SEC Filings

AMSURG CORP filed this Form 10-12G/A on 11/03/1997
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     The start-up specialty physician networks are owned through limited
partnerships and limited liability companies. AmSurg owns a majority interest in
these entities, and the other partners are individual physicians who will
provide the medical services to the patient population covered by the contracts
the network will seek to enter into with managed care payors. It is not expected
that the specialty physician networks in themselves will be a significant source
of income for AmSurg. These networks were and will be formed primarily as a
contracting vehicle to generate revenues for AmSurg's practice-based surgery
centers and physician practices. These networks have not yet generated any
     AmSurg intends to expand primarily through the development and acquisition
of additional practice-based ambulatory surgery centers in targeted surgical
specialties. In addition, AmSurg believes that its surgery centers, combined
with AmSurg's relationships with specialty physician practices in the surgery
centers' markets, will provide AmSurg with other opportunities for growth from
specialty network development that, if appropriate, may include the acquisition
of specialty physician practices. By using its surgery centers as a base to
develop specialty physician networks that are designed to serve large numbers of
covered lives, AmSurg believes that it will strengthen its market position in
contracting with managed care organizations.
     While AmSurg generally owns 51% to 70% of the entities that own the surgery
center or physician group practice, AmSurg's consolidated statements of
operations include 100% of the results of operations of the entities, reduced by
the minority partners' share of the net income or loss of the surgery
center/practice entities.
     AmSurg's sources of revenues are set forth in the table below.

                                                       PERCENTAGE OF TOTAL REVENUES
                                              YEAR ENDED DECEMBER 31,
                                              -----------------------     NINE MONTHS ENDED
SOURCE OF REVENUES                            1994     1995     1996      SEPTEMBER 30, 1997
- ------------------                            -----    -----    -----    --------------------
<S>                                           <C>      <C>      <C>      <C>
Surgery center..............................    97%      96%      83%             82%
Physician practice..........................    --       --       15              16
Management fee..............................     1        2        1               1
Interest and other..........................     2        2        1               1
                                               ---      ---      ---             ---
          Total.............................   100%     100%     100%            100%
                                               ===      ===      ===             ===

     The facilities fees and fees for physician services received by AmSurg
surgery centers and physician practices are generally paid through third party
reimbursement programs, including governmental and private insurance programs.
AmSurg derived approximately 39%, 37% and 36% of its revenues in the years ended
December 31, 1994, 1995 and 1996, respectively, and 36% and 34% in the nine
month periods ended September 30, 1996 and 1997, respectively, from governmental
healthcare programs including Medicare and Medicaid.
  Nine Month Period ended September 30, 1997 Compared to Nine Month Period ended
September 30, 1996
     Revenues were $41,163,000 for the nine months ended September 30, 1997, an
increase of $17,088,000, or 71%, over revenues for the comparable period in
1996. The increase is primarily attributable to additional centers in operation
since January 1, 1996 and the acquisition of a urology physician practice on
January 1, 1997. Excluding the three centers which were disposed of as described
below, same-center revenues for the nine month period ended September 30, 1997
increased by 6%. Same-center growth resulted from increased case volume and
increases in fees. AmSurg anticipates further revenue growth during the
remainder of 1997 as a result of additional start-up and acquisition centers
placed in operation and from same-center revenue growth.
     Salaries and benefits expense was $12,552,000 for the nine months ended
September 30, 1997, an increase of $4,576,000, or 57%, over salaries and
benefits expense for the comparable period in 1996. Other operating expenses
were $14,564,000 for the nine months ended September 30, 1997, an increase of
$6,649,000, or 84%, over other operating expenses for the comparable period of
1996. This increase resulted