8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  October 28, 2015

ENVISION HEALTHCARE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36048	45-0832318
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

6200 S. Syracuse Way, Suite 200, Greenwood Village, Colorado	80111
(Address of principal executive offices)	(Zip Code)

(303) 495-1200

(Each registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.  Regulation FD Disclosure

Envision Healthcare Corporation (the “Corporation”), a wholly-owned subsidiary of Envision Healthcare Holdings, Inc. (the “Company”), announced today that the Corporation is seeking to raise $750 million in proposed incremental term loans under its senior secured term loan facility, the proceeds of which will be used to fund the proposed acquisition of WP Rocket Holdings Inc. (“Rural/Metro”), repay outstanding ABL revolving credit facility borrowings and pay related fees and expenses.  The consummation of the proposed financing transaction is subject to market conditions, among other things. On July 30, 2015 in connection with the financing of the Rural/Metro acquisition, the Corporation entered into a debt commitment letter with certain lenders. The lenders committed to provide the Corporation with debt financing of up to $635 million, consisting of a $635 million term loan facility maturing seven years from the closing date of the Rural/Metro acquisition, the proceeds of which will be available to fund the purchase price under the Rural/Metro merger agreement and to pay related fees and expenses.

The Company is furnishing the information included in Exhibits 99.1 and 99.2, which are the lenders presentation and excerpts from a confidential information memorandum to be provided to lenders in connection with the financing transaction.  Exhibits 99.1 and 99.2 are incorporated by reference into this Item 7.01.

The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K (including the exhibits) is being furnished and shall not be deemed “filed” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference into any filings by the Company under the Securities Act or under the Exchange Act, except as expressly set forth by specific reference in such a filing. The furnishing of information pursuant to this Item 7.01 will not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

Forward-Looking Statements

Certain statements and information herein may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995 including, but not limited to, statements relating to our objectives, plans and strategies, including the Company’s proposed acquisition of Rural/Metro, and all statements that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future, including statements regarding the benefits of the Rural/Metro acquisition, expected performance of the combined enterprise, integration plans and the timing of closing of the acquisition. Any forward-looking statements herein are made as of the date of this press release, and the Company undertakes no duty to update any such statements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from forward-looking statements are described in the Company’s filings with the U.S. Securities and Exchange Commission from time to time. Among the factors that could cause future results to differ materially are: our ability to successfully integrate strategic acquisitions, including the Rural/Metro acquisition; closing of the Rural/Metro acquisition may not occur or may be delayed; expected synergies and other financial benefits of the acquisition may not be realized; litigation related to the acquisition or limitations or restrictions imposed by regulatory authorities may delay or negatively impact the acquisition; unanticipated restructuring costs may be incurred or undisclosed liabilities assumed from the acquisition; attempts to retain key personnel and customers from Rural/Metro may not succeed; decreases in our revenue and profit margin under our fee-for-service contracts due to changes in volume, payor mix and third party reimbursement rates, including from political discord in the federal budgeting process; the loss of existing contracts; failure to accurately assess costs under new contracts; difficulties in our ability to recruit and retain qualified physicians and other healthcare professionals, and enforce our non-compete agreements with our physicians; failure to implement some or all of our business strategies, including our efforts to grow our Evolution Health business and cross-sell our services; lawsuits for which we are not fully reserved; the adequacy of our insurance coverage and insurance reserves; the high level of competition in the markets we serve; the cost of capital expenditures to maintain and upgrade our vehicle fleet and medical equipment; the loss of one or more members of our senior management team; our ability to maintain or implement complex information systems; disruptions in disaster recovery systems, management continuity planning, or information systems; our ability to adequately protect our intellectual property and other proprietary rights or to defend against intellectual property infringement claims; challenges by tax authorities on our treatment of certain physicians as independent contractors; the impact of labor union representation; the impact of fluctuations in results due to our national contract with the Federal Emergency Management Agency (FEMA); potential penalties or changes to our operations, including our ability to collect accounts receivable if we fail to comply with extensive and complex government regulation of our industry; the impact of changes in the healthcare industry, including changes due to healthcare reform; our ability to timely enroll our providers in the Medicare program; our ability to restructure our operations to comply with future changes in government regulation; the outcome of government investigations of certain of our business practices; our ability to

2

comply with the terms of our settlement agreements with the government; our ability to generate cash flow to service our substantial debt obligations; and the factors discussed in “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.

Item 9.01.  Financial Statements and Exhibits.

(d)Exhibits

Exhibit Number	Description
99.1	Lenders Presentation.
99.2	Excerpts from Confidential Information Memorandum.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ENVISION HEALTHCARE HOLDINGS, INC.
	(Registrant)
October 28, 2015	By:	/s/ Craig A. Wilson
		Craig A. Wilson
		Senior Vice President, General Counsel and Secretary

4

EXHIBIT INDEX

Exhibit Number	Description
99.1	Lenders Presentation.
99.2	Excerpts from Confidential Information Memorandum.

5

EX-99.1

Exhibit 99.1

Lenders’ Presentation October 2015

FORWARD-LOOKING STATEMENTS SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Forward-Looking Statements Certain statements and information in this presentation may be deemed to be "forward-looking statements" of Envision Healthcare Holdings, Inc. (“Envision”) within the meaning of the Federal Private Securities Litigation Reform Act of 1995 including, but not limited to, statements relating to Adjusted EBITDA and revenue contribution from the proposed acquisition of Rural/Metro Corporation (“Rural/Metro”), 2015 performance, objectives, expected synergies, plans and strategies, including the proposed acquisition of Rural/Metro, Envision’s financing of this acquisition, and all statements that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future, including statements regarding the benefits of the Rural/Metro acquisition. Any forward-looking statements herein are made as of the date of this presentation, and Envision undertakes no duty to update any such statements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from forward-looking statements are described in Envision's filings with the U.S. Securities and Exchange Commission (the “SEC”) from time to time. Among the factors that could cause future results to differ materially are: decreases in our revenue and profit margin under our fee-for-service contracts due to changes in volume, payor mix and third party reimbursement rates, including from political discord in the federal budgeting process; the loss of existing contracts; failure to accurately assess costs under new contracts; difficulties in our ability to recruit and retain qualified physicians and other healthcare professionals, and enforce our non-compete agreements with our physicians; failure to implement some or all of our business strategies, including our efforts to grow our Evolution Health business and cross-sell our services; lawsuits for which we are not fully reserved; the adequacy of our insurance coverage and insurance reserves; our ability to successfully integrate strategic acquisitions, including the Rural/Metro acquisition; closing of the Rural/Metro acquisition may not occur or may be delayed; expected synergies and other financial benefits of the acquisition may not be realized; litigation related to the acquisition or limitations or restrictions imposed by regulatory authorities may delay or negatively impact the acquisition; unanticipated restructuring costs may be incurred or undisclosed liabilities assumed from the acquisition; attempts to retain key personnel and/or customers from Rural/Metro may not succeed; the high level of competition in the markets we serve; the cost of capital expenditures to maintain and upgrade our vehicle fleet and medical equipment; the loss of one or more members of our senior management; our ability to maintain or implement complex information systems; disruptions in disaster recovery systems, management continuity planning, or information systems; our ability to adequately protect our intellectual property and other proprietary rights or to defend against intellectual property infringement claims; challenges by tax authorities on our treatment of certain physicians as independent contractors; the impact of labor union representation; the impact of fluctuations in results due to our national contract with the Federal Emergency Management Agency (“FEMA”); potential penalties or changes to our operations, including our ability to collect accounts receivable if we fail to comply with extensive and complex government regulation of our industry; the impact of changes in the healthcare industry, including changes due to healthcare reform; our ability to timely enroll our providers in the Medicare program; our ability to restructure our operations to comply with future changes in government regulation; the outcome of government investigations of certain of our business practices; our ability to comply with the terms of our settlement agreements with the government, or if we are unable to favorably resolve current regulatory investigations; and our ability to generate cash flow to service our substantial debt obligations and the factors discussed in “Risk Factors” in Envision’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. 2

NON-GAAP FINANCIAL MEASURES Presentation of Non-GAAP Measures This presentation includes statements regarding expected Adjusted EBITDA and Rural/Metro Pro Forma Adjusted EBITDA, which are not financial measures calculated and presented in accordance with generally accepted accounting principles in the United States of America (GAAP). Adjusted EBITDA is defined as net income (loss) before equity in earnings of unconsolidated subsidiary, income tax benefit (expense), loss on early debt extinguishment, other income (expense), net, realized gains (losses) on investments, interest expense, net, equity-based compensation expense, transaction costs related to acquisition activities, related party management fees, restructuring and other charges, adjustment to net loss (income) attributable to non-controlling interest due to deferred taxes, and depreciation and amortization expense. Rural/Metro Pro Forma Adjusted EBITDA is defined as net income (loss) before Arizona Medicaid AHCCCS Change, Santa Clara amendment adjustments, insurance liability reversal, a prior period revenue adjustment, billing restructuring costs, impairment of PP&E and intangible assets, discontinued operations, income tax expense, interest expense, depreciation and amortization expense and other adjustments made for comparability purposes. Envision’s Adjusted EBITDA is a non-GAAP financial measure commonly used by management and investors as a performance measure or liquidity indicator. However, the items excluded from this non-GAAP financial measure are significant components in understanding and assessing Envision’s financial performance, and as a result, this measure should not be considered in isolation or as an alternative to GAAP measures such as net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in Envision’s consolidated financial statements as an indicator of financial performance or liquidity. Since this non-GAAP financial measure is not a measure determined in accordance with GAAP and is susceptible to varying calculations, this measure, as presented, may not be comparable to other similarly titled measures of other companies. Reconciliations of this non-GAAP financial measure are provided in this presentation. See supplemental materials. Adjusted EPS is defined as diluted earnings per share adjusted for expenses related to Envision’s secondary offerings, amortization expense, equity-based compensation expense, restructuring and other charges, severance and related costs, loss on early debt extinguishment, and transaction costs related to acquisition activities, net of an estimated tax benefit. Reconciliations for Envision’s forward-looking full-year 2015 Adjusted EBITDA and Adjusted EPS guidance presented herein are not being provided, as Envision does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations. 3

TRANSACTION OVERVIEW

Transaction overview 5 Envision Healthcare Holdings, Inc. (“Envision” or the “Company”) (NYSE: EVHC) is a leading provider of physician-led, outsourced medical services in the U.S. with more than 35,000 employees and affiliated clinicians For the LTM period ended 9/30/2015, Envision generated net revenues and Adjusted EBITDA of $5,124 million and $591 million, respectively On July 30, 2015, Envision announced it had entered into a definitive agreement to acquire Rural/Metro Corporation (“Rural/Metro”) through its medical transportation segment American Medical Response (“AMR”) for approximately $620 million For the LTM period ended 9/30/2015, Rural/Metro generated net revenues and Pro Forma Adjusted EBITDA of $598 million and $58 million, respectively The Company is seeking to raise a new $750 million Term Loan B-2 Facility Proceeds will be used to fund the proposed Rural/Metro acquisition, repay outstanding ABL Revolver borrowings and pay related fees and expenses Pro forma net secured and total net leverage of 3.0x and 4.2x, respectively, based on Combined LTM 9/30/2015 Adjusted EBITDA of $662 million (including ~$13 million of anticipated synergies) Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes. Prior periods have been adjusted accordingly for comparability purposes. Rural/Metro Pro Forma Adjusted EBITDA includes pro forma impact of certain revenue adjustments, contract amendments and other adjustments effected subsequent to FY2014, and the pro forma full-year impact of certain 2014 expense reductions. Combined LTM 9/30/2015 Adjusted EBITDA represents LTM Adjusted EBITDA plus LTM Rural/Metro Pro Forma Adjusted EBITDA plus ~$13 million of anticipated synergies. See reconciliation in supplemental materials.

SOURCES AND USES / AS ADJUSTED CAPITALIZATION Sources and Uses As Adjusted Capitalization Note: Adjusted EBITDA and Rural/Metro Pro Forma Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes. Rural/Metro Pro Forma Adjusted EBITDA includes pro forma impact of certain revenue adjustments, contract amendments and other adjustments effected subsequent to FY2014, and the pro forma full-year impact of certain 2014 expense reductions. See reconciliation in supplemental materials. 1. Represents Rural/Metro’s LTM 9/30/2015 Pro Forma Adjusted EBITDA of $58 million and ~$13 million of anticipated synergies. 1 ($ in millions) Status Quo Adj. Pro Forma Cash and Cash Equivalents $130 - $130 ABL Revolving Credit Facility ($550) 210 (108) 102 Term Loan B Facility 1,280 - 1,280 New Term Loan B-2 Facility - 750 750 Capital Leases 1 - 1 Total Secured Debt $1,491 $2,133 Senior Notes 750 - 750 Total Debt $2,241 $2,883 Operating Statistics LTM 9/30/15 Adjusted EBITDA $591 $71 $662 Credit Statistics Net Secured Debt / Adjusted EBITDA 2.3x 3.0x Net Debt / Adjusted EBITDA 3.6x 4.2x ($ in millions) Sources New Term Loan B-2 $750 Total Sources $750 Uses Repay ABL Borrowings $108 Fund Rural/Metro Purchase 620 Fees and Expenses 22 Total Uses $750

SUMMARY TERMS Borrower: Envision Healthcare Corporation (Borrower under the existing Term Loan) Facility: $750 million Term Loan B-2 Facility (the “Term Loan B”) Existing Incremental Facilities: $250 million, plus unlimited amounts provided Consolidated First Lien Net Leverage Ratio does not exceed 4.0x (same as existing Credit Agreement) Maturity: 7 years Amortization: 1% per annum Security: Same as existing Credit Agreement Ranking: Same as existing Credit Agreement Guarantors: Same as existing Credit Agreement Optional Prepayments: 101 soft call for 6 months Mandatory Prepayments: Same as existing Credit Agreement Negative Covenants: Same as existing Credit Agreement Financial Covenant: None

October 2015 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 TRANSACTION TIMETABLE Date Event October 28 Bank Meeting November 4 Commitments Due Week of November 9 Close and Fund Holiday Key Date November 2015 S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

ENVISION UPDATE

INVESTMENT HIGHLIGHTS 10 Leading Player in Large and Growing Outsourced Healthcare Services Markets Positioned at the Nexus of Rapidly Evolving Healthcare Landscape Differentiated, Integrated Service Model Across the Patient Continuum History of Strong Revenue and EBITDA Growth with Stable Cash Flows Consistent Revenue and EBITDA Growth From Diversified Sources Experienced Management Team with History of Success

KEY HIGHLIGHTS Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes. See reconciliation in supplemental materials. $9.7M of insurance reserve adjustments for two significantly higher than expected malpractice cases from 2009 and 2011. 11 Net Revenue ($ in billions) Adjusted EBITDA ($ in millions) Highlights Q3 2015 revenue up 19% year over year Organic growth, including increased level of contract starts, driven by customer demand for differentiated services Completed acquisitions of Scottsdale Emergency Associates, VISTA Staffing and Emergency Medical Associates in Q1 2015 55% Growth 46% Growth Envision EmCare AMR Evolution Health 1 Continued growth; Q3 2015 revenue up 25% year over year Organic growth continues to be predominantly driven by net new contracts Robust contract pipeline with strong visibility Q3 2015 revenue up 8% year over year Continued execution on cost and productivity initiatives Q1 2015 launched joint venture with Ascension Health 2014 completed agreements with numerous health systems for transitional and post-acute services $404.5 $445.7 $556.2 $590.7 $9.7 $455.4 2012 2013 2014 LTM 9/30/15 $3.3 $3.7 $4.4 $5.1 2012 2013 2014 LTM 9/30/15

POSITIONED AT THE NEXUS OF THE EVOLVING LANDSCAPE 12 Healthcare reform driving new models of delivery and reimbursement Population health driving changes in managing care across the patient continuum Integrated care models improve outcomes, reduce cost Movement toward market centricity (space and scale) Envision is Well-Positioned to Meet the Changing Market Environment and Deliver a Differentiated Solution for Improving Quality and Lowering the Cost of Care Changing Market Dynamics Envision Customers Service, quality and patient outcomes Recruitment and retention Care coordination at lower costs Accountability and value based care Operational expertise / innovation Key Customer Challenges Addressed by Envision Communities Payors Healthcare Facilities

A leading provider and manager of community-based medical transportation services A leading provider of integrated physician services to healthcare facilities A comprehensive provider of physician-led population health management solutions Over 50 Year History of Pioneering the Delivery of Care` LEADING PROVIDER OF HEALTHCARE SERVICES ACROSS A PATIENT CONTINUUM Emergency and Non-Emergency Medical Transportation Interfacility and Critical Care Managed Transportation Services Fixed-Wing Air Ambulance Services Disaster Response / FEMA Emergency Department Anesthesiology Hospitalist / Inpatient Care Radiology / Tele-radiology Surgery Population Assessment Transitional & Post-Acute Care Care Coordination Telehealth & Telemedicine Longitudinal High Risk Management 13 Pre-Acute Acute Post-Acute

LEADING OUTSOURCED PROVIDER WITH NATIONAL SCALE AND STRONG LOCAL PRESENCE AMR Operations – (38 States) EmCare Operations – (41 States) Evolution Health – (8 States) Top Market Centricity Opportunities Leading Market Position Provides Significant Competitive Advantages Benefits of Scale and Scope Revenue Diversification Recruitment and Retention Service Integration and Cross-Selling National Contracting Market Centricity Driving Care Coordination $5.1 billion in LTM 9/30/15 net revenue 35,000 employees and affiliated clinicians 20.6 million weighted patient encounters and transports (LTM 9/30/15) Presence in 2,100 communities 14 Note: Envision coverage map and state count as of 12/31/14.

Continued development of additional services that enhance the patient continuum Either de novo or through acquisitions MULTIPLE LEVERS TO DRIVE STRONG AND CONSISTENT GROWTH Same Store Organic Growth Net New Contracts Existing Services Integrated services / cross-selling Proven track record improving quality and operating efficiency In 2014, 63% of EmCare new contracts were with new facilities; 37% were new services with existing facilities AMR experiencing highest contract win rate in years Consistent underlying market volume trends Stable pricing and reimbursement dynamics Long-term customer relationships Highly fragmented markets Geographic platform extensions to enhance organic growth Expansion of existing markets with synergy opportunities New Services Proven Track Record of Delivering Strong Growth Through a Combination of New Contracts, Same-Contract Revenue Growth and Disciplined Value-Enhancing Acquisitions Acquisitions and New Services Acquisition Activity Important In Expanded Service Offerings Majority of Historical Revenue Growth Driven by Organic Activity 15

EMCARE: LEADING OUTSOURCED PROVIDER OF INTEGRATED FACILITY-BASED PHYSICIAN SERVICES 1. Management estimates of 2014 market size and EmCare outsourced market share. Integrated services offering Demonstrated track record of improving metrics High quality service drives patient and physician satisfaction EmCare Competitive Advantages Leading Integrated Physician and Clinician Resource Management Across Multiple Service Lines Emergency Department Anesthesia Hospitalist EmCare Market Size and Positioning1 Radiology / Surgery Contracting capabilities / creative partnering models Comprehensive evidenced-based clinical protocols Differentiated processes to recruit and retain clinicians Infrastructure leverage with scalable technology $20bn $19bn $19bn $13bn 9% 1% 16

EmCare Key Growth Drivers EMCARE: ROBUST GROWTH PLATFORM WITH SIGNIFICANT MOMENTUM Long-Term History of Highly Visible, Recurring Revenue with Recent Acceleration in Growth Organic Growth 13.0% 15.5% 17.3% 12.7% Organic EmCare Revenue Growth Breakdown1 Share Gains from Local and Regional Groups Expansion of Multiple Service Lines Continued Healthcare Facility Outsourcing Creative Healthcare System Partnership Models Integrated Services and Cross-Selling Robust Contract Pipeline with Strong Visibility EmCare net new contract growth in 2012 of 9.9% includes acquisition growth contribution of 1.9%. Same store contracts growth shown above is calculated using total contracts as the denominator. When calculating net revenue growth contribution from same-store contracts using only contracts in existence for the entirety of both year-over-year periods in the denominator, 2012 same store contract growth was 6.3%, 2013 was 2.4%, 2014 was 5.5%, and YTD Q3 2015 was 4.2%. 17 5.0% 1.8% 4.4% 3.6% 8.0% 13.7% 12.9% 9.1% 1.9% 7.7% 3.2% 16.4% 14.9% 23.2% 20.5% 29.1% 2012 2013 2014 YTD Q3 2015 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % 25.0 % Acquisitions Net New Contracts Same Store Contracts

Substantial scale advantages in ambulance services “AMR Medicine” drives best of class clinical outcomes and improved patient experience AMR Competitive Advantages AMR: LEADING OUTSOURCED PROVIDER OF COMMUNITY-BASED MEDICAL TRANSPORTATION SERVICES A Leader in Ambulance Market with Growing Positions in Complementary Service Lines Management estimates of 2014 market size and AMR outsourced market position. Envision outsourced market share represents fixed-wing market only (total market size represents all air medical transportation services). Ambulance Managed Transportation Fixed-Wing Air Transport2 AMR Market Size and Positioning1 Strong brand recognition and national contracting capabilities Managed transportation service offering Technology investments $18bn $2bn $3bn 7% < 4% 18

Positioned for Accelerated Revenue Growth AMR: BUSINESS REALIGNMENT ACCELERATED GROWTH, LED TO MARGIN IMPROVEMENTS Well-Positioned for Accelerated Revenue Growth and Continued Margin Improvements Increasing New Contract Win Rates Strengthened AMR Management Team Proven Superior Clinical Outcomes (AMR Medicine) Expanding Complementary Service Offerings Strong Financial Position vs. Competitors Emerging Product Lines Across Patient Continuum Achieved YTD Q3 2015 Revenue Growth of 10.4% over YTD Q3 2014 Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. See reconciliation in supplemental materials. 19 Implemented Platform for Sustainable Growth (“PSG”) in 2012; key initiatives to date include: Rationalization of underperforming contracts Organizational and infrastructure realignment Support function efficiencies Cost and Productivity Initiatives AMR Adjusted EBITDA Margin Improvement Since 2010 Future AMR Margin Improvements Primarily Driven by Technology Investments 300 bps 50 bps 9.4% 12.4% 12.9% 2010 2014 YTD 2015

Specializes in physician-led, population management services in the post-acute, home, mobile environment Focus on high risk, high cost and vulnerable populations with advanced illness and multiple chronic conditions Over 2,200 dedicated caregivers, and rapidly growing Leverages EmCare and AMR competencies and workforce Novel and clinically sophisticated Medical Command Center providing healthcare logistics, care coordination, telemedicine, telemonitoring and remote care Strong value proposition delivering on improving clinical outcomes and member/patient experience while reducing the cost to risk-bearing entities Key customer segments: health plans, health systems and at-risk providers Comprehensive Population Assessment HRA, Mobile Diagnostics Transitional Care In-Home Care, Facility Care, Virtual Support Longitudinal High Risk Management Home Based Primary Care, Co-Management Advanced Illness Management Palliative Care, Hospice, Comfort Care 24/7 Unplanned Care In-Home, Virtual and Mobile Clinic EVOLUTION HEALTH: INNOVATIVE SOLUTIONS PROVIDER FOR HEALTHCARE’S MOST CHALLENGING PATIENT POPULATIONS Physician-Led Care Management - Solutions for High Risk Populations 20 Medical Command Center Services Telemedicine, Telemonitoring, Telehealth High ROI Service Offerings

Strategic Deployment for Market Centricity EVOLUTION HEALTH: INTEGRATION DRIVEN GROWTH WITH DEMONSTRATED MARKET TRACTION Strategic Innovation with Strong Market Traction and Recent Acceleration in Growth Robust Clinical Care Model Risk Arrangements, Gain Sharing, Bundled Payments, Capitation Modular and Customizable Service Offerings Turnkey Outsourcing for Population Health Management Innovative Partnership and JV Models Integrated and Cross Selling with EmCare & AMR Diverse and rapidly growing customer base 21 10% of Patients Account for More Than 60% of Health Costs

2015 HIGHLIGHTS 22 Envision’s 2015 Guidance: Adjusted EBITDA of $600M - $605M and Adjusted EPS of $1.28 - $1.30 8 to 9 percent implied Adjusted EBITDA growth includes lost Medicaid parity revenue at ~80% Adjusted EBITDA margin, offset by 2015 acquisitions EmCare acquisition of Emergency Medical Associates, Scottsdale Emergency Associates and VISTA Staffing Solutions completed in Q1 2015 Expected combined annual net revenues of approximately $435 million and 1.7 million annual patient encounters AMR completed an acquisition of ambulance operations located in northeastern U.S. with expected annual revenue of approximately $25M Evolution Health joint venture with Ascension Health completed phase-one roll out in five markets in the first half of 2015. Additional phases adding up to 18 more markets to be completed over the next two years Initial participation in Bundled Payment for Care Improvement (BPCI) initiative effective July 1, 2015 Rural/Metro definitive agreement announced on July 30, 2015 Note: Adjusted EBITDA and Adjusted EPS are defined in Non-GAAP Financial Measures.

RURAL / METRO UPDATE

ENVISION TO ACQUIRE RURAL/METRO 24 Strategic Rationale Creates a leading outsourced healthcare transportation services company in the U.S. Combined company will offer superior services in: Emergency “911” Inter-facility Managed transportation services Non-government fire services (subscription) Combined company will have substantial organic growth and business development capabilities Financial Rationale Adds approximately $590 million of revenue with ~10% EBITDA margins Enhances valuation with additional “911” contracts Combined business – post-synergies – will have a higher operations margin Operational Rationale Enhances geographic and economic scale Ability to leverage Envision’s operating infrastructure May increase the ROIC on recent AMR technology investments

Established ambulance and fire services provider 25 Net Revenue ($ in Millions) Adjusted EBITDA ($ in millions) Ambulance Services Segment Overview Leading provider of emergency and non-emergency ambulance services in the U.S. Nearly 100 exclusive contracts to provide 911 emergency services Thousands of non-emergency transportation service arrangements Average service length for largest contracts is 14 years ~1,550 ambulances in fleet Provides services in 21 states ~1.3 million transports for FY2014, 50% 911 initiated and 50% inter-facility initiated ~5,900 field employees (non-corporate) Fire Services Segment Overview Provides fire protection services on a subscription fee or master contract basis to residential and commercial property owners Customers include emerging communities, unincorporated areas or other self-contained facilities, including airports and industrial sites 11 specialty fire contracts and 120,000 community fire subscriptions ~110 fire fighting vehicles in fleet Provides services in 21 states ~850 field employees Financial Overview Note: $ in millions. See reconciliation in supplemental materials for definition of Rural/Metro Adjusted EBITDA. Numbers may not add due to rounding. Does not include impact of pro forma impact adjustments. 1 516 522 93 75 $609 $598 2014 LTM 9/30/15 Ambulance Other EMS & Fire $45 $50 2014 LTM 9/30/15

Expanding on Our regional Presence 26 AMR Operations AMR / Rural/Metro Overlap Rural/Metro

Pro forma financials 27 LTM 9/30/2015 Revenue LTM 9/30/15 Pro Forma Adjusted EBITDA ($ in millions) Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes. Rural/Metro Pro Forma Adjusted EBITDA includes pro forma impact of certain revenue adjustments, contract amendments and other adjustments effected subsequent to FY2014, and the pro forma full-year impact of certain 2014 expense reductions. See reconciliation in supplemental materials. $5,124 $5,722 $598 Envision Rural/Metro Total $591 $649 $662 $58 $13 Envision Rural/Metro Synergies Total

HISTORICAL FINANCIALS

Net Revenue STRONG HISTORICAL REVENUE AND EBITDA GROWTH ’05-’14 CAGR: 10.4% ’05-’14 CAGR: 15.5% Note: $ in millions. Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes. See reconciliation in supplemental materials. 2008 – 2014 net revenue CAGR is 10.6% and 2008 – 2014 Adjusted EBITDA CAGR is 14.5%. Adjusted EBITDA Long History of Consistent, Strong Revenue and Adjusted EBITDA Growth ’05-’14 CAGR: 6.9% ’05-’14 CAGR: 25.8% 29 ’05-’14 CAGR: 3.4% ’05-’14 CAGR: 17.9% EmCare AMR $46 $84 $119 $115 $159 $192 $219 $261 $294 $363 $371 $106 $98 $96 $132 $127 $130 $126 $144 $152 $193 $220 $1 $152 $183 $215 $247 $287 $322 $345 $405 $446 $556 $591 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 PF LTM 9/30/15 $645 $745 $888 $1,008 $1,226 $1,478 $1,667 $1,915 $2,359 $2,843 $3,448 $1,154 $1,189 $1,219 $1,402 $1,344 $1,381 $1,441 $1,385 $1,369 $1,555 $1,676 $1 $1,799 $1,934 $2,107 $2,410 $2,570 $2,859 $3,108 $3,300 $3,728 $4,398 $5,124 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 PF LTM 9/30/15

CONTINUED REVENUE AND EBITDA GROWTH IN 2015 30 % Margin EmCare 12.5% 10.0% AMR 12.0% 12.9% Envision 12.3% 10.9% % Growth EmCare 29.1% AMR 10.4% Envision 22.4% Net Revenue Adjusted EBITDA Q3 2015 Financial Results Continued Strong Performance in 2015 Note: $ in millions. Adjusted EBITDA as defined in Non-GAAP Financial Measures. Envision Q3 2015: Revenue up 18.9% and Adjusted EBITDA down 7.3% Envision YTD Q3 2015: Revenue up 22.4% and Adjusted EBITDA up 8.6% EmCare YTD Q3 2015 revenue growth driven by: 4.3% higher same-store volume, including 4.5% higher ED volume Net new contract wins Acquisitions Margin impacted by: Short term compensation pressures with lower volumes Lower anesthesia collection rate Medicaid parity discontinued AMR YTD Q3 2015 revenue growth driven by: 6.2% higher same-market volume Completed acquisition (northeastern U.S. operations) Margin expansion related to: Higher volume Ongoing efficiency initiatives Lower fuel costs EmCare AMR $2,083 $2,688 $1,157 $1,278 $3,240 $3,966 YTD Q3 2014 YTD Q3 2015 $261 $269 $139 $165 $400 $434 YTD Q3 2014 YTD Q3 2015

STRONG AND STABLE CASH FLOWS 31 Note: DSO calculated based on last quarter of indicated period. Days Sales Outstanding Net CapEx as a % of Revenue Contract Retention Rate Top 10 Customers Tenure Recurring Revenue, Attractive Operating Margins and Relatively Low Capital Expenditure and Working Capital Requirements Result in Strong and Predictable Cash Flows Recurring Revenue Strong Client Retention Low Capital Expenditures Working Capital 87% 90% 88% 84% 86% 99% 98% 99% 99% 99% 2008 EmCare AMR 84% 86% 88% 88% 99% 99% 99% 99% 2011 2012 2013 2014 2.1% 1.6% 1.7% 1.7% 2011 2012 2013 2014 62 66 75 75 2011 2012 2013 2014 13 years 33 years EmCare AMR

HISTORICAL ABILITY TO REDUCE LEVERAGE 32 Note: $ in millions. Cash balance includes cash and all near cash items. Total Net Leverage-to-LTM Adjusted EBITDA Multiples Strong Cash Flow Supports De-Levering Key Events: IPO CD&R Acquisition Recap IPO Note Offering Acquisition Funding Pro Forma 3.2x 0.4x 6.9x 6.5x 5.4x 6.4x 3.8x 3.5x 3.1x 3.8x 4.2x 2005 2010 Q2 2011 2011 Q3 2012 2012 Q3 2013 Q3 2014 2014 Q1 2015 Q3 2015

SUPPLEMENTAL MATERIALS

ENVISION ADJUSTED EBITDA RECONCILIATION 1. 2005 related party management fees represent both Laidlaw and Onex management fees and 2013 includes $20M to terminate the CD&R consulting agreement Fiscal Year Ended December 31, ($ in millions) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net income $14.0 $39.1 $59.8 $84.8 $115.2 $131.7 $33.7 $41.2 $6.0 $125.5 $152.9 (+) Depreciation and amortization expense 58.0 66.0 70.5 69.0 64.3 65.3 99.8 123.8 140.6 146.2 166.7 (+) Restructuring and other charges 1.8 6.4 2.2 - - - 6.5 14.1 5.7 7.0 32.1 (+) Equity-based compensation expense 2.8 1.4 1.7 2.5 4.0 6.7 19.2 4.2 4.2 5.1 6.3 (+) Transaction costs - - - - - - - - - 5.0 13.5 (+) Severance and related costs - - - - - - - - - - 3.4 (+) Related party management fees 1 15.3 1.0 1.0 1.0 1.0 1.0 3.4 5.0 23.1 - - (+) Adjustment to net income (loss) attributable to noncontrolling interest due to deferred taxes - - - - - - - - - (2.3) (2.3) (+) Interest Expense 49.0 45.6 46.9 42.1 41.0 22.9 112.6 182.6 186.7 110.5 108.1 (+) Realized (gain) loss on investments 0.2 0.5 (0.2) (2.7) (2.1) (2.4) - (0.4) (0.5) (0.4) 0.3 (+) Other expense (income), net (1.0) (2.4) (2.0) (2.0) (1.8) (1.0) 32.0 (1.4) 12.8 4.0 1.2 (+) Loss on early debt extinguishment 2.0 0.4 - 0.2 - 19.1 10.0 8.3 68.4 66.4 0.0 (+) Income tax expense (benefit) 10.3 24.9 36.1 52.5 65.7 79.1 28.6 27.5 (1.0) 89.5 108.8 (+) Equity in earnings of unconsolidated subsidiary (0.1) (0.4) (0.8) (0.3) (0.3) (0.3) (0.4) (0.4) (0.3) (0.3) (0.3) Reported Adjusted EBITDA $152.3 $182.5 $215.2 $247.1 $287.0 $322.1 $345.4 $404.5 $445.7 $556.2 $590.7 Prior period insurance case reserve - - - - - - - - 9.7 - - Adjusted EBITDA $152.3 $182.5 $215.2 $247.1 $287.0 $322.1 $345.4 $404.5 $455.4 $556.2 $590.7 LTM 9/30/2015

RURAL/METRO ADJUSTED EBITDA RECONCILIATION 1. Billing Restructuring Costs – Represents payroll related costs and temporary resources hired in excess of the stead state revenue cycle costs 2. Other – Represents non-recurring professional fees related to operational restructuring, IT projects for system updates and implementation services and other one-time non-recurring consulting and legal fees. Other expenses include duplicative rent expense and one-time moving costs related to consolidating its two corporate / billing offices into one and non-cash stock-based compensation, one-time bonuses, severance and other miscellaneous items 3. Prior Period Revenue Adjustments – Represents a one-time reserve reversal related to the back-end Revenue Cycle Management (RCM) system conversion that caused a backlog in AR. During the system conversion, the backlog of unbilled transport services increased at the beginning of August 2014, delaying the cash collections process, increasing the net AR balance and negatively impacting Average Paid Claim (APC) calculations from August 2014 to December 2014 4. Insurance Liability Reversal – Reflects the estimated expense run-rate related to refined actuarial adjustments of professional/general, auto and workers compensation insurance 5. Santa Clara Amendment – Represents impact if amendment had been in effect during FY2014. During May 2015, the Board of Supervisors of Santa Clara County approved an amendment to Rural/Metro’s Advanced Life Support (ALS)/911 ambulance services contract that has been effective since July 2011 6. Arizona Medicaid AHCCCS Change – Represents potential impact of reset of Arizona transportation rates, which occurs in October of each year 7. Other – Represents adjustments related to changes in national zip code, Buffalo contract, Blount Country contract and San Diego contract ($ in millions) Net Income (Loss) ($59.4) Depreciation and amortization expense 33.0 Interest Expense 43.6 Income Tax Expense (3.3) Discontinued Operations 0.0 Reported EBITDA $13.9 Impairment of PP&E and Intangible assets 2.3 Billing Restructuring Costs 1 22.2 Other 2 11.2 Adjusted EBITDA $49.7 Prior period revenue adjustment 3 10.9 Insurance liability reversal 4 (3.7) Santa Clara amendment 5 5.7 Arizona Medicaid AHCCCS Change 6 (1.3) Other 7 (3.0) Pro Forma Adjusted EBITDA $58.4 LTM 9/30/2015

EX-99.2

Exhibit 99.2

Transaction Overview

Envision Healthcare Corporation (“Envision” or the “Company”) is a leading provider of physician-led, outsourced medical services in the U.S. with more than 35,000 employees and affiliated clinicians. The Company markets its services on a stand-alone, multi-service and integrated basis, primarily under its EmCare Holdings, Inc. (“EmCare”), American Medical Response, Inc. (“AMR”) and Evolution Health, LLC (“Evolution Health”) brands. For the twelve months ended September 30, 2015, the Company generated net revenues and Adjusted EBITDA of $5.1 billion and $591 million, respectively.

On July 30, 2015, Envision announced it had entered into a definitive agreement to acquire Rural/Metro Corporation (“Rural/Metro”), through its medical transportation segment (AMR) for approximately $620 million in cash. The purchase price represents a multiple of approximately 11x LTM 9/30/2015 Pro Forma Adjusted EBITDA of $58 million (excluding synergies).

·Rural/Metro is a leading medical transportation operator and offers emergency and non-emergency medical transportation services, fire protection and other safety-related services in nearly 700 communities in 21 states from coast to coast

·For the LTM period ended 9/30/2015, Rural/Metro generated net revenues and Pro Forma Adjusted EBITDA of $598 million and $58 million, respectively

·The proposed transaction will create one of the leading outsourced healthcare transportation services company in the U.S. with substantial organic growth and business development capabilities

·Expected annual run-rate cost synergies of $25 – 28 million to be fully implemented by 2017 ($13 million of which is included in LTM Adjusted EBITDA)

The Company is seeking to raise a $750 million Term Loan B-2 Facility. Proceeds will be used to fund the proposed Rural/Metro acquisition, repay outstanding ABL Revolver borrowings and pay related fees and expenses

·Pro forma net secured and total net leverage of 3.0x and 4.2x, respectively, based on Combined LTM 9/30/2015 Adjusted EBITDA of $662 million (including ~$13 million of anticipated synergies)

The Company has retained Barclays, Goldman Sachs, Bank of America, Deutsche Bank and J.P. Morgan to act as Joint Lead Arrangers and Joint Bookrunners and Wells Fargo, Fifth Third and UBS to act as Co-Managers.

Transaction Rationale

The acquisition of Rural/Metro enhances Envision’s mobile integrated healthcare delivery capability, a key component of its care coordination model amongst its pre-hospital, acute care and post-acute care services. As healthcare services models shift toward a more coordinated approach, the role of the medical transportation clinicians takes on greater strategic significance. With Envision’s advanced mobile delivery model, the practice of paramedics and emergency medical technicians (“EMTs”) is being expanded beyond the traditional role of providing pre-hospital stabilization and transport to healthcare facilities. As part of Envision’s team-based approach, the Company applies clinical training in ways that improve the patient experience at numerous sites, including post-acute settings. These trained paramedics are integral contributors to improving outcomes.

·Combined company will have substantial organic growth and business development capabilities:  Rural/Metro enhances Envision’s ability to more effectively manage patients across the continuum of care and positions Envision to participate in new healthcare initiatives, including the Bundled Payments Care Initiative (“BPCI”). Additionally, Envision will be able to leverage its existing operating infrastructure, leading to the potential for significant operating efficiencies

·Provides AMR with a complementary geographic footprint and medical transportation services: Rural/Metro adds an extensive network, currently providing services to approximately 700 communities in 21 states

·Financially attractive with operational synergies: The transaction is expected to be accretive to Envision’s adjusted earnings per share after closing. Rural/Metro is expected to generate approximately $590 million in revenue in 2015 with approximately 10% Adjusted EBITDA margins (including synergies). Envision estimates that it will realize $25 – 28 million in run-rate cost synergies to be implemented by 2017. The combined business, post-synergies, is expected to have a higher operating margin

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Rural/Metro Overview

Rural/Metro is a leading provider of emergency and non-emergency ambulance services in the U.S. These services are provided under contracts with governmental entities, hospitals, nursing homes and other healthcare facilities.  Rural/Metro also provides fire protection services on a subscription fee or master contract basis to residential and commercial property owners under long-term contracts. These services consist primarily of fire suppression, fire prevention and first responder medical care. Rural/Metro provides services to approximately 700 communities across 21 states, with its headquarters located in Arizona. Rural/Metro has nearly 100 exclusive contracts to provide 911 emergency services, as well as thousands of non-emergency transportation service arrangements. It also holds 11 specialty fire contracts and approximately 120,000 community fire subscriptions.

Customers

Rural/Metro is the exclusive provider of 911 emergency ambulance services to some of the largest metropolitan and suburban communities in the nation, including Santa Clara County in northern California, San Diego, Denver, Atlanta, Seattle and Phoenix. Services are provided to patients that require ambulance transportation on a non-emergency basis for medically necessary, prescheduled transfers between hospitals and other healthcare facilities.  A full spectrum of options is provided in accordance with the patient’s conditions and specific needs, from basic and advanced life support care to critical care and neonatal transportation services. Rural/Metro has contracts with more than 800 hospitals and other healthcare facilities as their preferred provider of non-emergency interfaculty ambulance services. The ambulance standby services are provided under long-term contracts with major professional and amateur sporting events nationwide such as football, baseball, basketball and hockey. Rural/Metro also contracts its ambulance standby services for a variety of one-day or multi-day events, including state fairs, concerts, marathons and gold tournaments.

Fire services operate under a subscription model to individual homeowners and commercial

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property owners in unincorporated suburbs. These areas are not included within municipal fire department boundaries. Additionally, in certain unincorporated communities, Rural/Metro contracts directly with cities, towns and fire districts under master fire contracts to provide a full complement of fire protection, prevention and emergency medical services. Additional customers include airports and industrial sites, such as manufacturing plants and oil refineries. Rural/Metro provides fire services to some of the largest industrial customers in the nation, including FedEx, Citgo, Alcoa, the Port Columbus Airport in Ohio and Sikorsky Helicopters.

Contracts

As of March 2015, Rural/Metro had nearly 100 exclusive contracts to provide 911 emergency ambulance services and thousands of non-emergency transportation service arrangements. There are an estimated 1,550 ambulances in the fleet to service contracts. Rural/Metro also has 11 specialty fire contracts and 120,000 community fire subscriptions that are serviced with 110 fire fighting vehicles in the fleet. The average service length for the largest contracts is ~14 years, which highlights the stability in the quality of services. In addition, ~45% of revenue earned in the top 20 contracts has been in place for 10 years or longer.

Payments

Rural/Metro seeks payments from the appropriate pay services, including Medicare, Medicaid, commercial insurance and private payors. Uncompensated care write-offs fall into four categories (1) denials for uncovered services by commercial insurers; (2) unpaid co-pays and deductibles under Medicare and commercial insurance programs; (3) denials for medical necessity by Medicare and Medicaid; and (4) write-offs related to patients who are uninsured or otherwise have no ability to pay.

As of August 1, 2014, Rural/Metro fully implemented a new billing system and transitioned billing and collections functions from being conducted by in-house employees, to being outsourced by two third-party companies. As is typical with a bulling system conversion, the backlog of transport services provided but not yet bulled to payers increased during 2014 beginning in August. Due to difficulties encountered in implementing the new billing system, outsourcing to third parties and consolidating billing offices, Rural/Metro encountered cash collecting delays including invoicing

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payors, following up with payors on denial claims, correspondence and following up on other normal course accounts receivable activities.

Bankruptcy

Rural/Metro filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in August 2013. The bankruptcy was caused by a number of factors including high leverage, aggressive contract bidding and revenue recognition issues. Rural/Metro’s accounting systems did not have the ability to propertly account for changes in payor mix and associated different payor levels resulting in a disconnect between booked revenue and cash collected. The decentralized billing and collection operations also resulted in dramatic extension of the cash cycle. Additionally, over several years, Rural/Metro completed several acquisitions that introduced additional complexity to payor mix, reimbursement levels and reimbursement timing. On December 31, 2013, Rural/Metro emerged from bankruptcy, upon which its former owner (Warburg Pincus) no longer had any ownership interest. However, field level operations performed well, prior to, during, and after the bankruptcy and were not a contributing factor. Since emerging from Chapter 11 bankruptcy protection, it has instituted a turnaround program with key initiatives identified to improve operations.

Strategic Initiatives Overview

After emerging from Chapter 11 bankruptcy, Rural/Metro enacted a structured turnaround program called “The Super 6” with specific, targeted cost savings. Key initiatives included (1) field optimization, (2) back end revenue cycle, (3) sales and marketing, (4) financial reporting, (5) front-end ambulance best practices and (6) organizational culture. The program has resulted in $16 million of actual savings in FY2014 with realized run-rate savings of $37 million as of Q4 2014.

As of August 1, 2014, Rural/Metro fully implemented a new billing system and transitioned billing and collections functions from in-house employees, to being outsourced by two third-party companies. As is typical with a billing system conversion, the backlog of transport services provided but not yet billed to payers increased during 2014 beginning in August. Due to difficulties encountered in implementing the new billing system, outsourcing to third parties and consolidating billing offices, Rural/Metro encountered cash collecting delays including invoicing payors, following up with payors on denial claims, correspondence and following up on other normal course accounts receivable activities.

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Rural/Metro Historical Financials and MD&A

Results of Operations – Fiscal Year Ended December 31, 2014

Revenue: Rural/Metro generated net revenue of $609.2 million compared to net revenue of $642.0 million for the year ended December 31, 2013, representing a decrease of 5.1%.  Due to difficulties the Company encountered in implementing the new billing system, outsourcing to third parties and consolidating billing offices, the accounts receivable continues to experience delays in cash collection. Cash collections have been impacted by several process delays including invoicing payers, following up with payers on denial claims, correspondence, and following up on other normal course accounts receivable activities. As a result, during 2014, the Company reduced net revenue by $4.3 million for timely filing issues and established specific reserves of approximately $11.8 million related to an increase in aged receivables, increased denial rates and related matters.  In addition, Included in net ambulance fees for 2013 was a $27.5 million increase in reserves, which decreased net revenues, for contractual allowances and uncompensated care as a result of a change in estimate of the collection rates due to a shift in payer mix, rate increases in new business and lower collection trends. Transports were historically accurately measured at time of services. Average Patient Care (“APC”) was estimated for revenue recognition purposes, based on the prior 6 months actual cash collections. Therefore, when the company experienced deterioration in payor mix, this historical estimate of AP would not be an accurate portrayal of estimated collections.

Costs: Regular payroll, overtime and call in/fill in expenses decreased $25.3 million, in aggregate, from $304.9 million during 2013 to $279.6 million during 2014.  This decrease was

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primarily due to a decrease in headcount in the comparable periods and the impact of certain strategic initiatives implemented during 2014.  Other operating expenses decreased to $179,218 from $194,299 which represented a 7.8% decrease from 2013.  Included in legal, professional and consulting expenses during 2014 was approximately $3.4 million of costs related to business and process improvement initiatives and $1.3 million of costs incurred to address the process delays that arose as a result of the implementation of the new billing system and outsourcing of the billing and collections function that began on August 1, 2014.

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