PHC, Inc. CEO Interview: Bruce A. Shear

• On 2:45 pm EDT, Tuesday September 22, 2009

67 WALL STREET, New York - September 22, 2009 - The Wall Street Transcript has just published its Medical Real Estate: Healthcare REITs, Long-Term Care Facilities and Hospitals Report offering a timely review of the sector to serious investors and industry executives. This 45 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Investor Perception -- Secular Shift -- Health Care Reform -- REITs Growth -- Public Markets -- Divident Yields -- Debt Levels -- Grow Generation -- Outpatient Versus Inpatient Care -- Health Care Delivery -- Leaseback Arrangements -- Skilled Nursing -- Seniors Housing -- Growth and Expansion -- Positioning the Company for Winning -- Portfolio Diversification -- Geographical Growth -- Advantages to Investing in Licensed Hospitals -- Higher Returns -- Underwriting -- Fragmented Industry -- Consolidation Opportunities -- Debt Refinancing -- Growth in Health Care Spending

Companies include: LifePoint Hospitals (LPNT); Community Health Systems (CYH); Psychiatric Solutions (PSYS) and Tenet (THC); Medical Properties Trust (MPW); Healthcare Realty Trust (HR); LTC Properties (LTC); Health Care REIT (HCN); National Health Investors (NHI); HCP Inc. (HCP); Alexandria (ARE); BioMed (BMR); Senior Housing Properties Trust (SNH); Omega Healthcare Investors (OHI); Ventas (VTR); Emeritus (ESC); Brookdale (BKO); Fannie Mae (FNM); US Physical Therapy (USPH); AmSurg (AMSG)

In the following brief excerpt from the 45 page report, Bruce A. Shear, CEO of PHC, Inc., discusses the outlook for the sector and for investors.

TWST: Please give us a background of your company.

Mr. Shear: We are a behavioral health company, which means we provide inpatient and outpatient services to folks that are suffering from alcohol, drug and psychiatric issues. We own and operate both inpatient alcohol hospitals, inpatient psychiatric hospitals, outpatient behavioral health clinics and a managed care company.

TWST: What are your primary markets?

Mr. Shear: Our primary markets are in Michigan and Nevada. Secondarily biggest markets are in Utah and Virginia.

TWST: What about your online component, BehavioralHealthOnline.com?

Mr. Shear: The Behavioral Health Online is not something we are promoting right now, other than the fact that all of our facilities do have an online component where patients can get information on our services. We actually have some live chat rooms and opportunities for patients that they can go right from the Web site if they are interested in further information and have someone from one of our call centers contact immediately. Or actually they can click through our Web site and get right to a live person.The online component is starting to help our business now more as we've become a little bit more sophisticated and responsive to the needs. More and more folks do their research for everything on the Internet, including behavioral health care.

TWST: Are there pending regulatory or legislative issues that will impact your business?

Mr. Shear: I think the biggest thing is that there has been a national parity act that was signed last year into law by President Bush. Starting in January of 2010, the law of the land is that for insurance companies to do business in this country, they need to provide the same benefit level for behavioral health issues as they do for any other medical/surgical issues. So in the past there may have been a larger copay or deductible that would be different than a med/surg - so if you saw your cardiologist, your copay might have been $10, but if you went in to see your psychiatrist, it might have been $50. So now it's going to be the same. So we believe that that will increase demand, and it will make it more accessible for folks in need of behavioral health care.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 45 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

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