other plans? I'm just curious, like, what exactly has created that edge on predictive modeling that they can't do? I'm sorry, I think you mentioned they're kind of stuck in actuarial science, so maybe that's part of the answer. Just the second one, a little bit easier, just on the PlanOptix. Are providers buying that service in anticipation of their negotiation with the plans as well? Or is this really kind of one-sided where the plans are buying the service? Okay, sorry. Sorry, what was your name? Josh. Josh. Hey, Josh. The first question, I hope I didn't insinuate that we're calling our models better than what that particular carrier has. I think what I said is we will provide and deliver world-class modeling and capabilities. To your point, not so much about different data than they would have access to, others would have access to, but really about the quality of the data scientists that we have. As I mentioned, you know, Dimitris Bertsimas is a world-class data scientist. All of our recruiting at the Benefits Science side of the house has been done through the Operations Research Center at MIT and other programs there. It's just it's... There are, I would say, some of the methods that we use are cutting edge, are gonna be best in class, and that will put us in that upper echelon of deliverables. With regards to PlanOptix, I certainly think that there is a market need in that space, we're just not focused there today. Our focus is on our core customer base, which is the payers and the other customers that we already have existing integrations and relationships with. Yeah, Josh, we are laser focused on our payer relationships, okay, as it relates to PlanOptix. We think the runway is long, wide, and we wanna run hard at it. Do we think there's an opportunity for a PlanOptix product for the provider community? Yes. Perhaps we'll be opportunistic, but in the near future, we are 150% focused on payers. Yeah. Hi, Steve Valiquette from Barclays again. For my question, are you guys able to flip back to one of the slides, slide 88, for a minute? Does somebody still have the clicker there, or-? Let me see if I can- It's not mandatory, but if you can. I got it. It'll be a little bit easier. Eighty-eight? We can do it. Yes, I guess similar to my question earlier on the data and decision science. Yes. I'm curious on the payments revenue ramp. You show 75 to 100 basis points on this slide. I guess, you know, it's $50 million to $75 million revenue ramp. Same thing there, just in that trajectory, is that gonna be more, you know, lumpy or linear, just based on the, you know, the contracts, et cetera? Just trying to get a sense for how that might ramp. Thanks. Yeah, I, the ramp on both of them will be a little bit slow this year and going into next year, and then it starts picking up because there's a sales cycle, right? There's an implementation cycle, et cetera. I think it is fair to say that it's going to be relatively linear. It's not going to be, oh, my gosh, it's gonna... 2025, it's gonna start ramping. It's a slow build. I got a question earlier. It's like: "Oh, how quickly you get to the $100 million? Could you get $50 million next year?" No. We're not gonna go from 16 to 50, you know. It, it is gonna take time, but it's gonna be very attractive growth. It's going to be, you know, additive to our overall business, and it's something we feel comfortable signing up to. Thanks. On BST, I see the opportunities that you outlined with predictive analysis. One, can you just give us an idea as to what the market share is today? Two, you know, you talked a lot about configuring the options you have with your customers. A lot of that configuration, and you're adding in AI as well, how do you maintain an edge over commoditization due to AI? Like, in that 200-250 basis points of growth, what type of volume do you need to see, and how should we think about that going forward to offset any of that commoditization? I have a follow-up. Okay. Yeah, as far as market share goes, I mean, obviously, with the total number that we're at today, it's extremely small. I mean, you could assume that it barely registers today, which is one of the most attractive, you know, reasons why we're together, right? It's the vast distribution opportunity that we have here at MultiPlan to take world-class models and plug it into these existing integrations is what gets us excited and why we're here. In terms of the focus and the differentiation on AI, I mean, look, there are many, many, many stories in the news where AI, the promise, is working. There's just as many where it hasn't worked, right? That's because the capabilities don't necessarily fulfill the promise that has been set up. We are confident in that area. As I mentioned earlier, we have the data science capabilities. We know what we're doing in this space, and our ability to stand out is not in question. I mean, we have to prove that to you, obviously, but it's not in question to us. We understand and know where we are positioned and the strength of our capabilities. Now, with the combination with Multiplan, we'll be able to. You'll see that for yourself in the coming quarters. Jim, on the 2027 target, it implies about $1 billion of EBITDA. I know you're netting out cash, but roughly $1 billion of EBITDA. If I take the $275 million of new revenue opportunities, apply a margin, then assume the other 4%-5% CAGR over the next 3 years or so, I know I'm missing something, but can you help us bridge from that incremental opportunity with the acquisitions to that roughly $1 billion of EBITDA? Like, what should we expect in that? Well, I, the numbers aren't perfectly set up. It's not 4 divided by 4. I think we're gonna probably do better than sub 4 on the other side of it. I don't think you need to get to $1 billion of EBITDA to get there. If you map out our EBITDA going forward, we think we can put ourselves in a position where the ratios are around that 4 times pretty quickly. It's not heroic. Sure. You talked about, again, ever last before, right? Obviously, Q2 is higher. Yeah, it was Christoph I was talking about last year. Last year. Utilization. Yeah. Yeah, this year, right, it's flipping the other way. Yes. So for everybody, if you have- Oh, fair enough. Yeah. You rebased on the lower quality. Maybe you're conservative. Is that the reason? United model is saying, it could be a rebound. Right. Yeah, you, it's a good question, and I was expecting it actually from a research analyst. The whole thing is, okay, everybody else is seeing the resumption of utilization in the system, whether it's the HCAs of the world. Steve, I think you did an expert call in the ASC space, et cetera. There's we have seen no trends that suggest that utilization is going down. Obviously, UnitedHealth and Humana kind of corroborated that, albeit in the Medicare Advantage space. We do lag, and we do have that out-of-network excuse, so you're right, Christoph, we're being a little bit conservative. Having said that, we just told you revenues are coming, you know, we expect the revenues to be at the top end of our guidance range for Q2. We're seeing a little bit of improvement, but it's not leaps and bounds improvement, and we're just not ready to call, you know, a full turn, a snapback, if you will, given our idiosyncratic lagging perspective. Having said that, by August, we'll have a view on the rest of the year and see that. We had figured it was gonna be a little bit of improvement. It feels like it's a little bit better than a little bit of improvement, but it's not, it's not like what we saw in 2021, where it roared back. Okay? All things being equal, it's been, you know, we haven't seen it go backwards. We said on our Q1 call that we started to see our mix change, right? We were starting at the tail end of the quarter, we were starting to see our mix changing, we were seeing more ASASC claims, we were seeing more surgical claims, and those are higher dollar claims, right? That started to happen towards the tail end of Q1. Then you can see, as Jim pointed out, Q2, we have obviously, there's a 6-8 week lag. UnitedHealthcare and Humana came out and said: "We're seeing higher utilization," and largely they were pointing out their Medicare Advantage business. Will that cross over into commercial? Then will it cross over into the added network? Yes, we're being conservative. We'll be in a much better position at the end of Q2 in August to reflect back to see if we're seeing that, taking into account the six to eight week lag. One last question? Yesterday, guys, sorry, I'm Andrew from Beach Point. Yesterday, you guys added an additional board member, John, curious on the logic, timing, just, if you could provide a little color on the addition? Well, I think it, we had a board vacancy when Bill Veghte stepped down at the end of the year because of business constraints, we had a vacancy to fill. John adds, you know, an incredible amount of leadership experience, right? He's been 25 years in the payer segment, 25 years in senior leadership positions. He brings an enormous amount of experience from Optum, having run businesses within inside of Optum, his most recent position being President and COO of Optum and Optum Services. Prior to that, President and CEO of OptumRx. There's a lot of subject matter expert and industry experience that we're delighted to have on the board. Couldn't be happier to have that on the board as we continue to pursue our growth plan and our growth initiatives and take advantage of the BST acquisition. Okay. Anything else? Look, I think. First of all, right, closing remarks, quick. Yeah, because I know it's already almost 1 o'clock, and everyone's hungry. Listen, thank you. Thank you for coming. Thank you for spending time with us this morning. I hope you have a much, much better sense of the business, and that we clarified a lot of that for you, and the role that we play in the healthcare system. You can sense it. We're clearly excited about our future prospects. As you can see through the work we've done, the growth plan, the growth initiatives, we've been working really hard. The leadership team has been working extremely hard on executing on the business and executing on our growth plan. Of course, as we have said, at the end of the day, it's all about delivering results. We get that, I hope you have some sense of the enthusiasm we have, some sense of the enthusiasm we have about the future of this company. We're really excited, not just about BST. That puts us off the charts. We're excited about the growth in our core, the organic growth initiatives, the addition of BST, the partnership with ECHO Health. We're moving, we're pivoting, and pivoting quickly. I hope, if anything, you walk away and understand that. We'll talk. You know, obviously, thank you again for coming, we'll talk soon at our next earnings report. Thanks again. Thanks for your patience.