Heartland has consistently improved its topline with stable organic growth in its mature offices, which has continued into 2024, achieving year-to-date organic growth above 7% through June 2024. This reflects better payor rates and productivity improvements, both a positive side effect of its growing scale. Generally, our base case for same-store growth reflects stable annual reimbursement increases in the 150-200 basis point (bps) range, another 100-200 bps from the ramp-up of de novo assets in the previous year, and some benefit from market share gains. In addition, top-line growth is supplemented by continued investments in de novo assets and new affiliations of about $230 million-$240 million. Together, these factors drive our forecast revenue growth in the 10%-11% range in 2024
