H2C COVID-19 POV Series

Outpatient Services Implications
in a Post-COVID World

By Richard I. Rollo


January 20, 2021

About Hammond Hanlon Camp LLC ("H2C")


H2C is a strategic advisory and investment banking firm with a singular focus on health care. Our commitment to exceed our clients’ expectations begins with senior leadership on every engagement and continues with independent and objective strategic advice. Our belief in the markets and in the power of competition has resulted in loyal clients and long-term relationships.


The experienced professionals at H2C are well positioned to serve as your trusted advisors. We have the expertise to understand the unique complexities of the healthcare industry and an in-depth knowledge of the range of potential alternatives essential to designing and implementing highly successful business and financial strategies. We bring in-depth knowledge and experience across the full continuum of care and across a wide range of healthcare-related businesses.



Kelly T. Duong

Hammond Hanlon Camp LLC




623 Fifth Avenue
29th Floor
New York, NY 10022



3333 Piedmont Road
Suite 725
Atlanta, GA 30305



311 South Wacker Drive
Suite 5425
Chicago, IL 60606



4655 Executive Drive

Suite 280
San Diego, CA 92121

Richard Rollo is a Managing Director at Hammond Hanlon Camp LLC, where he is a leader for the firm’s Healthcare Strategic Advisory and Mergers and Acquisitions (“M&A”) teams. Richard has more than 25 years of experience as a senior executive leading corporate finance, strategy, planning, M&A, and development functions in health care, energy, and financial services.
Contact Richard at rrollo@h2c.com.


For more than a decade, non-hospital-based outpatient services, especially ambulatory surgeries and imaging, have grown tremendously. The COVID-19 pandemic has fueled speculation of an acceleration in use of these services driven by a combination of economics, technological advances, and consumer preference. As a result, interest in non-hospital-based outpatient services among our health system clients has never been stronger. In addition, health systems view the comparatively high operating margins produced by outpatient surgical businesses, among others, and see opportunity.

But for health systems, there are some serious strategic implications of this trend. These implications can be categorized by the following:

  • Addition vs. displacement

  • Margin (percent) vs. margin (absolute)

  • Market share and service concentration

Click to read the full article.