So those opportunities allow us to come in with a very favorable non-trended rate, just pure savings, and work to make sure we capture our fair share of the value. That also applies to our de novo facility. So all of those things affect that rate dynamic, but we’re very confident, as Wayne said that that 2% to 3% that we use in our algorithm is conservative.
Kevin Fischbeck: All right. Great. Thank you.
Operator: Thank you. The next question comes from Tao Qiu from Stifel. Please proceed with your question, Tao.
Tao Qiu: Thank you. Good morning. I think I heard you contemplated a little bit more divestitures in 2023. Any additional color you could provide there in terms of the specialty focus and what kind of multiples you’re catching in the market?
Wayne DeVeydt: Tao, thanks for the comment and question. Yes, one thing I want to highlight is we believe that part of our core business every year is to look out over the next several years and understand what facilities we think have appropriate growth drivers or further opportunity around physician recruitment or ecosystems that we build. And so every year, we are doing a pruning analysis, with the idea that we would prune assets that we think have hit their multiple growth and generally at a multiple higher than we would in turn acquire assets in new markets that have high growth and high physician recruitment opportunities. We talked about this a lot more in 2018 and 2019, and again, continue to start doing this again last year.
And then this year, you’ll see and hear more about it. 2020, there was not much focus on it simply because that was the initial year of COVID and all of our efforts and energy were really around making sure the business has not only stabilized but that we continue to invest during that difficult time. But I would tell you that we have three to four facilities every year that we put into that category. We generally will sell for multiples that are north of the 7x or 8x EBITDA, and then we will turn around and redeploy it generally at that 7x to 8x trailing 12 months pre-synergy EBITDA. So these end up being ultimately not only value-added, but reposition the portfolio every year to be in the highest growth facility. So the thing, as you know, though, with M&A on the acquisition side also applies on the divestiture side.
It’s lumpy. We don’t need to sell these assets. They are generally quality assets. But we do really look at them with how much runway they have from a growth trajectory. And if we can find a better owner that recognizes the value that we brought to the facility and can get that higher multiple you will see us transact more of those throughout the year. The important point to take away, though, from your question is this; we are committed to deploying at least $200 million for M&A this year, exclusive of redeployment of anything we divest. So to the extent we divest something, that would be additive to the $200 million to replenish the EBITDA that we sold.
Tao Qiu: Got you. That’s very helpful. Just to follow up on the investment comment. I think now you paid down your debt and you have very strong operating cash flow forecast on $40 million for this year and going to $200 million by 2025, does that change your view in terms of how you look at your investment pipeline? I know that you did a little bit more minority investment in 2022. What’s your thoughts on minority business kind of straight acquisitions at this point? Thank you.
