SEC Filings

AMSURG CORP filed this Form 10-12G on 03/11/1997
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AmSurg believes through the combination of a network of geographically dispersed
physician groups and ambulatory surgery centers in a specific market, it can
establish a high quality, cost efficient service delivery system for a specific
individual specialty that is attractive to managed care payors.
     Develop and Acquire Practice-Based Ambulatory Surgery Centers.  Although
AmSurg has historically grown primarily by acquisition of existing centers, it
anticipates that its future growth in the surgery center business will come
increasingly from development of new practice-based ambulatory surgery centers.
In order to continue the acquisition and development of ambulatory surgery
centers, AmSurg will require additional capital resources in the form of debt or
equity financing. See "MANAGEMENT'S DISCUSSION AND ANALYSIS -- Liquidity and
Capital Resources".
     Develop Specialty Networks.  Utilizing single specialty ambulatory surgery
centers to provide a cost advantage, AmSurg's strategy has evolved to include
the development and ownership of specialty physician networks which will offer
specialty physician services, as well as outpatient surgery procedures with wide
geographic coverage to managed care payors. The specialty networks will be
developed to provide broad geographic patient access points in the market
through the network participation of high quality and strategically located
practices, some of which may be acquired or managed by AmSurg.
     AmSurg has acquired two physician practices, a urology specialty group and
a gastrointestinal specialty group, in Miami, Florida, one of which is a partner
with AmSurg in a practice-based ambulatory surgery center. The other physician
practice is developing an ambulatory center with AmSurg. As of January 31, 1997,
AmSurg has acquired a majority interest in two specialty physician networks and
has developed and is the majority owner of two other physician specialty
networks. By establishing these networks, AmSurg believes it will be able to
obtain additional contracts with managed care payors and increase the
profitability of its surgery centers and associated physician practices.
     Practice-based ambulatory surgery centers are licensed outpatient surgery
centers generally equipped and staffed for a single medical specialty and are
generally located in or adjacent to a physician group practice. AmSurg has
targeted ownership in centers that perform gastrointestinal endoscopy, eye
surgery, urology, orthopaedics or otolaryngology procedures. These specialties
perform many high volume, lower-risk procedures that are appropriate for the
practice-based setting. The focus at each center on only the procedures in a
single specialty results in these centers generally having significantly lower
capital and operating costs than the costs of hospital and freestanding
ambulatory surgery center alternatives that are designed to provide more
intensive services in a broader array of surgical specialties. In addition, the
practice-based surgery center, which is located in or adjacent to the group
practice, provides a more convenient setting for the patient and for the
physician performing the procedure. Improvements in technology are also enabling
additional types of procedures to be performed in the practice-based setting.
     The AmSurg development staff identifies physician practices with existing
centers that are potential acquisition candidates and identifies physician
practices that are potential partners for new center development in the medical
specialties which AmSurg has targeted for development. These candidates are then
evaluated against AmSurg's project criteria which include several factors such
as number of procedures currently being performed by the practice, competition
from and the fees being charged by other surgical providers, relative
competitive market position of the physician practice under consideration, state
certificate of need ("CON") requirements for development of a new center and
other factors.
     In presenting the advantages to physicians of developing a new
practice-based ambulatory surgery center in partnership with AmSurg, the AmSurg
development staff emphasizes the proximity of a practice-based surgery center to
a physician's office, the simplified administrative procedures, the ability to
schedule consecutive cases without preemption by inpatient or emergency
procedures, the rapid turnaround time between cases, the high technical
competency of the center's clinical staff that performs only a limited number of
specialized procedures, and state-of-the-art surgical equipment. AmSurg also
focuses on its expertise in developing, operating and managing centers and in
marketing the centers' services to managed care organizations.