| Line Item | Q4 2025 | Q1 2026 | $ Variance | % Variance |
|---|---|---|---|---|
| NET REVENUE | ||||
| Commercial Insurance - Net | $2.03M | $1.93M | ($103K) | -5.0% |
| Personal Injury - Net | $1.43M | $1.55M | $125K | +8.8% |
| TOTAL OPERATIONAL NET REVENUE | $3.46M | $3.48M | $22K | +0.6% |
| VARIABLE / CONTROLLABLE COSTS | ||||
| Salaries & Wages | $1.98M | $1.52M | $463K | +23.4% |
| Employee Benefits | $169K | $128K | $41K | +24.1% |
| Physician Fees | $526K | $316K | $210K | +40.0% |
| Professional Fees | $58K | $56K | $2K | +4.0% |
| Repairs & Maintenance | $248K | $156K | $92K | +37.3% |
| Supplies & Other | $544K | $339K | $206K | +37.8% |
| Telephone & Utilities | $168K | $169K | ($1K) | -0.6% |
| Insurance | $93K | $94K | ($930) | -1.0% |
| Advertising | $5K | $3K | $3K | +48.9% |
| Travel, Meals & Entertainment | $219 | $0 | $219 | +100.0% |
| Other Expense | ($120K) | $152K | ($272K) | -226.1% |
| TOTAL VARIABLE COSTS | $3.67M | $2.93M | $744K | +20.2% |
| OPERATIONAL MARGIN | ||||
| OPERATING MARGIN | ($213K) | $553K | $766K | +360.2% |
| Operating Margin % | -6.1% | 15.9% | +22.0 pts | - |
Revenue: Net operational revenue essentially flat at $3.49M (+$25K / +0.7%). Underneath: CI gross up $3.4M but offset by $3.5M higher CI contractuals (net neutral, suggesting gross-to-net compression), while PI revenue declined ($1.4M) with partial relief from $1.5M better PI adjustments. Payer mix is shifting toward CI.
Costs: Variable costs fell $744K (-20.2%) — favorable and the strongest cost story across all four locations. Salaries & Wages down $463K (-23.4%), Physician Fees -$210K (-40%), Supplies -$206K (-38%), Repairs -$92K.
Margin: Operating margin flipped from ($213K) loss to $557K profit — a $769K swing. Monthly trend shows consistent improvement ($38K → $208K → $311K) confirming the turnaround is underway, not a one-time event.