When Franklin-based HealthSpring said last August it was buying Mid-Atlantic peer Bravo Health for $545 million, it projected immediate bottom-line contributions from the latter. In a Friday filing with the SEC, the local company detailed some numbers that suggest where at least some of the added profits will come from.

Through the first nine months of 2010, Bravo's pre-tax margins were 3.3 percent versus 10.0 percent at HealthSpring. A big part of that came from the home office: Selling, general and administrative spending came to 11.5 percent of revenues in 2009. At 9.3 percent of revenues, HealthSpring's admin spending looks rather frugal in comparison. Getting the Bravo operations' ratio in line with HealthSpring's will generate more than $36 million per year.

HealthSpring (Ticker: HS) will report its fourth-quarter earnings this Friday. The Street is looking for 77 cents per diluted share.