Q3 2005 LifePoint Hospitals, Inc. Earnings Conference Call...

F I N A L T R A N S C R I P T

LPNT - Q3 2005 LifePoint Hospitals, Inc. Earnings Conference Call

Event Date/Time: Oct. 27. 2005 / 2:00PM ET

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C O R P O R A T E P A R T I C I P A N T S

Ken DonaheyLifePoint Hospitals, Inc. - Chairman, President, CEO

Mike CulottaLifePoint Hospitals, Inc. - CFO

Bill CarpenterLifePoint Hospitals, Inc. - EVP

Richard FloresLifePoint Hospitals, Inc. - VP, Revenue Cycle

Gary WillisLifePoint Hospitals, Inc. - VP, Controller

Bill HoffmanLifePoint Hospitals, Inc. - VP, Government Programs

C O N F E R E N C E C A L L P A R T I C I P A N T S

Darren LehrichDeutsche Bank - Analyst

Jason GurdaBear Stearns - Analyst

Adam ReinsteinLehman Brothers - Analyst

A.J. RiceMerrill Lynch - Analyst

Sheryl SkolnickFulcrum - Analyst

Gary TaylorBanc of America Securities - Analyst

P R E S E N T A T I O N

Operator

Welcome to the LifePoint Hospitals third quarter earnings conference call. [OPERATOR INSTRUCTIONS] As a reminder, thisconference is being recorded today, Thursday, October 27, 2005. I would now like to turn the conference over to Ken Donahey,Chairman and Chief Executive Officer, LifePoint Hospitals. Please go ahead, sir.

Ken Donahey - LifePoint Hospitals, Inc. - Chairman, President, CEO

Thank you. Welcome to our third quarter 2005 earnings conference call. We would like to extend a warm welcome to theemployees, community leaders, physicians, and friends who serve the 52 communities of LifePoint Hospitals. We must first takecare of the required business of our forward-looking statements. On today's call, we will be making forward-looking statementsbased upon management's current expectations. Numerous factors could cause our results to differ from these expectations.Those factors may be beyond our ability to control or predict. As always, these statements are subject to certain risks, includingpossible changes in reimbursement, risk associated with the highly regulated and competitive nature of the industry, and riskassociated with the integration of our recent acquisitions among other things. We outline these risks and uncertainties in ourSEC filings and encourage you to review these filings.

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Oct. 27. 2005 / 2:00PM, LPNT - Q3 2005 LifePoint Hospitals, Inc. Earnings Conference Call


We also ask you to please review the risk factors in our press release issued yesterday. The Company undertakes no obligationto update or make any other forward-looking statements, whether as a result of new information, future events, or otherwise.To increase your understanding of our company, you may want to read recent 10-Ks, 10-Qs, 8-K filings, proxies, and annualreports to shareholders. Also, please visit our website for a link to the various information and filings. The 10-Q provides a greatdeal of detail that will supplement your understanding of the results of the quarter ended September 30, 2005, and the ninemonths then ended. In addition, we will be filing an 8-K which further details certain historical information as it relates to theProvince merger, the Wytheville and the Danville acquisitions and the upcoming acquisition of five HCA hospitals.

We also post our investor slide shows on our website. Those slides also contain information and some historical statistics forthe former Province hospitals. As you know, it's our company policy not to update our guidance during the quarter. We haveendeavored to adhere to this policy with respect to our previous guidance for the quarter and this year. Any time the Companyspeaks out about material information that has not been previously disclosed, we will do so in a manner that insures generalpublic disclosure in compliance with regulation FD by using venues such as public filings, press releases, webcasts, and conferencecalls. Joining me today are Bill Carpenter, our Executive Vice President; Tom Pemberton, our Gateway Division President; GaryWillis, our Vice President and Controller; Bill Hoffman, our Vice President of Government Programs; Richard Flores, our VicePresident of Revenue Cycle; Scott Raplee, our Senior Vice President and Operations CFO; and Mike Culotta, our Chief FinancialOfficer.

First we would like to address how Hurricanes Katrina and Rita effected our company. From a financial standpoint, our estimateis that the hurricanes negatively impacted EPS this quarter by $0.03. However, from a personal standpoint, our thoughts andprayers go out to all of those impacted by these two hurricanes. We are amazed at the demonstrations of commitment, loyalty,courage, and compassion during those difficult hours, days, and weeks that followed, and we are appreciative of the collectiveresponse of our entire healthcare community during such unprecedented and challenging times. We particularly want to thankthe physicians, nurses, support staff that were there to transfer the patients and stay with them in safer places, all the while notknowing how their families were coping in harm's way. Likewise, the physicians, nurses, and support staff that remained in thefacilities tending to those that could not be transferred are to be commended again, considering that so many did not evenknow how their families were faring.

Our other facilities demonstrated a real concern for others in transporting ice, water, food, supplies, personnel, and security,not only to our impacted facilities, but to other healthcare providers, such as nursing homes in the area. The plant supportteams from our other facilities were instrumental in helping to get our effected facilities back up and running so they couldcontinue helping others. Finally, and most importantly, we were thankful for those, for the generosity outpouring of thoughts,prayers, and donations from our employees to help those employees most personally affected by the storms. During the worstof times, we saw the best in everyone and are so proud of our LifePoint family. Tom Pemberton, our Division President, whooversees those facilities affected by the storms, is here today to answer any questions you may have.

Our integration of recent acquisitions continues and is going very well. We know there are numerous challenges and opportunitiesbefore us, but we strongly believe these are great opportunities. Our hospital leadership, division groups, and operation supportteams continue to do an excellent, exceptional job of maintaining focus on day to day operations, while further learning theintricacies of our newest facilities and moving forward with our integration plan. Their efforts this quarter and every quarterprove our consistent commitment to excellence.

Our hospital management teams have always done a tremendous job of managing resources and costs. These teams continuallyshow great leadership and adaptability in meeting the needs of our communities, while consistently insuring fiscal responsibility.We will always stay focus and detail oriented in managing our business without compromising quality of healthcare deliveredin our communities. Recruiting the appropriate physicians to our communities will always be the key to our ongoing success.We've continued to attract high quality physicians, including a broader base of specialists. Our physician goal for 2005 is torecruit 120 admitting physicians. We have signed 118 admitting physicians to date. Of these recruited positions, 52% arespecialists and 48% are primary care physicians.






We are committed to recruiting and retaining the highest quality physicians to support our communities, while expanding thescope of services available locally. Our policy for handling physician recruiting is designed to comply with Stark and Fraud andAbuse laws and guidelines. We constantly review our policies in this area, both from a legal and a business perspective.

Delivering high quality patient care is the key focus of our strategic mission. Not only is it recruiting the appropriate physiciansinstrumental in this mission, but so is our commitment to quality within our hospitals, our focus on continuous qualityimprovement and risk management programs, coupled with physician and local Hospital Board support, has been fundamentalto our positive results. Rest assured that we will not let up on this crucial aspect of our business. We believe quality and riskmanagement are synonymous and we will persist in striving to deliver the highest quality healthcare services to our communities.

We continue to monitor both federal and state reimbursement. On a federal level, our Medicare inpatient payments increasedan average of 2.9% on October. Medicare outpatient payments are expected to increase 2.4% effective January 1.

Let me close by expressing my appreciation once more to the hard work and dedication of thousands of employee shareholders,hundreds of highly qualified physicians, the great civic and community leaders in all of our markets and the wonderful, faithfulvolunteers that help us each and every day. We're appreciative of our commitment -- of your commitment to our strategy andour continued success. Mike will now discuss the financial results for the third quarter.

Mike Culotta - LifePoint Hospitals, Inc. - CFO

Thank you, Ken. Throughout these discussions, certain terms and statistics will be used that are not defined under generallyaccepted accounting principles. For example, adjusted EBITDA is defined as earnings before depreciation and amortization,interest expense, debt retirement costs, transaction costs, ESOP expense, minority interest in earnings and consolidated entities,income taxes, and discontinued operations. Adjusted EBITDA is commonly used as an operational analytical indicator withinthe healthcare industry and also serves as a measure of leverage capacity and debt service ability. Our Management and Boardof Directors use adjusted EBITDA internally to evaluate our hospital and our company-wide operating performance. AdjustedEBITDA is a measure of performance used by investors, equity analysts, and others to make informed investment decisions.Adjusted EBITDA is also used in our various financial covenants as it relates to our new credit agreement.

In addition, multiples of current or projected adjusted EBITDA are used to estimate current or perspective enterprise value.Adjusted EBITDA should not be considered as a measure of financial performance under generally accepted accounting principlesand the items excluded from adjusted EBITDA are significant components in understanding and assessing financial performance.Please refer to our press release for an understanding of items excluded from EBITDA and a reconciliation to net income, whichis a defined term under generally accepted accounting principles.

Our press release also contains further disclosure on adjusted EBITDA. In addition, as Ken stated before, we suggest that yousupplement your understanding of our company by reviewing historical 10-Ks, 10-Qs, proxies, and 8-Ks. We recommend thatyou read our 10-Q to further supplement your understanding of our results of the third quarter and nine months then ended.The MD&A section of the 10-Q has been reformatted, hopefully to be more meaningful and to answer more of your questions.In addition, our investor slide presentations are posted on our website.

With respect to the call today, same facility information includes all the historical, legacy LifePoint facilities, except River ParrishHospital in LaPlace, Louisiana, acquired on July 1, 2004. Wythe County Community Hospital in Wytheville, Virginia acquired onJune 1, 2005 and Danville Regional Medical Center in Danville, Virginia acquired on July 1, 2005. As we discuss the formerProvince hospitals, same facility information, will include all facilities, except Coastal Carolina, which opened November 1, 2004,Las Cruces, which was acquired June 1, 2004, and the three hospitals that are part of our discontinued operations - AshlandRegional Medical Center, Medical Center of Southern Indiana, and Palo Verde Hospital. We believe the most meaningfulinformation to present with respect to former Province same facilities is to present the full third quarter of 2005 as comparedto the third quarter in 2004. Some of this information is in our investor slide presentation on our website. As was the case last






quarter, we have excluded corporate office costs from our same facility statistics and data in this quarter and will continue todo so in future quarters. The cost of our corporate offices are included in the 10-Q and are detailed in the MD&A section.

First, let's discuss the financial impact of Hurricanes Katrina and Rita. The total estimated impact on pre-tax income wasapproximately $3.1 million, which, as Ken said, affected our EPS by approximately $0.03. Our estimate of net revenues lostduring this timeframe, was $2.4 million. We estimated additional operating expenses of $990,000 due to the hurricanes, ofwhich $555,000 was additional salaries and wages, $371,000 was increased supply cost, and $64,000 of other operating expenses.The increase in self-pay revenue, which had a direct impact on bad debt expense was approximately $1.3 million.

In addition, the Louisiana Legislature has suspended the insurance prompt payment law due to the number of insurancecompanies located in New Orleans that had to suspend operations. We estimate a reduction in our cash collections byapproximately $4 million, and an increase in our overall DSOs of approximately one day. As you would expect, the hurricanesalso impacted our admissions, adjusted admissions, and surgery. We will discuss volume trends later in this call.

During the quarter, we incurred $2.1 million in debt retirement cost, as we extinguished the Senior Subordinated Facility andissued the 3.25% Senior Subordinated Convertible Debenture. This had a dilutive impact of approximately $0.02 to EPS in thequarter. Also during the quarter we recorded a reduction in transaction costs of $1.4 million that were previously expensed inthe second quarter as we noted an overreserve in self insurance -- self-insured health clients. This was accretive approximately$0.01 to EPS. Thus our run rate EPS was $0.58 compared to our guidance of $0.55 to $0.60. In addition, the differences in interestrates on the two instruments for the one and a half months that the Senior Subordinated Credit Facility was outstanding wasapproximately $1 million higher, or approximately $0.01 dilutive. The new convertible instrument is accretive. In addition, ourCoastal Carolina facility, which is a de novo, continues to operate at a loss and negatively impacted our EPS approximately $0.02.

With respect to volumes, our overall admissions were negatively impacted by the hurricanes by approximately 70 admissions,predominantly at River Parishes and Teche facilities. Legacy LifePoint same facility admissions declined 206 cases, or 0.9%. Aswe have previously stated and described in our 10-Q, the inpatient rehab rule has also impacted our volumes as we manageto this rule. Rehab admissions declined 124 cases, which accounted for 60% of our decline. The hurricanes did not have anymaterial impact on Legacy LifePoint same facility admissions. Former Province same facility overall admissions declinedapproximately 1.6%, or 255 admissions. The hurricanes accounted for approximately 11% of the decline. Managing to the rehabrule, as previously discussed, accounted for approximately 51% of that decrease. The overall adverse impact to EPS of managingfor the rehab rule for the entire company was approximately $0.02.

In-patient surgeries at Legacy LifePoint same facility increased 7.1%. We saw increases at over one half of Legacy LifePoint samefacility. The overall increase in in-patient surgeries and the increase of the open heart program at Lake Cumberland predominantlyimpacted our Medicare case mix by a 2.5% increase. Outpatient surgeries were down 3.6%, predominantly as a result of moreprocedures being performed in physician offices and ambulatory surgery centers. Both inpatient and outpatient surgeriesdeclined at former Province same facilities at by 7.9% or 369 surgeries and 5.6%, or 601 surgeries, respectively. We estimate 171surgeries were lost due to the hurricane.

These decreases are also a result of combination of more procedures being performed in physician offices and ambulatorysurgery centers and physician losses, which occurred primarily during the transition of ownership, including the initial stagesof integration. Starting April 15, we began a fresh cycle of physician recruiting under our ownership.

Adjusted admissions declined at Legacy LifePoint same facilities as the 9.3% growth in gross inpatient revenues outpaced the6.2% growth in gross outpatient revenues. This resulted in a decline in the outpatient factor. Former Province same facilitiesadjusted admissions declined only 0.81% as the reverse occurred in that the 6.6% growth in gross outpatient revenues exceedthe 4.9% growth in gross inpatient revenues. Accordingly, we noted a 1.6% decline in Medicare case mix to 1.22 from 1.24, andan increase in the outpatient factor from 1.94 from -- to 1.94 from 1.93.






In summary, Legacy LifePoint same facilities net revenues increased 5% and net revenues per -- admissions increased 7.6%.These increases relate to the increase in acuity, primarily driven through increased inpatient surgery, as well as solid pricing inthe insured population. Former Province same facilities had increases in net revenues of 3.4% and an increase in net revenuesper equivalent admission of 4.3%. However, there was a very large prior year contractual increase in Province same facilities of$3.2 million in the prior year. When factoring this out, net revenues grew 5.3% and net revenues per equivalent admissionsgrew 6.1%. As we have previously stated, we are very focused on the integration of our newest facility. We're acutely aware, aswe know you are, that integration is a long-term process. We will continue to focus on all revenue opportunities.

Moving on to expenses, as we discuss expenses, remember that we have excluded the cost of the Corporate office from samefacility information. Former Province same facilities salaries and benefits as a percent of net revenue was 36.9% compared toLegacy LifePoint same facilities of 38%. As we have previously stated in the second quarter, LifePoint employs more physiciansthan the former Province same facilities and the former Province hospitals have higher net revenues per equivalent admission.With respect to productivity statistics, Legacy LifePoint same facility man hours per equivalent admission was 85.1 comparedto 90.5 for the former Province same facilities, for a difference of 6.4%. Again, areas that have the most upside potential aremanaging resources, particularly in times of lower volumes and focusing on reducing contract labor. Contract labor at theformer Province same facilities grew from 1.4% of net revenues to 1.9% of net revenues. We continue to seek improvements inthese areas.

We expect system conversions to effect our salaries, wages, and benefits expense in the future. Increases to salaries, wages andbenefits resulting from the system conversion in the third quarter at former Province facilities were approximately $300,000.The costs will continue to rise during the conversion period. However, the benefits of operating one system will certainlyoutweigh those costs. Our total conversion costs for the quarter was approximately $800,000. Finally, our two most recentacquisitions had salaries and benefits expense of approximately 44% and 44.3% at Wythe County and Danville Regional,respectively. And Danville's man hours for adjusted admission were a very high 150. So we definitely see opportunities there.Legacy LifePoint same facilities supplies as a percent of net revenue, increased as a result of higher acuity in our patients, andincreased inpatient surgery, particularly through the growth in our cardiology programs, as we described previously.

Former Province same facilities were 70 basis points higher than Legacy LifePoint same facilities. This was a result of higherpharmacy costs, as the former Province facilities have more outpatient oncology programs. Supply expense as a percent of netrevenue at Wythe County and Danville Regional were 17.4% and 19.2%, respectively. As we continue to integrate these facilitiesinto our HPG program, there will definitely be savings. These two facilities impacted our consolidated supplies expense 60 basispoints.

Other operating expenses are described in detail in our 10-Q. Other operating expenses at former Province same facilities were14.1%. The reductions in expense from the third quarter of 2004 were in physician recruiting and insurance costs. The physicianrecruiting expense decreased 1.6 million, and insurance expense decreased $2.1 million. The decrease in the insurance expenseis driven by continued favorable development in our quarterly actuarial studies. Medical malpractice expense at Legacy LifePointsame facilities was $753,000 compared to $2 million a year ago. Former Province same facilities medical malpractice expensewas $672,000 compared to $1.2 million a year ago. With respect to recent acquisitions, other operating expenses at WytheCounty and Danville Regional were 18.1% and 14%, respectively. Our practice for analyzing the allowance for doubtful accountsis to track our revenue by payor, review our agings paying very close attention to self-pay and copay trends, analyze cashcollections by payor class, review our days in accounts receivable and match our bad debt expense and charity care write-offsto current revenues, particularly self-pay revenues which are obviously the largest challenge to collect.

Before I get into the details, let's give you an overall view. First, our original estimate for the provision for bad debts for the yearwas between 9.5% and 10.5%. Year to date, our provision as a percent of net revenue is 9.9%. Second, our third quarter provisionis historically higher than other quarters during the year, as we see ER visits increase in the late summer months. Accordingly,self-pay revenues become a larger percent of the total revenue base. This summer spiked higher because of the lower volumeswe experienced. In looking at our historical financials, we have seen the same facility provision increase as a percent of revenuesfrom 70 to 160 basis points between the second and third quarters of 2002, 2003, and 2004. On a consolidated basis in the same






year, the provision grew 110 to 160 basis points. From third to fourth quarter in 2002, 2003, and 2004, the provision for baddebt declined as a percent of total revenue on a same facility basis 120 to 210 basis points. On a consolidated basis in thosesame years, the provision declined 110 to 140 basis points.

Third, another contributing factor to a high provision this quarter is the changes in enrollment requirement and an increase indenials for various Medicaid programs, as the states adjust their budget. The states, we noted, are Tennessee, Mississippi, andTexas. These changes usually occur after a state fiscal year end and a large number of states we operate in have a June 30, yearend.

Now let's get into the details of this quarter. For the Legacy LifePoint same facility basis, the provision for capital accounts forthe third quarter of 2005 was 9.3% of net revenues compared to 9.4% of net revenues for the third quarter 2004. On a LegacyLifePoint same facility basis, charity deductions were $2.3 million for the third quarter of 2005 and $1.7 million for the thirdquarter of 2004. From the previously mentioned enrollment changes in Medicaid programs, the lowering TennCare enrollmentson August 6, 2005 had an impact to us, given the number of facilities we have in Tennessee. These enrollment changes havenegatively impacted our self-pay revenues approximately $1.2 million, or 40 basis points this quarter at the same facility level.Our actual pure dollar provision increased, inclusive of TennCare, only $900,000. We believe the overall impact on the annualbasis for TennCare will be between $6 and $9 million.

Bad debt expense on a former Province same facility basis was 13.5% of net revenues for the third quarter of 2005 comparedto 11.4% for the third quarter of 2004. Let's remember, we are not comparing apples to apples, since the reserve methodologiesdiffered in the two companies previously. Province previously used a clip approach and we analyzed our allowances quitedifferently, as we have previously described. The adverse effect to bad debt expense resulting from the hurricane was 1 million,or 60 basis points to the former Province facilities. Charity care write-off at former Province same facilities were $4.3 millioncompared to $3.5 million a year ago.

To summarize, let's detail certain components of our third quarter consolidated provision of 11.6%. Approximately 21 basispoints was the result of the changes in TennCare, approximately 23 basis points the result of high bad debt expenses at MemorialMedical Center in Las Cruces; 14 basis points was a result of high bad debt at Coastal Carolina; 21 basis points resulted from theimpact of all the hurricanes; 32 basis points was the result of high bad debt at Danville; and 21 basis points for River Parishes,exclusive of the hurricanes. Excluding these items, the provision as a percent of net revenue was 10.3%. The second quarterconsolidated provision was 8.8% of net revenues, or an increase of 150 basis points, which is within the range of our historicaltrends. It should be noted that the provision for doubtful accounts as a percent of net revenues at River Parishes exclusive ofhurricane, Coastal Carolina, Wythe County, and Danville Regional were 14.5%, 24%, 10.8%, and 11.5%, respectively for thequarter.

Our days and accounts receivable were 42 days at September 30, 2005. The effect of the hurricanes increased DSO's 0.7 daysand Danville represented a 1.2-day increase in DSOs. Danville's days in AR are approximately 55 days. Our allowance as apercentage of self-pay accounts receivable, which includes self-pay copays, is 88.1%. Our overall allowance for doubtful accountsas a percent of accounts receivable was 52% excluding Danville. As always, our business office managers are focused on increasingupfront collections, decreasing insurance receivables greater than 120 days, reducing Medicare days under 30 days, and reducingunbilled receivables and they continue to show great improvement. We monitor our success and opportunities for improvementin the business office, primarily through a review of self-pay receivables in the over 150-day bucket.

Our consolidated EBITDA of $102.6 million and operating margin of 18.6% was impacted as follows: estimate on HurricanesKatrina and Rita - $3.1 million or 50 basis points; effect of managing rehab unit to the 75% rule - $2 million, or 30 basis points;effect of TennCare reducing enrollments - $1.2 million or 20 basis points; effect of Coastal Carolina unfavorable operations -$900,000 or 30 basis points. And the effect of lower margins on two recent acquisitions, $6 million, or 80 basis points. In all, a210-basis point differential.






Net revenue and EBITDA margins on recent acquisitions in de novos were as follows. Wythe County, net revenues were $9.9million with an EBITDA margin of 9.7%. Danville Regional, $45.4 million of net revenue with a margin of 11%. Coastal Carolina,$5.8 million in net revenue with a negative 15.4% EBITDA margin. Las Cruces, $35.7 million with an 18.5% EBITDA margin. AndRiver Parishes, $11 million net revenue with an EBITDA margin of 8.9%.

Legacy LifePoint same facilities margins improved to 24.1% from 23.8% a year ago. Former Province same facilities marginsdeclined 20 basis points to 21.9% from 22.1% a year ago. However, excluding the prior year contractual pickup of $3.2 millionpreviously mentioned, the margins improved 120 basis points with the increased provision.

Please review the MD&A section in our 10-Q for a complete detail of interest expense and debt structure, as well as our covenantsunder the credit facility, all of which are comfortably in compliance.

We have received drafts of our property valuations for the former Province facilities from our valuation firm. The estimatedstep-up resulted in an increase to PP&E of approximately $116 million. Our original estimate was approximately $120 million.However, our initial estimate of the increase in depreciation expense over Province's historical depreciation expense run ratewas approximately $1 million per month. Based upon the revised valuation information, depreciation expense for the formerProvince facilities increases $350,000 per month, or a decrease in our estimate of depreciation expense of $650,000 per monthfrom our initial estimates. Our revised estimate of depreciation expense for the consolidated company is approximately $29.5to $30.5 million per quarter. We have not completed the equipment valuation. Historically, we've always seen reductions in thisarea, which would reduce the equipment value and purchase accounting.

As we update guidance we are factoring in the effects of TennCare and the rehab rule impact. The amounts detailed are basedon continuing operations as defined at this time. We estimate net revenues for the fourth quarter of approximately $562 millionto $570 million. EBITDA of $115 to $120 million, and EPS of $0.61 to $0.66. We believe the provision for doubtful accounts willbe between 10 and 11%. Factoring out the debt retirement costs for the year and the transaction costs, but not the hurricane,our estimate is $2.45 to $2.50. This was $0.64 for Q1, $0.65 for Q2, and $0.55 for Q3.

As it relates to 2006 guidance, we will issue a detailed press release the first half of January disclosing this guidance. We willalso disclose the effects of FAS 123R. In an effort to avoid any future overlaps in conference calls, our 2006 earnings calls will bethe last Friday of the month following the quarter end. Those days are as follows. Friday, April 28, 2006; Friday, July 28, 2006;and Friday, October 27, 2006. All calls are scheduled for 9:00 a.m. central, 10:00 eastern. The press release, 10-Q and currentinvestor slide presentation will be filed or set up on the website the Thursday afternoon before the call. Our year end call istentatively set for February 7, 2006 at 10:00 a.m. eastern. At this time, none of these calls appear to conflict with our peer groups.

In conclusion, we would like to thank everyone at LifePoint for all their extremely hard work and long hours, as well as theirprofessionalism, loyalty, and their contributions to our company. Ken.


Again, I'm very proud of the accomplishments we have made so far this year, and reiterate that we have never been moreexcited about the future of LifePoint Hospitals and the opportunities ahead of us. We wish to thank each of you for your interestin LifePoint and as always, we want to thank everyone at LifePoint. Michelle, at this time, we're ready to take calls.






Q U E S T I O N S A N D A N S W E R S

Operator

Thank you. [OPERATOR INSTRUCTIONS] Your first question is from the line of Darren Lehrich, Deutsche Bank. Please proceedwith your question.

Darren Lehrich - Deutsche Bank - Analyst

Thanks. Good afternoon, everyone. Just wanted to drill into the updated guidance a little bit more. A fairly wide EPS range forthe fourth quarter, and I just wanted to get a better sense as to why a fairly wide range at this point, and if you can maybe justtalk a little bit about some of the variability that you're continuing to see there that would cause that range to be a little bitwider than I can remember, and I have a follow-up or two.


Darren, this is Mike Culotta. Last time we basically tried to keep a range, roughly around $0.05, so we've kept it around that$0.05. We did want to factor in from our previous guidance, we did want to factor in further the rehab, as we continue to seethat, you will continue to see that going on into the fourth quarter, and we also wanted to be very cognizant of what's takingplace in Tennessee, Texas, and although not as large, Mississippi.


So maybe I missed the quantification of just the inpatient rehab and TennCare et cetera, but what impact going forward willthat have?


The TennCare as we stated was probably going to be roughly around 6 to 9 million a year, so that averages approximately 2million or so a quarter. We are seeing the rehab at this point in time impact us about 2 million a quarter as we manage throughthose units, and I just want to point out we have actually closed one unit in Eunice, Louisiana and we've actually factored downin several of our others. So we've seen pretty much factoring down our volumes in that, as we meet the guidelines and the rules.


So basically between those two items, we took our previous guidance down $0.04 on the high end of the range and $0.04 onthe low end of the range, split half and half between rehab and Medicaid reductions.


Okay, and then just one other thing, if I could here. Can you just give us any update on both the asset sale process, whether weshould be expecting more to come. I think you've alluded to that publicly, and then as far as the HCA transaction goes, whatdo you think are the big stumbling blocks there, pushing that out into next year?


Let me have, Darren, have Bill Carpenter address both those subjects.







Thanks.

Bill Carpenter - LifePoint Hospitals, Inc. - EVP

With regard to the process for the three assets held for sale, we are currently conducting that process involving site visits anddata rooms and all the rest. The timetable there is likely early next year. I'm looking for something along those lines. With regardto anything else beyond that, we don't have anything else to talk about. [INAUDIBLE] ever since the Province deal indicatedthat we will continue to review our portfolio and we will do. With regard to HCA transaction, we are waiting for the hearingbefore the CON Board. West Virginia, as you know, is a very regulated state and the CON Board has a process. That processincludes the ability for a hearing to be requested and one has been. It will be held the third week in November and we expectthat, we expect that that hearing will go well, but we also understand that process is one that takes a little bit of time. So weanticipate a good outcome there. We just have to follow along and go through the process.


Okay. Thanks a lot.


Thank you. Next question?

Operator

Our next question is from the line of Jason Gurda, Bear Stearns. Please proceed with your question.

Jason Gurda - Bear Stearns - Analyst

Thank you, and thanks for all the details on the call. That really helps. I guess just to start off with, do you have any plans to doanything with the 1.3 billion in term B loans?


Not at this time, Jason, we did pay down during the quarter 60 million, right, Penny? We paid down 60 million during the thirdquarter, I'm sorry. We've already paid down, what, 10 million so far to date? So, yes, just a continuation of paying that down atthis point in time.


Thank you. And historically, your supply expense has averaged around 13% of revenue, fairly consistently. Do you see yourselfgetting back down to that level in the future, or do you think you'll end up at a higher level, and if so, where about?







We'll probably be it's probably going to get a little higher, Jason, because of the larger facilities that we are seeing now withDanville. Albeit 19.4, we do believe -- we believe's there's a lot of room for that to come down and Wytheville at 17 and somechange, there's a lot of room for that to come down. But with our hospitals becoming a little bit larger as we're starting to seeintensity go up, you're probably going to see that raise in the future. I wouldn't say in the fourth quarter necessarily other thanthe effect of those most recent acquisitions, but probably going further, we'll probably see that creep up to the 13.5 to 13.8,maybe 14% range.


Thanks, and just as a final question, what type of trend -- I'm not sure, you might have mentioned this earlier, but what type oftrends are you seeing across your portfolio in self-pay or bad debt admissions excluding the impact of the hurricane andTennCare, which we should anniversary, I guess, next July. But what type of base level of uninsured growth, not just on asame-store basis?


Well, I guess I would probably flip back to the -- if it's in the 10-Q or not. We ran roughly about 73 million or so relating to charitycare this quarter. In the prior quarter, Gary, do you remember? Of course this includes Danville and Wytheville. I just don'tremember, I would have to go back and look. But it does sort of have its spikes. It does increase a little bit, as we've stated inthe third quarter. But that was the rate -- that was the amount of self-pay that we had this quarter.


Okay, but I was curious just is if any of the facilities that you've acquired over the last few months are maybe in areas that areexperiencing very rapid self-pay growth, something that you haven't experienced in your same-store assets in the past?


I wouldn't say rapid. I would say that we did see what we saw this particular quarter, we did see a percentage of self-pay higherthat we normally see. We normally see it higher in the summer months. Coastal was higher. We will tell you that. Coastal, as wesaid, was 24, 25%, and believe me, we didn't expect that. So that was one that was higher. We should -- the amount should goup, because Danville will have, being $45 million, they were roughly 45 million on 552 million, so they were 7, 8% of our revenues,so you'll see that go up. So you should see it tweak up a little bit from the 10 to 11% range. But overall, I wouldn't say there washuge spikes we were seeing from that respect.


Okay. Thank you very much.


I think, think the best way to characterize the new acquisitions is that there's process improvements that can be put in place.There's opportunity to bring those bad debt levels down and as we see it, really in these, in Danville, Wytheville, in CoastalCarolinas more a growth story and a mix of patients and we'll be able to improve that mix going forward as we start attractingpatients from a different part of that county. But I think we'll see bad debts come down on the newer acquisitions, and they arenot markets that have -- I think they are all markets that have good economic growth capabilities. For example, in






Wytheville/Martinsville, they each have -- I'm sorry Danville, when we acquired that hospital, a $200 million foundation wascreated for the benefit of a health and education, and that's a major resource to the community to provide sources of jobs, verysimilar to the story in Martinsville where they created a $200 million foundation.


Let me jump in here, Jason, too, from the standpoint we did see an increase in self-pay admission, about 120 in same facilitybut 70% of that related to shifting from TennCare to self-pay, so we did see that increase, and just to give you another factor, Idid have that in front of me. I forgot. It was a little note we had here in the script, was the self-pay revenues roughly in the secondquarter, again, you're not comparing apples and apples here, but I said there was around 73 million in Q2, but there was 50.4-- I'm sorry 73 in Q3, 50.4 in Q2, but, remember, you didn't have Danville in there. You only had Wytheville for a month and youonly had all of the Province facilities, including Las Cruces for two and a half months, so it's really hard to -- you would have tofactor that all in.


Okay. I guess where I was just trying to go was, is there anything occurring at Danville or Wythe County that is you expect asituation to get much worse in the future?


No. We think it's going to get better.


Thank you.

Operator

Thank you. Our next question is from the line of Adam Reinstein Lehman Brothers. Please proceed with your question.

Adam Reinstein - Lehman Brothers - Analyst

Okay. Thank you. Hi everyone. I just want to say thanks for all the details with the 10-Q filing. It's really great to have so muchdetail. Just a few questions. I guess just first, there was a comment in the release talking about reimbursement changes. Justwanted to see if you could provide more details in terms of what you were talking about. I'm not sure if you were talking aboutthe changes in some of the Medicaid programs or what, but just wanted to get some more details there. Then also, just fromlooking at the 10-Q, your dish payments were up a lot. Clearly the acquisitions impact that, but we're still up more than I wouldhave thought, and then I just have a follow-up question.


Okay. Adam, the first part of your question, we put that in there. That related, as you stated, very clearly it, did relate to theMedicaid programs at Tennessee, Mississippi, and Texas, and also the rehab. That was the other item that we also meant byhaving that statement in there. Relating to your second question, the reason that has gone out, is again, remember we onlyhad the Province facilities in there for two and a half out of three months in Q2. We had no Danville. We had one month ofWytheville. Any other, Bill, or Scott? Same store was flat. Does that help, Adam?







Okay, yes. Here, just a couple more questions here. I guess just in your guidance, what are you using for the bad debt for Provincein the fourth quarter? So you spoke a little bit about some of the things that impacted bad debt, but I guess just wanted to see,just wanted to get some more clarity in terms of what your assumptions are for the bad debt at the Province hospitals.


Well, Adam, we really just look at it from an overall perspective. We really don't break it down per se. When we analyze all this,we analyze it from a global overview, and then sort of get down with it once we see as the trends are coming in. So really wedon't have anything I would be able to give you there as a breakdown relating to it.


The real issue is that Province had a completely different methodology. Our methodology in this particular quarter, resulted ina much higher provision than their methodology.


Right.


And if you look at the trends for their bad debt, historically over the last couple of years, I believe we have their bad debt expensejumped a little bit in fourth quarter of '04, so it's really difficult with the change in methodology.


Okay. The other thing, and I'm going to pick on him right now is Richard Flores is in here and the one thing to note, is remember,we couldn't do anything with the facilities until April 15, and so, and, remember, we're not on one system at this point. ButRichard, why don't you give everybody a little bit of flavor of what's going on with the Province facilities as we're trying to getthem into our culture and process. From a business office perspective.

Richard Flores - LifePoint Hospitals, Inc. - VP, Revenue Cycle

Thank you. I think one of the things Ken and Mike mentioned, our focus with our bad debt methodology being in the 150 dayspolicy is to collect the -- really focus in on the insurance dollars and looking at the Province assets, one of the things we sawagain, based on their difference with their bad debt methodology was insurance dollars -- greater than 120 days and we sawthat as a real opportunity, and we're focusing our efforts on collecting those insurance dollars greater than 120 days and we'reseeing substantial improvement. I think overall their self-payrolls as a percentage of total AR that rose to 150-day bucket wassomewhere in the neighborhood of 72. For the Legacy LifePoint, it's 88%. That's where we see our opportunity upside is. As faras the Legacy, Province hospitals, we gained some advantages, benefits in their practices in point of service productions andimplemented them to our policies as well. They do a really outstanding job of up front collections and we feel that that's reallyadded value to our organization.







Okay, and then just one more question, if I may here. Just from looking at the 10-Q filing, it just looked like your uninsured ARwas down here in the quarter. I was just -- with the spike in bad debt, some things we spoke about, so just was curious in termsof how we should interpret that trend. Thank you.


I think it just went up slightly, but that also includes Danville, doesn't it? That's got Danville in it. One of the things we haven'tdone, Adam, yet, Danville's allowance, Danvilles net AR was 27 million, what I remember. I can't remember what the gross waswhen I was looking at it, Gary, but Danville does play a little bit into the stats, and we have not booked the purchase priceadjustment yet on that. We have a working capital settlement that we will be dealing with the 501 C3 there, so that will trueitself up in the probably fourth quarter or first quarter of next -- fourth quarter? The fourth quarter. So a little bit of that is Danville.


Okay, great. Thank you.

Operator

Thank you. Our next question is from the line of A.J. Rice, Merrill Lynch. Please proceed with your question.

A.J. Rice - Merrill Lynch - Analyst

Thanks. Hello, everybody. A couple questions, if I could ask them. First of all just, I know we've got a lot of focus on Danville andWytheville, even some on the Coastal Carolinas. I'm trying to understand, is the rollout, the high level of supply expense, thehigh level of bad debt, is that somehow a little worse start than you thought either where you picked Danville up or CoastalCarolina's having to absorb that high bad debt level? I wasn't aware -- I guess, I thought they were going to be high, but itsounds like they're a little bit higher. Is that the right interpretation?


A.J., this is Ken. I think the only price to us has really been Coastal Carolina. We thought we would get more of the patients eastof the facility, than we're getting, and we're getting, what was our bad debt there, 25 -- 24, 25%, which is probably about twice,which was the business plan that was given us, but, no. We fully understood where Danville was going to be and no big surpriseon the others. I think what we're trying to communicate today is that there's seasonally about 150-basis point increase betweensecond and third quarter and then that drops back down in fourth quarter and a lot of this is a seasonal trend because manyof the questions that we're getting is this sort of a peak in bad debts, and it was pretty much anticipated.


Right, okay, and then on your recently -- changes to your bank credit agreements, I guess you've upped the amount of dispositionsthat you could pursue from 300 to 600 million. Bill's obviously gone over the three that are already identified. I guess I justwonder, is there any intention to move forward with a bigger package of divestitures, and is that more a function of a hot marketfor small start-ups looking to acquire properties and you want to take advantage of that, or is there something in either Provinceportfolio, recent acquisitions, other acquisitions, or the LifePoint core portfolio that you're going to go through sort of this newreview and come up with some sales?







I think the best way to characterized today, A.J. is back when we were looking at the Province acquisition, we looked at theentire group of facilities and obviously very quickly identified the three hospitals, but through that long period that it took toclose, we had a lot of these start-ups calling us with a great deal of interest in some of the smaller hospitals, and naturally aswe've become a enterprise in the $4 billion level, that some of the smaller hospitals might not make sense for us. So we'recontinuing to get calls from people, continue to aggressively look at portfolio management, but at this point in time, we reallydon't have anything to announce other than the three hospitals.


Right, okay.


Mike's basically gone out and gotten the flexibility for us to, do, what was it, somewhere in the $500 million? $600 milliontransaction. I don't see us doing a transaction that large though.


Right. Just the last question. On the TennCare impact, the 6 to 9 million, and I guess two aspects to that, just to make sure I'vegot right, how has that changed versus what you were saying, or what you would have thought three or six months ago? I don'tremember that being delineated as clearly and is that always a number that you've always had and you're just articulating itnow, or is that something that will change?


I think, actually even when we were having this call last quarter, there was an enormous amount of wavering by the state onhow many enrollees they were going to actually cut and how they were going go about it and what the transition would be.That continues, continued -- they were supposed to start the cuts in July. Didn't start until August, and that was phased in. Sowe've, we really didn't have a sense of what the impact was, but we made sure that we tracked it very closely hospital by hospitaland that's why we're able to give this information out and this is the beginning of it. That's why as we roll this forward, we havethat range of 6 to 8 million at this point in time. So we'll continue to get information and share it with everyone, but we did nothave that at the end of last quarter.


Just to make sure, that shows up as, as bad debt, or is that showing up partially as lost revenue as well?


Right now currently, A.J., it's showing up in the bad debt line, obviously around the first of the year as they begin to limit thebenefit, there may be some impact on revenue, but right now we're anticipating it in the bad debt line.







Okay. All right. Thanks a lot.


Michele, we'll take one more question, if there's anyone in the queue.

Operator

Our last question is from the line of Sheryl Skolnick, Fulcrum. Please proceed with your question.

Sheryl Skolnick - Fulcrum - Analyst

Thank you so much. Okay. I have a couple questions. I'm going to try to squeeze in. First of all, a clarification on the guidance,the tax rate was a little lower this quarter. Are we going back up to a 39, 40% tax rate?


Yes, Sheryl. It would be right around between 39.5 and 40%. The impact -- we need to say a couple things here. The impact wehad this quarter related to nondeductible premiums on the convert that we took out in the second quarter. We presently havethe IRS on site because they are auditing -- what years are they are auditing? It's in the queue. 2003. They're auditing both 2003for LifePoint and Province. One of the items that we thought that they might disqualify was that premium we paid on the 221million convert that LifePoint had, thinking that it was the same transaction and upon further discussions, they have agreedthat those are two distinct, separate transactions so that we were able to release that reserve relating to that.

We are also in the process of working with them on a, sort of going to them early on to check on some of our costs that we hadincurred in transaction costs. If you remember, in the second quarter we had an outrageously high rate because of, a lot of thosetransaction costs were not deductible on the tax return. We are working with them right now. We are supposed to hear somethinghopefully in the middle of November. What we're trying to do is take roughly about 150 to 160 million of those costs and beable to deduct those on two of the returns, the stub period, Province return through April 15, and then our return consolidatedLifePoint on 12/31, but roughly if you take those two in consideration that's an increase in cash collections. That's -- 116 milliontimes 35% rate, so we're really looking at that and part of that amount could -- part of the high tax rate in the second quartercould reverse in the third, but we are not estimating it. So on a run rate, you're correct. 39.5 to 40%.


Okay. Don't go away. One of the other things I wanted to clarify. That additional bad debt expense related to the hurricane wasfor all of the facilities effected by the hurricane, so measuring the market, not just River Parishes or Teche?


That is correct.


And it goes away, right? That's done.







Yes, ma'am, that is correct. We -- the hospitals that were impacted throughout those both hurricanes were all of the Louisianafacilities. It also included Bolivar up in Mississippi and Ennis in Palestine.


So any place they got to evacuate, okay. Most important question, Danville. Now, you guys have owned that since July 1. I thinkwe're probably expecting an awful lot out of that hospital. I'm not sure we really understood just what, to be nice, an opportunityit is. One of the things -- so we've talked about their bad debt, we've talked about their supply costs. We haven't talked abouttheir man hours, which you were kind enough to tell us seemed to be 150 per adjusted admission versus your 83 or so. Howlong is it going to take you and what are you going to need to do and how socially/politically sensitive is it for you to be ableto turn it around? Because it's not an insignificant piece of your business at this point in time, and so it sounds like it's somethingyou need to be doing. So I guess the other way to ask the question is how long should we expect it for margins to begin toimprove at Danville?


Sheryl, this is Ken. We had a lot of discussions when we were negotiating that transaction. We walked into our first visit, wenoticed an administrative area as large as our corporate office. And knew there was a lot of opportunity. We've got a plantogether to offer some early retirement there, and basically a transition plan to get it back down to normal run rates over thenext, well, now it would be 18 to 24 months, but our commitment to the community was to try to do it over a two-year periodof time. So it obviously is a great opportunity on the salary side and our goal is to get man hours per adjusted admission in thatfacility down about a third from where it is now. Going from 150 down to just north of 100.


And then the final detail, see what happens when you give us information we ask you about it, Mike. I noticed as you detailedyour other operating expense that there was a little bit of stock-based comp in there. I'm presuming that's the retentionpayments? But is that all there's going to be, or when we start having to deduct stock-based compensation, next year there'sgoing to be more per share per quarter than that?


No, that was the -- in April, we had two tranches. Well there, were three tranches. We issued options and we issued two tranchesof restricted stock.


Right.


One of them had a term of about five years where it would vest one third, one third, one third in years three, four, five, anothertranch that cliffed vest in three years. So that related to that restricted stock grant that occurred in the second quarter goingforward. The actual restricted shares that vested because of the transaction actually ran through transaction costs and that'sgoing through that line item. We are in the middle of looking at FAS 123R. It is significant it will be significant. We don't have






any numbers yet, but it will be significant relating to that going forward, but that's what we're planning to do in early '06, giveeverybody information relating to that. We're also considering possibly as we give that information to go ahead and have a callbecause there is going to be so much information in that press release.


About the stock-based comp?


Correct.


Okay. Great. Thank you very much.


Thank you, ma'am.


Okay. We'll take one last call.

Operator

Our last question for the day is from the line of Gary Taylor, Banc of American Securities. Please proceed, sir.

Gary Taylor - Banc of America Securities - Analyst

Hey, I win the prize. Just a quick question. When you -- I just wanted to confirm, when you detail in your 10-Q, Mike, your insuredand uninsured receivables the percent of billed hospital receivables, that means gross, right?


Gary, is that gross?

Gary Willis - LifePoint Hospitals, Inc. - VP, Controller

That would in certain cases be net.


Okay. Net, Gary.







Net -- I'm sorry, did you say net for insured?


For the insured portion, yes.


Okay.


The other is obviously -- gross and net are essentially the same.


Okay. Got it. Then on the inpatient rehab, 18 units, how many beds is that roughly?


I'll let Bill answer that question.

Bill Hoffman - LifePoint Hospitals, Inc. - VP, Government Programs

I think they average about ten beds a unit roughly. I don't have that in front of me, but I think they are about ten-bed unitaverage.


And have all those stepped up to the 60% threshold, or do you get another slug on the calendar year?


Pardon me?


Have all of those rehab beds stepped up to the 60% threshold for the inpatient rehab rule, or do you have more of those thathave to step up to the 60% threshold with the change in the calendar year?


Some that moved into the 60% range in the third quarter. That transition is based on your cost reporting period.







Right.


We'll have some more -- each quarter some will transition into the 60%.


So is the bulk of it -- it hurts you $2 million. Of the 180 beds, are the -- is half of that transitioned, a fourth? I'm just trying to geta sense if this sort of gets -- more interested in the run rate.


The answer to that question is even though it's measured, it's measured on the prior 12 months, Gary, so we basically, andcorrect me if I'm wrong, Bill, we've pretty much got everybody running at that 60% level now, don't we? Or are there some left?


There are still some left that are on the 50%. All of them are meeting the requirements, be it 50 or 60, but unless we get legislationthat changes it, -- I can't -- I don't know what percent changes each quarter, but until next July, they will be all moving into 60%based on their cost reporting period.


I guess I'm just trying to get a sense of if the $2 million impact this quarter reflects that three quarters of the beds are alreadythere, or I imagine a lot of the cost report years are calendar years if we get in the first quarter, it's 3 or $4 million impact. Somaybe I'll follow-up just in terms of if I can, just in terms of how many are still left to transition. Mike, on the AR, I understand,when you talk about Province 13.5%, bad debt this quarter, 11.4 a year ago and the change in methodology, but can you address,when you closed the transaction, you took a $26 million charge basically to sort of catch up Province to your reservingmethodology. Are we -- if I add back that 26 million to last year's provision for Province, it would really imply apples to apples,their bad debt's roughly flat. Does that make sense, or have you not looked at it that way?


Yes, that would probably be right. When we looked at Province, we actually looked at it as we looked back on them last summer,as we were doing the work. We looked at it more globally from a year to year basis and we felt the extent was correct. It wassort of allocated to different quarters is the best way to describe it. So the answer to your question is probably basically flatwhen you take a look at it, if you would adjust last year to our old police -- I'm sorry, to our policy, not their old policy.


But would it follow then that Province would have been up -- those assets would have been, bad debt would have been upsequentially because your blended bad debt rate even including the charge you took was obviously materially lower on aconsolidated basis last quarter? If you follow my question.







Yes, if I -- if I follow your question, it would sequentially be up. That is correct.


For Province in particular?


Correct. Correct.


Okay. I'm sorry. Okay. That's it. Thanks.


Thank you very much.


Okay. That's -- we appreciate all the support that you've given LifePoint and thanks again for your time this afternoon. Good-bye.

Operator

Ladies and gentlemen, that does conclude the call for today. We thank you for your participation and want you to have a greatday.

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2005, Thomson Financial. All Rights Reserved. 1148234-2005-11-03T09:26:37.680






Cover PageCorporate ParticipantsKen Donahey (18 Turns)Mike Culotta (27 Turns)Bill Carpenter (1 Turn)Richard Flores (1 Turn)Gary Willis (3 Turns)Bill Hoffman (5 Turns)

Conference Call ParticipantsDarren Lehrich (5 Turns)Jason Gurda (7 Turns)Adam Reinstein (5 Turns)A.J. Rice (6 Turns)Sheryl Skolnick (8 Turns)Gary Taylor (12 Turns)

PRESENTATION1. Operator2. Ken Donahey3. Mike Culotta4. Ken Donahey

QUESTIONS AND ANSWERS1. Operator2. Darren Lehrich3. Mike Culotta4. Darren Lehrich5. Mike Culotta6. Ken Donahey7. Darren Lehrich8. Ken Donahey9. Darren Lehrich10. Bill Carpenter11. Darren Lehrich12. Ken Donahey13. Operator14. Jason Gurda15. Mike Culotta16. Jason Gurda17. Mike Culotta18. Jason Gurda19. Mike Culotta20. Jason Gurda21. Mike Culotta22. Jason Gurda23. Ken Donahey24. Mike Culotta25. Jason Gurda26. Ken Donahey27. Jason Gurda28. Operator29. Adam Reinstein30. Mike Culotta31. Adam Reinstein32. Mike Culotta33. Ken Donahey34. Adam Reinstein35. Ken Donahey36. Mike Culotta37. Richard Flores38. Adam Reinstein39. Mike Culotta40. Adam Reinstein41. Operator42. A.J. Rice43. Ken Donahey44. A.J. Rice45. Ken Donahey46. A.J. Rice47. Ken Donahey48. A.J. Rice49. Ken Donahey50. A.J. Rice51. Mike Culotta52. A.J. Rice53. Ken Donahey54. Operator55. Sheryl Skolnick56. Mike Culotta57. Sheryl Skolnick58. Mike Culotta59. Sheryl Skolnick60. Mike Culotta61. Sheryl Skolnick62. Ken Donahey63. Sheryl Skolnick64. Mike Culotta65. Sheryl Skolnick66. Mike Culotta67. Sheryl Skolnick68. Mike Culotta69. Sheryl Skolnick70. Mike Culotta71. Ken Donahey72. Operator73. Gary Taylor74. Mike Culotta75. Gary Willis76. Mike Culotta77. Gary Taylor78. Gary Willis79. Gary Taylor80. Gary Willis81. Gary Taylor82. Mike Culotta83. Bill Hoffman84. Gary Taylor85. Bill Hoffman86. Gary Taylor87. Bill Hoffman88. Gary Taylor89. Bill Hoffman90. Gary Taylor91. Ken Donahey92. Bill Hoffman93. Gary Taylor94. Mike Culotta95. Gary Taylor96. Mike Culotta97. Gary Taylor98. Mike Culotta99. Gary Taylor100. Mike Culotta101. Ken Donahey102. Operator

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Q3 2005 LifePoint Hospitals, Inc. Earnings Conference Call...

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