All right. Thank you all. First and foremost, thank you all for joining us here in person, and for those who are joining us via webcast. My name is Ben Rossi, and I'm the Healthcare Facilities Analyst here at J.P. Morgan. We are excited to welcome Concentra back to the stage this morning. With us here today, we have a nice contingent headed by CEO Keith Newton, CFO Matt DiCanio, and SVP of Finance and Strategy Tanner Newton. Thank you all for being here.
Thank you, Ben. Thanks for joining us this morning. I wanted to provide an overview of Concentra this morning relative to what we're all about. My name's Keith Newton, CEO of Concentra. I've been with the company for 25 years. I originally joined in 1995. We were known as OccuSystems at that time, rebranded into Concentra in the late 1990s. I stayed until 2010, and we actually were primarily private equity-owned at that point in time. We sold the company to Humana in 2011. I left to go do something else and came back in 2015 when Humana sold it to Select Medical. And then we fast-forward to today, and we've gone through a spin with Select and now a publicly traded company since July of 2024. So thanks for being here today. I wanted to talk a little bit about the basic business fundamentals of our company.
For those that don't know, we're the largest occupational health services provider in the United States. We have a very differentiated value proposition relative to how we treat workers' comp injuries, how we engage directly with the employer as it relates to their occupational healthcare services needs. Today, we treat one out of every four Americans that gets hurt on the job from a workers' compensation standpoint. Their employer and/or the workers' comp ecosystem directs those patients to our primary care providers and our therapists as far as returning them to full functionality back in the workplace. So we like to say our job is to keep America working, and that's really the focus with what we do. We're by far the largest in our space.
We have, for 25, 30, 40 years, been a consolidator of occupational healthcare clinics, both from an acquisition standpoint and then also developing practices from a de novo standpoint. Today, when you look at Concentra, we have over 1,000 locations. 650 of those are bricks and mortar, where we're basically. It's a 6,000-8,000 sq ft facility. It's seeing about 100 patients a day that are within a 6-8-minute drive time of that facility. Those patients are coming to us for a variety of reasons: drug screens, physicals, injury care, follow-up medical visits, PT visits, and specialty visits, so basically, whatever the employer is needing within their workplace, we're providing that to that employer as they send those employees to us, so 650 bricks and mortar, branded as Concentra Urgent Care.
We also have over 400 on-sites where employers decided, "I want the healthcare delivered at my workplace, and I don't want to have to send somebody somewhere." And also, "I want some specialized healthcare. I want to do advanced primary care. I want total health population management." Really, whatever they choose, we can provide them. That's more of a staffing arrangement. It's a cost-plus arrangement versus our centers, the bricks and mortar, our fee-for-service arrangement. Attractive rate dynamics. Basically, we have no stroke-of-the-pen risk, no Medicare, no Medicaid. Less than 1% of our reimbursement is federally funded, and really no government-payer reimbursement at all. When you look at our fee-for-service, our bricks and mortar, and you look at the number of years we've been in the business, on average, we anticipate roughly about a 3% increase in our rates each year.
In the workers' comp arena, each state establishes their own reimbursement for how providers are to be paid by the employers and payers. So the states really just act as a referee that sets the rules for how workers' compensation is going to be administered in their state. There's nothing relative to budgetary concerns from a state. They're not paying anything. They're just establishing the rules of how the providers, Concentra, and the payers and employers that are going to reimburse Concentra for the care that they provide, how they're going to be reimbursed, and the rules around that. We have over 200,000 direct employer relationships. As I mentioned earlier, the majority of our centers, the employers are probably within an 8-10-minute drive time of that practice. Convenience is very important.
So you're going to find us more in the industrial areas of the MSAs out there, typically not going to find us in a suburban neighborhood, so to speak. 98% of those employers have been with us over 10 years. There's really probably not an employer out there that doesn't utilize Concentra somewhere. Some of them, we have gained a tremendous amount of their pocket share. Other ones, we're continuing to penetrate, but they do use us somewhere, especially if they have a dispersed workforce across the country because it allows them to consolidate and have really one nose to touch as far as what's happening from an occupational healthcare perspective. That customer base is supported by over 200 sales and account management individuals that are really dedicated to what we're doing.
We have the ground pounders that are selling the individual centers, and typically each one of those has five or six centers, and they're knocking on doors, again, within a relatively short drive time of that practice. We have higher-level individuals that are going into the city of San Francisco and trying to penetrate the police department, the fire department, the maintenance department, and then we have those guys at the strategic high levels that are walking into the Amazons and the UPSs and saying, "We've got 650 bricks and mortar across the country. Let's put together a program where we get as many of your distribution sites matched up and utilizing those," so we really try to hit them from all points. We've got technologies that allow us to be very efficient with that spend and that investment in our sales and account management.
And then we also use that same technology relative to how the centers themselves, the bricks and mortar, the center medical director, the operations director within that four walls, the therapy director, how they engage with their local employers. So that's really how we account manage. We touch them. And 80% of the employers that are utilizing those practices are pretty small in nature. They don't need us every day. They don't need us every week. So it has to be a constant touch and outreach to make sure that they know we're still there, they understand the value prop, if there's changes in their leadership, they know where to find us. Strong value proposition. Why do they use us? Convenience is one reason, but that's just not it.
The main reason is we've done numerous validation studies, independent validation studies with the payers and the large national employers where they've looked at their claims loss runs and said, "What happens when an injured individual walks through a Concentra facility as their entry point versus a hospital or an urgent care or a family practice?", and on average, the way that Concentra, the medical philosophy of how we treat those claims, how we return people back to full functionality quickly, it's a return-to-work philosophy. It's an industrial athlete treatment philosophy. We're going to get them into see the doctor quickly. We're going to get them into therapy and get them back into the workplace, albeit typically a lot of time with restrictions, but we're going to progress them quickly in a high-touch mode.
What that's created is basically an expectation of about a 25% savings in their total claims cost. Not just the primary care component where we're getting reimbursed, but the way we process, manage that case, we're going to save them where the big dollars are. Where if we have taken somebody off work or a provider takes them off work, that employer now probably is incurring additional costs associated with overtime with other employees that have to cover a shift or they're having to pull a locum in. That employee here also starts potentially generating, they're still getting paid since it's a workers' compensation injury. So you've got that going on. You potentially have lawsuits, administrative things, things like that.
Where if we can keep them at work in some sort of functionality and progressing them on, it's showed that we can greatly reduce an employer's cost associated with a bigger bucket over there, and we do that with a high level of satisfaction from an employee standpoint. You got to realize the majority of the employees walking through our door didn't have a choice. Their employer dictated they go there. Every state's a little different how that works. Some employees can have some choice or limited choice, but if the employer is having to pay for it, then the states in many instances give them a lot more oversight in being able to direct where they're going to get their care, and so we have to overcome a little bit of that apprehension as that individual walks through the door.
Nine out of 10, 80% of the patients score us a 9 out of 10 relative to their patient satisfaction. So that's an extremely strong score. You can look at our Google scores. We see 50,000 patients a day across the United States walking through our doors, outstanding feedback that we're getting. So we've really done a lot from that perspective, and a lot of it's just making sure that they feel like they get the proper care and then they're not in there for three hours. They get in and they get out and they get back to work. Diversification. I talked about we've got over 200,000 customers, but no big concentration. Our largest customer represents about 3% of our revenues. The top 1,000, about 37%. So we don't really have any risk associated with customer concentration. Same thing from an industry standpoint.
There's several industries that kind of fall in that 8%-10% range relative to how much business they're doing: construction, manufacturing, transportation, those types, so we're very diversified from that. It's really a cross-section of what America looks like from a working perspective. That's what's in our centers if you were to walk into it, and then finally, as far as states, we're in over 40 states. Our largest states are California and Texas, 100 centers in each one of those out of the 650 bricks and mortar, not including the 400-plus on-site, so diversified across all states. We're not necessarily concentrated on any particular state as far as growth. If the fee schedule is attractive, we know we can do well in that state, then we'll invest and spend money in that state. Growth opportunities. That's probably one of our things that we do well. We execute.
We've had over 70 acquisitions since 2016 and de novos. On average, we have basically an effective sub-3X multiple on those transactions. If you think about it, a simple mathematical calculation, we go in and we buy a standalone physician practice that's doing occupational medicine. They're doing $1 million in revenue. Doc may be taken out a couple of hundred thousand, and they're not making any money other than that, or they may be losing money and cash flowing negative. We can come in with our systems, potentially put new services in. If they're not doing PT or pharmacy or those type things, we can grow it from a sales perspective, get some of our large national customers that may be in that area not utilizing that practice, get them to start utilizing that practice, and really overnight be at $1.5 million.
We have our systems in there, which are going to create efficiencies for the individuals within that practice, right-sized staffing in many instances, and pretty shortly, we've got a $1.5 million revenue center doing $500,000 in EBITDA, and originally, we probably paid approximately one times revenue for the $1 million, so that's the two times, sub-three times, so that's really the model that it works. Ample white space. This industry we're in is $176 billion. Now, the primary care component that we're focused on is a smaller component of that, but by our treatment philosophy, our process management, our return to work, our communication with employers, that's what we're impacting that bigger piece out there as far as that 25% savings. As far as just some of the headwinds or tailwinds, demographic, economic trends that we're facing from short and long-term growth.
When you look at the workforce these days, it's an aging workforce. We see that every day. More comorbidities. We see that every day. And really what we've seen over the last 25 years is when we get these patients, it's taken them a little longer to get back to full functionality just by their health and their age and those type things. So we've seen a little bit of that as far as what's happening as far as getting them back to full functionality. In addition, with the trillions of dollars that we've heard about that are potentially going to be spent in the United States, we see that as a tailwind to us relative to some of the manufacturing that could be on shore again and what's happening from that perspective: job growth, construction demand, those type things. And then again, the AI economy.
We get a lot of questions about AI, both what are we doing from an AI perspective, also how is AI going to impact you. And we really think it could be a job creator relative to our business. Good example, Texas. Two large data centers in Abilene, Texas, and El Paso, Texas are being developed. I mean, mega centers. We actually have occ med centers in both those markets, and they're reaping the benefits of the construction and the employers that are building those things right now. And we've seen dramatic ramp-ups in volumes as a result of that. Once it's done, jobs have been created. There's going to be landscaping services needing to be at those data centers, UPS drivers dropping packages off every day.
Pretty much the people that are going to be needing our services should they have an injury care or their employer needs some other occupational need, such as a pre-employment drug screen or a Department of Transportation physical so that they can maintain their commercial driver's license, those type things. So we really feel it potentially could create a tailwind for us relative to what we're doing. And then finally, from a history of leadership, if you look at our top 14 executives, we have over 300 years of combined experience with Concentra. There's not many things that come down the pipeline that we haven't seen. Even though we've grown to be over a $2 billion company over the years, we're extremely nimble. We pride ourselves on that. We've moved quickly. We understand what challenges are out there. We faced them all, addressed them.
We went through a GFC crisis back in 2008, 2009, 2010, survived that, did well. We're able to navigate that. Again, same thing with COVID. Had some very good years through the COVID years as we navigated that. So I think as an organization, we execute well. There's not many surprises out there that we haven't encountered in the past, and that's allowed us to continue to be nimble and move through this environment at a pretty fast pace. So that's basically some basic business fundamentals about Concentra and a quick overview. I'll let Matt talk a little bit about some of the financial highlights.
Great. Thank you, Keith. And good morning, everyone. Matt DiCanio, President and Chief Financial Officer, been with Concentra for more than 10 years. What we thought we'd do is just cover one more slide of our presentation, a couple more minutes, and then we'll turn it over to Ben for some Q&A. But I think Keith provided a great summary on the business fundamentals. This slide is more focused on the financial highlights of the business, just to put it all in perspective for any new listeners and following the Concentra story. From a size and scale, we put on here our revenue and EBITDA ranges from our Q3 earnings call. We'll have more updates here when I get to the tail end of this slide. But just to put it in perspective, approximately $2.2 billion in revenue, approximately 425-430 in EBITDA.
We've been growing at a 13% year-over-year growth rate in 2025. If you exclude the larger acquisitions, Nova and Pivot, we're still growing in the high single-digit revenue growth range, so our growth algorithm that we always talk about and walk through with investors and people following the story is mid- to high-single-digit revenue growth, and there's three components. We have low-single-digit visit volume growth. That's same center organic visit volume growth. We have a long history of 3% rate growth. That's over a five, 10, 15, 20-year period of time. Our rate is broken down, as Keith mentioned earlier, by work comp fee schedules, which has seen the same rate growth over a long period of time, and then also with employer services pricing, where we control the pricing, and that follows very closely with the work comp rate growth rates.
And then the last piece is we call semi-organic growth. We've been doing de novos and small M&A for 40-plus years, highly controllable repeatable process, completed over 200-plus transactions over the course of our history. So that adds another low single-digit. So revenue growth, all that adds up to the mid to high single-digit. We've grown north of 5% CAGR for the last three years. And again, in 2025, we're growing slightly higher than that. We talk a lot about our variable cost structure. I think the more discussions we have with investors, the more questions and understanding they have of how variable our cost structure is. Our cost of service is about 71% of revenue. 80% of that, roughly, is almost entirely variable. Obviously, there's some core staffing needs that we have at our centers for minimum volumes, but highly controllable from a staffing perspective.
Real estate is our second largest expense item, and then our third largest is lab and medical, which is entirely variable in nature, so our business, our teams are really good at staffing to the visit volume and predicting the visit volume. They do that in the normal course of the business. Seasonality throughout the year, the warmer it is, the more visits we have. There's seasonality throughout the month. There's seasonality actually through the work week. Mondays typically are our busiest day, etc. So our teams have a lot of data, 45-plus years of being able to predict visit trends and staffing to the appropriate levels. From a margin profile, this will be our fifth year in a row at approximately 20% adjusted EBITDA margins. Keep in mind, we came public about 18 months ago, and so we took on some incremental public company costs.
We're also in the late stage of separating from our parent company, which we've detailed previously, that there are incremental costs associated with that separation. But again, we're in late stages of that process. So if we were still part of Select Medical today and comparing apples to apples over the prior years, our EBITDA margin would have ticked up. From a free cash flow standpoint, greater than 100% free cash flow conversion, over nearly $1 billion in free cash flow generation since 2021. I think as we have more and more conversations now, 18 months post-IPO with investors, I think people are really understanding the cash flow generation power of our business. And we'll talk more in the coming weeks about our expectations for 2026. Return on capital, mid-teens, ROIC, when you compare that to other companies, we believe that's highly attractive.
We do have a dividend, 1.3% dividend yield. We'll continue to monitor that as we move forward. Our board of directors authorized a $100 million share buyback program late last year. Then, our final point, and then I'll talk on some of the Q4 numbers we put out on Monday. Our final point is on leverage. We are targeting 3.5 or less when we release results here shortly for year-end 2025. We've publicly stated multiple times that we are targeting three times or less by the end of 2026. When we first did our IPO, we were at 3.9 times. We delevered quickly within less than six months to 3.5, went back up to 3.9 times to do the couple acquisitions, and then brought it back down to 3.5 at the end of this year.
And then lastly, just to wrap up our comments, and then we'll turn it over to Ben. We did put out some early look visit numbers for Q4. Our team was still closing the books on the financials for the year, but we felt it was important having all the discussions we're having here at the J.P. Morgan conference to give people an early look into our Q4 results. We had very strong visit volumes, 3.4% excluding Nova on the work comp side, 2.3% employer services, again, excluding Nova, and then roughly 9% overall. We also repurchased 1.1 million shares in the fourth quarter. And then really our philosophy here was to get an early look made public with our 8-K on Monday where we publish this presentation, give people comfort around where we're headed for fourth quarter financial performance.
In a couple of weeks' time, we will have the books closed, and we'll do an early release on the full year results and the fourth quarter results. We're also going to give 2026 guidance. We felt like it was important to give an early look at full year so people can compare year-over-year numbers. And then we're also putting out a 50-page investor book. So all three of those will be published here in a couple of weeks, and I think it will really round out our story for 2025. And we will still do our regularly scheduled earnings call in late February. We'll have a lot more detail, and we'll have our 10-K available. So with that, turn it back to Ben. Thank you.
Great. Thank you for those additional comments in the background on the company. Really appreciate that. I think that tees up my first question here pretty nicely as you were talking about the 4Q25 numbers. So as you close out your first full year as a public company, can you summarize the key learnings and milestones achieved in 2025? And just walk us through your thoughts on the primary drivers to last year's performance?
Yeah. I think this last year, we managed a multitude of things. We were a spin co. Even though we were pretty much autonomous under the Select umbrella and the Humana umbrella prior to that, there were certain functions that weren't really a core component of Concentra that were really overarching things, i.e., benefits administration, payroll, AP, those type things. All the core operational type things were core to Concentra, and a lot of the functions associated with HR were core to Concentra. So we had to build that out simultaneously as we spun out. So a lot going on there. We were very successful in delevering and then acquiring two large transactions, which we mentioned levered us back up a little bit. So you have the combination of the spin co activities and then the integration of two large transactions.
And I think the point it proved when you look back over the last year is we've always talked about our ability to execute on acquisitions, M&A, really all activities associated with Concentra. And we've done very well as far as the integration of those two entities. We're in the final stages pretty much. All intents and purposes, they're done as far as integration, very successful, pretty much exactly what we thought was going to happen and what we articulated. So when we look back over the last year, I think we accomplished a tremendous amount relative to being a young public company.
When you go back to when we did the test of the waters and when we went through the IPO process and you looked at all the things we said we were going to do, whether it was earnings or execution on things or whatever it was, we went back and there is basically a check mark in every single box. There's not one X on the page relative to what we committed was going to happen and what did happen. So we're very proud of that first 18 months of where we're at, very excited about the future and where we're going. We're positioned well. We're really in the ninth inning of the spin from Select. We should be pretty much done with it in April, May when we stand up the ERP. 70% of the people have been hired that needed to be hired.
And really the remaining individuals are administrative AP clerks or payroll types. So we track the costs exactly like we thought we were going to have. So we're in the ninth inning of that. We've integrated two acquisitions, and we've got a great game plan as we move forward.
Okay. Just for workers' comp specifically on the volume side, can you walk us through the volume trends observed to close out the year and just how those compare to your historical norms given some of the current macro backdrop?
Yeah, sure. I'll start, and Tanner, you jump in as well. We've had three very strong work comp visit rate quarters in a row. And a lot of people ask us questions about economic uncertainty and things like that. And clearly, we've powered through that. So we continue to see nice growth. We always, as I mentioned in the financial highlights slide, we point to low single-digit organic growth over a long period of time. We're slightly higher than that right now with three quarters in a row north of 3%, 3.5%. And I think when you look at some of the publicly available data out there, there's been a little bit of a diversion and lack of correlation with what we're seeing and maybe some of the headlines that people are reading as well.
Part of that is because of the slide we have on the presentation screen right here. These are the individuals that walk in our centers every day, 55,000 plus. It's not necessarily white collar or tech where maybe they're seeing some more of the layoffs, and so we've continued to have nice trends to round out the year. Tanner, anything you'd add?
Yeah, I'd just say that speaking with folks, I think one of the points that we want to try to get across is that we as a company are more than just the macro. I think there's a tendency to really look at some of the BLS data or the ADP data out there and make instinctual decisions off of that within the investor community. And as Matt just said, four quarters in a row now where the macro data might imply that we're in a softer to stable-ish labor market. And we've continued to put up quarter after quarter that shows pretty strong growth through that. So that would be the biggest takeaway that, or one of the bigger takeaways that I think we want to leave people with is that, look, we can continue to grow through softer labor markets.
To the extent there's an acceleration in the labor market, that's all the better for us.
Got it. Just turning to the workers' comp rate side then, just with the sizable set of rates going into effect on January 1, could you just walk us through how your initial thoughts are on state-by-state pricing for this year? I know you've said plus or minus 3% before, but is it generally trending in line with that historical trend? And then multi-partner. You previously called out California and those four states that use the PFS conversion factor, but are there any other individual states where you're seeing a potentially more favorable re-rate in excess of that trend?
Yeah, I'll start on this. So our expectations for rate, it's going to be another good year in 2026. We made some comments on our Q3 earnings call that we had a majority of the states known at that point in time, but we were still waiting on some updates. Typically, a lot of the states come in in December, maybe even in January. At this point, we still have more than 50% known for sure. A lot of them already went into effect on January 1st. We have very good insight or a high degree of certainty on, call it 80%-90% of the fee schedule. So there's really about 10% or so to be determined. But all expectations and all of analysis we've done that we'll have another strong rate year this year.
California, we're still waiting on the final fee schedule we expect to hear soon, but they were positively impacted by the 2.5% doc fix, which was just one component of their fee schedule calculation that came out of the big beautiful bill. They also, another part of their fee schedule calculation has an MEI. So that is our estimate somewhere between 2%-3% on top of the doc fix. So that would be, that's our largest state, be a strong foundation for us this year. All the other states are trending pretty much in line with how they have historically. Some states, there might not be a change. Some might have 1% increase. Some might have 4% increase. So it all kind of blends out to that 3% over a long period of time.
We expect 3% this year, could be potentially higher, but we'll wait to get the remainder of the states here.
Okay, and for your employer services is flipping to that segment. How have those conversations with employers been shaping up this year? And then what should we be looking for in terms of rate development there?
Shaping up well. So the difference between what Matt just talked about from a workers' compensation state fee schedule is that, again, states dictate the rates that you get reimbursed in those states. And many of the states have automatic inflationary escalators, so we just get it every year. Other states just adjust it. So you have that going on over there. What you have from an employer services, which is basically the drug screens and the physicals, that's a direct relationship with the employer we have as far as what that market price is going to be and what that employer is willing to pay. And we establish that when they come on board with us and start to use us. Then every year in November, we in essence look back what happened this last year.
Usually what we try to do is track the inflationary, like CPI, whatever it is that has happened over the last year. Typically we'll implement a price increase on our drug screens and physicals effective January 1st every year. So we'll send out a generic letter to our 200,000 employers to talk about all the things that we did this last year, the investment, the capital, what we're doing to make their lives better. And oh, by the way, we're going to have a small increase in your services. Typically standard letters you guys probably have seen in your own personal experience with things out there. That's been very successful for us.
So we think we should see a 3%-4% on the employer services, again, trying to stay pretty close to inflationary indicators out there so that it doesn't create any issues and things like that.
Yeah. Great. So just in the interest of time, we'll jump up a bit to capital allocation. Just how are you prioritizing your capital allocation priorities in 2026 and beyond, particularly with respect to deleveraging, dividends, you have the share repo and other growth investments? And then what do you consider to be some of the trade-offs between reinvesting in organic growth, pursuing M&A, and generally just returning capital to shareholders?
Yeah, I can start on that. And Tanner, you might want to add as well. But talking, I'll start with the free cash flow discussion that we spoke about on the financial highlight side. Very strong cash flow generation company. And I think what that enables us to do is a lot of different capital allocation strategies. So we talked about our focus on delevering. We also talked about our share repurchase program that we put in place and took action on in Q4. We're also continuing our M&A efforts. And what we're looking at right now is just doing the smaller M&A and smaller de novos, which are very accretive for us, and continuing that until we finish out the Nova and Pivot integration, which is really the ninth inning, and also finish out the Select Medical separation, as Keith mentioned, eighth or ninth inning there as well.
So we're almost at the finish line on all three of those major work streams. In the interim, we'll continue with our smaller M&A, which has been a foundation for our success. And we also have a dividend in place. So what we'll continue to do is look at all the opportunities that present themselves and pick what is the best use of capital. But we believe we can accomplish all of those, and we'll flex up or flex down depending on the opportunity that's in front of us.
Yeah. Yeah, I'd just add that we're sitting at 3.5 right now. As Matt said, working to get down below 3.0 because we've heard a lot. That's a big focal point for folks. I would just say as a management team, we're very comfortable where we're at right now internally, just given our track record of 45 years. So to the extent we get down below 3.0 and the right deal presents itself over time, will we pop back up to 3.5 to get that deal done? Not out of the question. But I do think being below 3.0 gives us a lot more flexibility to really focus on some of the other legs of the capital allocation stool, so to speak, including returning capital to shareholders and continuing to do other growth-oriented investments.
And one thing I would say on the de novos and the smaller M&A that we do, we talked about earlier doing those deals at investment basis of sub three times. So inherently, those are actually leverage accretive. So the more we can do of those, the quicker we actually delever.
Yeah, I'll add one quick comment. I think the term I used earlier was nimble. And we are nimble with the levers that we have with the five or six different ways we can deploy capital. And based on the opportunity at any point in time and what's going to optimize the return on that capital, that's what we're going to do at that point in time. So at this point in time, we think it's continue to look at share buybacks, continue to deliver, hit the organic de novo, small M&A, hold off on the bigger. We did a couple last year, but it doesn't mean they're not out there. We continue to percolate those talks. They'll be out there when we're ready. We're the natural entity for some of these things to openly land. And so it's just really the right time to pull that lever.
We'll pull it.
All right. And then as we wrap up here, we like to always, our team likes to end with a perspective on your one-year forward outlook. So what will investors appreciate about Concentra one year from now that they don't currently today?
I would say that where investors are probably wrapping their heads around it the most is the macro environment out there, how that impacts Concentra from an economic standpoint. We are the provider that is keeping America working, what's happening with the labor growth and those type things. I think as investors have better understood us, and I mentioned this earlier, we were really somewhat unknown. Even though we've been around for quite some time, we haven't really been in the public eye from an investment community standpoint, so there's been a lot of education. I think as people have started to wrap their heads around the macroeconomic environment, how's Concentra performing at any point in time? They're starting to realize that even in a soft labor market this year and last year, we're performing extremely well.
So I would anticipate as some of these tailwinds hopefully kick in over the coming months relative to investment and economic growth and the labor force hopefully growing, that we really set sail as far as what's happening from a volume standpoint. We execute well. I mean, it's simple. There's not many things in our past where we stubbed our toe. We've got the expertise. And I mentioned earlier, we're nimble. We've got many, many years of experience with our senior executives. So it's a well-oiled machine, for lack of a better description.
Excellent. That's all the time we have here today. Thank you for listening, and thank you for Concentra and the team here for joining us.