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IPC Healthcare

Investor Presentation

Jefferies Healthcare Conference June 1, 2015

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Forward-Looking Statements

The following information contains, or may be deemed to contain, “forward-looking

statements”. By their nature, forward-looking statements involve risks and

uncertainties because they relate to events and depend on circumstances that may or

may not occur in the future. The future results of the company may vary from the

results expressed in, or implied by, forward-looking statements, possibly to a material

degree. For a discussion of some of the important factors that could cause the

company’s results to differ from those expressed in, or implied by, forward-looking

statements, please refer to the company’s latest Annual Report on Form 10-K,

particularly the Section entitled “Risk Factors”. The company undertakes no obligation

to update or revise any forward-looking statements.

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Company Overview

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GROWTH Through Organic Hiring, Acquisitions, & Hospital Contracts

SOLVING Critical Needs Across the Continuum of Care

PROVEN and Diverse Referral Sources

SCALABLE Business Infrastructure

QUALITY Care in Acute and Post Acute Facilities

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Leader in Acute Hospitalist and Post-Acute Services

Practice Regions

in 28 States

Strategically Positioned to Focus on the Most Critical, Expensive Part of Healthcare Delivery

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Continued Momentum

1,961Providers

Q1 2013 Q1 2014

1,9611,713

2,057Facilities

2.0 MillionPatient Encounters

Q1 2013 Q1 2014

2.0M

1.8M

+11%+31%

+14%

Q1 2013 Q1 2014

1,574

2,057

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Expanding Our Focus on the MostCritical, Expensive Part of Healthcare Delivery

ACUTE CARE

● Hospitals

● LTACs

POST-ACUTE CARE

● Skilled Nursing Facilities

● Inpatient Rehab and Psych Facilities

● Nursing Homes

● ALFs

Source: National Transitions of Care Coalition, 2010

21% of Medicare Patients

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Hospitalists Ensure Quality Inpatient CareAcross the Healthcare Continuum

HOSPITALISTCoordinate, Manage, and Communicate Throughout the Healthcare Continuum

● Full Time Physicians and Mid Levels Without Office-Based Responsibilities

● Exclusive Focus on Facility-Based Care

● Expertise in Diagnosis and Treatment of Conditions Requiring Facility Admission

Hospital

LTAC

ACUTE CARE

Skilled Nursing Facility

Rehab and Psych Facilities

Nursing Home

ALF

POST ACUTE CARE

Patient Admission

Patient Discharge

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Significant Headroom for IPC Healthcare Growth

392 Acute

1,665 Post Acute

Significant Market Share Growth Potential in a Very Large Industry

Source: Society of Hospital Medicine, 2013

March 31, 2015

TOTAL HOSPITALISTS TOTAL FACILITIES

1,961Hospitalists

+40,000Hospitalists

15,000 Post Acute Facilities

5,800 Acute

Facilities

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Hospitalists Deliver ValueThrough High Quality Care

LOWERReadmit Rates

SHORTERLengths of Stay

IMPROVEDOutcomes

LOWERHealthcare

Costs

Direct Alignment with the Most Pressing Issues in Healthcare Today

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Numerous and Diverse Relationships Drive Referrals

>48,000 REFERRING PHYSICIANS

SpecialistsPrimary Care

Physicians

LEADINGHEALTH PLANS

Health Plans

>2,050 FACILITIES

Post Acute Facilities

Hospitals

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IPC Healthcare: A Compelling Modelfor Both Hospitalists and Hospitalist Groups

Significant Clinical Autonomy within a

National Group Practice

Less Administrative Burden

• Administrative Services

• Financial Reporting

• Billing and Collections

• Risk Management

• Compliance

• Clinical Services

• Information Management

• Transition Management

• Regional Management

More Resources

• “Strength in Numbers” Reduces Risk and Uncertainty of Smaller Private Practice

• Competitive Base Salary

• Productivity Based Incentive Bonus (No Cap On Earnings)

• Recruiting

• Ongoing Training and Development

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Proprietary TechnologyDrives Operational, Clinical, and Scale Benefits

● Best Practices and Procedures

● Patient Encounter Tracking, Monitoring, and Research

● Transition Management

● Reporting and Financial Monitoring

IPC-Link®

Hospitalist Virtual Office

● Clinical Data Capture

● Clinical Communication

● Charge Capture and Billing

● Acquisition Assimilation

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Enabling Clinical Excellence Through Connectivity

IPC-UCSF FELLOWSHIP1 Year Program to Healthcare Leaders● On-Site and Online

Curriculum

● Facility-Specific Quality Improvement Projects

● 35-40 Hospitalists Graduate Annually

SHINEWikipedia-Style Resource for Sharing Best Practices● Comprehensive Knowledge Across Topics

● Access Any Doctor, Any Time, on Any Subject

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Simple Reimbursement Model

Patient Encounter

Medicaid5%

Self Pay4%

PrivateInsurers

42%

Medicare49%

Payor Mix

8%Paid by Hospitals and Post-Acute facilities

Revenue Sources(1)

92%Paid by Payors

● Reimbursed as a Facility Visit

● 1 Billable Hospital Visit per Day, per Patient

(1) Based on Data YTD 12/31/14

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Multiple Growth Drivers

PROVIDERS# of FTEs

PRODUCTIVITYEncounters per

Provider

PRICINGRevenue per

Encounter

● 2015 YTD: 9 Acquisitions Completed, Entry into Maryland

● 2014: 22 Acquisitions Completed, Entry into North Carolina, South Carolina and Virginia

● 2013: 19 Acquisitions Completed, Entry into New York Metropolitan area

● Acquisition Pipeline Remains Robust

Acquisitions and New MarketsOrganic Growth● Continued Hiring Across Markets

● Broad Geographic Presence

● Large Internal Referral Base

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Financial Overview

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Strong Top-Line Growth

Patient EncountersIn Thousands

Net Revenue$ Millions

5,496

6,211

7,068

6,399

7,267

2012 2013 2014 TTM 2014Q1

TTM 2015Q1

CAGR13%

+14%

$523.5

$609.5

$694.0

$629.2

$702.0

2012 2013 2014 TTM 2014Q1

TTM 2015Q1

CAGR15%

+12%

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Operating Leverage

G&A (% of Revenues)(1)

(1) Excludes Stock Based Compensation

Key Drivers

● IPC-Link® Technology

● Highly Scalable Infrastructure

● Commitment to Operating Efficiencies

14.8%15.0%

15.3%15.1%

15.4%

2012 2013 2014 TTM 2014 Q1 TTM 2015 Q1

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EBITDA Growth

Adjusted EBITDA(1)

(1) Excludes gains or losses related to the net change in fair value of contingent consideration for practice acquisitions.

$ in Millions

Key Drivers

● Strong Top-Line Growth

● Significant Operating Leverage

$56.9

$66.6$72.6

$67.2$71.6

2012 2013 2014 TTM 2014Q1 TTM 2015Q1

CAGR13%

+7%

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Significant Financial Flexibility

(1) Amount includes a $25.0 million accordion feature.

$ in Millions March 31, 2015

Cash and Equivalents $10.0

Total Debt $75.0

Total Market Capitalization $810.8

Line of Credit (1) $150.0

Cash Generated from Operations YTD $ 14.1

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Executive Management Team

Name PositionHealthcare

IndustryIPC

Healthcare

Adam Singer, M.D. Chairman, and Chief Executive Officer 28 Years 19 Years

Jeffrey TaylorPresident andChief Operating Officer

32 Years 14 Years

Rick Kline Chief Financial Officer 5 Years 3 Years

Richard Russell Chief Development Officer 26 Years 11 Years

Kerry Weiner, M.D. Chief Medical Officer 34 Years 3 Years

Experience

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CONTINUED Growth

SOLVING Critical Needs

PROVEN Network

SCALABLE Infrastructure

QUALITY Care