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Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. With a workforce of approximately 115,000 employees, Tenet is committed to helping people live happier and healthier lives through a variety of healthcare facilities and services.
Tenet's portfolio includes 60 acute care and specialty hospitals, along with over 450 ambulatory surgery centers and other outpatient facilities spread across the U.S., primarily in the Southern regions. These facilities provide a range of medical services, from urgent care to complex surgical procedures.
A significant part of Tenet's operations is managed through its subsidiary, Conifer Health Solutions, which offers technology-enabled performance improvement and health management solutions. Conifer's services extend to hospitals, health systems, physician practices, self-insured organizations, and health plans, ensuring efficient revenue cycle management and value-based care.
Tenet’s partnership with United Surgical Partners International (USPI) forms the largest ambulatory surgery platform in the country, operating or holding interests in more than 480 surgical centers and hospitals. This extensive network ensures that patients have access to top-notch surgical care in convenient outpatient settings.
One of the significant recent achievements for Tenet is its strategic agreement to sell three hospitals in South Carolina to Novant Health for approximately $2.4 billion. These hospitals include Hilton Head Hospital in Beaufort County, Coastal Carolina Hospital in Jasper County, and East Cooper Medical Center in Charleston County. This transaction is expected to close early next year, subject to regulatory approvals. This move is part of Tenet’s strategy to optimize its portfolio and focus on markets and facilities where it can provide the most value.
Additionally, Tenet has entered into a definitive agreement with the Regents of the University of California to sell its Pacific Coast Network, which includes four medical centers in Orange County. This acquisition is expected to enhance UCI Health's capabilities and expand its reach in providing advanced healthcare services. These strategic transactions align with Tenet’s ongoing commitment to deliver quality, compassionate care in the communities it serves.
Overall, Tenet Healthcare Corporation continues to play a vital role in the U.S. healthcare landscape through its diverse range of services and strategic partnerships, ensuring quality care for millions of patients annually.
Tenet Healthcare Corporation (NYSE: THC) reported a fourth quarter 2022 net income of $102 million, or $0.92 per diluted share, down from $250 million in the same quarter of 2021. Adjusted EBITDA for the quarter was $897 million, including $40 million of grant income. Ambulatory Care adjusted EBITDA grew 18.7% year-over-year. The company repurchased 5.9 million shares for $250 million. For FY 2023, Tenet expects adjusted EBITDA between $3.160 billion and $3.360 billion. Challenges included lower COVID-related volumes and elevated labor costs contributing to reduced profitability.
United Surgical Partners International (USPI), a subsidiary of Tenet Healthcare (NYSE: THC), has expanded its partnership with Providence, a not-for-profit health system. This new development agreement aims to enhance the quality and access to ambulatory surgical services in various communities, particularly in California and Washington. The partnership builds upon a long-standing relationship initiated in 2004, which has already resulted in five ambulatory surgery centers. The collaboration will focus on improving patient care and exploring further opportunities for joint ventures in the Western U.S. throughout 2023 and 2024.
Tenet Healthcare Corporation (NYSE: THC) anticipates exceeding the midpoint of its FY22 Adjusted EBITDA Outlook, projected at $3.425 billion, despite not finalizing all financials. CEO Saum Sutaria highlighted strong management capabilities across all business units. Leadership updates include the retirement of key executives, with ongoing searches for successors. Daniel Cancelmi and Brett Brodnax will retire at the end of 2023, while Roger Davis will step down in Q1 2023. New promotions within operational leadership aim to enhance strategic execution and operational consistency, reinforcing Tenet's commitment to performance.
Tenet Healthcare Corporation (NYSE: THC) is set to release its fourth quarter 2022 results on February 9, 2023, by 6:00 a.m. Central Time. This will be followed by a conference call at 9:00 a.m. CT. Investors can access a live webcast and audio archive of the call through the investor relations section of Tenet's website.
Headquartered in Dallas, Tenet's extensive healthcare network includes over 465 ambulatory surgery centers, 61 acute care hospitals, and Conifer Health Solutions for revenue cycle management. The company is committed to providing quality healthcare in the communities it serves.
Tenet Healthcare Corporation (NYSE: THC) will present at the BofA Securities 2022 Leveraged Finance Conference on November 29, 2022, at 8:10 a.m. Eastern time. Investors can access the live webcast and audio archive through Tenet's investor relations website, with a replay available for 30 days post-event.
Headquartered in Dallas, Tenet operates a diverse healthcare network, including over 465 ambulatory surgery centers, 61 hospitals, and various outpatient facilities, aiming to deliver quality care in the communities served.
Tenet Healthcare Corporation (NYSE: THC) will present at the Credit Suisse 31st Annual Healthcare Conference on November 8, 2022, at 11:00 a.m. Eastern time. Investors can access a live webcast and audio archive through the investor relations section of Tenet's website, where the replay will be available for 30 days. Based in Dallas, Tenet operates a diverse healthcare network, including over 465 ambulatory surgery centers and 61 acute care hospitals. Through its Conifer Health Solutions subsidiary, the company provides revenue cycle management and value-based care services.
Tenet Healthcare reported a net income of $131 million in Q3 2022, translating to $1.16 per diluted share, down significantly from $448 million in Q3 2021. Adjusted diluted EPS decreased to $1.44. Consolidated Adjusted EBITDA was $841 million, a slight decline from $855 million year-over-year. The company announced a $1 billion share repurchase program to enhance shareholder value and revised its FY 2022 Adjusted EBITDA outlook to a range of $3.375 billion to $3.475 billion.
While USPI saw a 16.4% EBITDA growth, hospital admissions dropped by 5.3% reflecting pandemic pressures.
Tenet Healthcare Corporation (NYSE: THC) will announce its third quarter results on October 20, 2022, after market close. A conference call is scheduled for October 21, 2022, at 10:00 a.m. Eastern time. Interested parties can access the live webcast and audio archive via the company’s investor relations website. Tenet operates a vast care network, including over 465 ambulatory surgery centers and 61 acute and specialty hospitals, aiming to provide quality healthcare services across various communities.
Destination Pet announces the appointment of Dr. Jennifer Strickland Fowler as its new Chief Executive Officer effective August 1, 2022. Dr. Fowler, formerly the Chief Operating Officer at Tenet Physician Resources, is expected to lead the company through its next growth phase. Her extensive experience includes enhancing operations and growth at Millennium Health. Destination Pet operates across 23 states and offers integrated pet and medical care services.
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