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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 (THC) reported Q2 2022 net income of $38 million, down from $120 million in Q2 2021. Adjusted EBITDA rose to $843 million, slightly up from $834 million year-over-year. Diluted earnings per share dropped to $0.35 from $1.11 in Q2 2021. A cybersecurity incident negatively impacted adjusted admissions by 5.3%. The acquisition of USPI's remaining 5% stake cost $406 million. Tenet reaffirmed its FY 2022 Adjusted EBITDA outlook at $3.375 billion to $3.575 billion, despite a significant debt refinancing, reducing future annual interest payments by $61 million.
Tenet Healthcare Corporation (NYSE: THC) will report its second-quarter results for the period ending June 30, 2022, after market close on July 21, 2022. A conference call is scheduled for July 22, 2022, at 10:00 a.m. Eastern time, accessible via a live webcast on Tenet's investor relations page.
Tenet operates a comprehensive healthcare network, including approximately 440 ambulatory surgery centers, 60 acute care hospitals, and a subsidiary, Conifer Health Solutions, which offers revenue cycle management services.
United Surgical Partners International (USPI) and United Urology Group (UUG) announced a joint venture to enhance their ambulatory surgery centers (ASCs) across Maryland, Colorado, and Arizona. USPI will acquire part of UUG's interests in established and new facilities. This collaboration aims to improve access to high-quality urologic care and expand USPI's existing urology service line, leveraging UUG's network of over 140 leading urology physicians. The deal is expected to be finalized in Q3 2023, pending regulatory approvals.
Tenet Healthcare Corporation (NYSE: THC) will present at the Goldman Sachs 43rd Annual Global Healthcare Conference on June 14, 2022, at 1:00 p.m. Eastern time in Rancho Palos Verdes, CA. A live webcast will be available on Tenet’s investor relations website, with a replay accessible for 30 days.
Based in Dallas, Tenet operates a comprehensive care network, including approximately 440 ambulatory surgery centers, 60 acute care hospitals, and 110 outpatient facilities. The company aims to provide quality healthcare services to communities.
Tenet Healthcare Corporation (NYSE: THC) announced the redemption of all $1.748 billion of its 6.750% senior notes due June 15, 2023. The redemption will occur on July 1, 2022, funded by a private placement offering. The total redemption price is expected to be about $70 million, including the principal and a make-whole premium. The company cautioned that forward-looking statements regarding future performance could vary due to uncertainties like COVID-19.
Tenet Healthcare Corporation (NYSE: THC) has priced a private placement offering, issuing $2.000 billion in senior secured first lien notes due June 15, 2030, at an interest rate of 6.125% per annum. The offering amount increased from $1.800 billion. Proceeds will finance the redemption of $1.748 billion of 2023 senior notes and for general corporate purposes. Notably, the notes will not be registered under the Securities Act, limiting sales to qualified institutional buyers. The completion is expected on June 15, 2022, pending customary closing conditions.
Tenet Healthcare Corporation (NYSE: THC) announced a private placement offering of $1.800 billion in senior secured first lien notes maturing in 2030. The offering, subject to pricing and closing conditions, aims to finance the redemption of $1.748 billion of its 6.750% senior notes due 2023. The new notes will be secured by certain subsidiaries and are effectively senior to existing and future indebtedness. The offering will be limited to qualified institutional buyers and will not be registered under the Securities Act, impacting its availability in the U.S.
Conifer Health Solutions and Brookwood Baptist Health have announced a multi-year service agreement to enhance revenue cycle management across four additional hospitals within Brookwood Baptist Health. Conifer will provide comprehensive services including patient access, eligibility enrollment, and accounts receivable management. This partnership aims to improve operational efficiency and patient experiences by leveraging Conifer's technology-enabled solutions. Brookwood's CFO praised Conifer for optimizing their revenue cycle functions, highlighting the importance of such a collaboration in the healthcare sector.
Tenet Healthcare Corporation (NYSE: THC) will present at the Barclays High Yield Bond & Syndicated Loan Conference on Wednesday, May 25, 2022, starting at 10:30 a.m. Eastern time. A live webcast will be available via Tenet's investor relations page, with a replay accessible for 30 days post-event. Tenet Healthcare, headquartered in Dallas, operates a vast network, including United Surgical Partners International and numerous hospitals and outpatient facilities, committed to delivering quality care.
Tenet Healthcare Corporation (NYSE: THC) will present at the BofA Securities 2022 Healthcare Conference on May 10, 2022, at 1:40 p.m. Eastern Time in Las Vegas, NV. Interested parties can access a live webcast and audio archive through the investor relations section of Tenet's website. The replay will be available for 30 days. Tenet is a diversified healthcare services company based in Dallas, operating numerous acute care hospitals, outpatient facilities, and surgical centers across the United States, united by a mission to deliver quality care.
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