Welcome to our dedicated page for Tenet Healthcare Corporation New news (Ticker: THC), a resource for investors and traders seeking the latest updates and insights on Tenet Healthcare Corporation New stock.
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 net income of $448 million for Q3’21, a significant recovery from a net loss of $197 million in Q3’20. Q3’21 Adjusted EBITDA was $855 million compared to $551 million in Q3’20. Diluted earnings per share rose to $4.12 from a loss of $1.87. Additionally, same-hospital adjusted admissions increased by 4.4%, with net patient service revenue per adjusted admission up by 6.2%. Tenet raised its FY 2021 outlook, projecting earnings between $7.09 and $7.50 per share. The company also completed a sale of its Miami-area hospitals, generating $1.1 billion.
United Surgical Partners International (USPI), a subsidiary of Tenet Healthcare Corporation (NYSE: THC), has signed a definitive agreement to acquire Compass Surgical Partners' interests in nine ambulatory surgery centers (ASCs) across Florida, North Carolina, and Texas. USPI will manage and jointly own these centers alongside approximately 125 physicians. The transaction, expected to close in Q4 2021, aligns with USPI's strategy of enhancing its portfolio of established and developing facilities, primarily focused on musculoskeletal procedures.
Tenet Healthcare Corporation (NYSE: THC) will announce its third quarter results for the period ending September 30, 2021, after market close on Wednesday, October 20, 2021. A conference call discussing these results is scheduled for the next morning, Thursday, October 21, 2021, at 10:00 a.m. Eastern time. Interested parties can access the live webcast via the investor relations section of Tenet's website. Tenet operates 60 hospitals and over 460 healthcare facilities, employing 102,000 people, with a mission to provide quality care in the communities served.
Tenet Healthcare Corporation (NYSE: THC) and Cigna Corporation (NYSE: CI) announced a new multi-year contract, ensuring Cigna customers have continued in-network access to Tenet’s healthcare facilities through 2025. This agreement, finalized four months ahead of the previous contract's expiration, emphasizes the importance of uninterrupted access to quality care amidst the ongoing pandemic. The collaboration will also expand access to lower-cost ambulatory surgery centers.
The contract takes effect on January 1, 2022.
Tenet Healthcare Corporation (NYSE: THC) announced the redemption of $1.100 billion of its 4.625% senior secured first lien notes due July 15, 2024. This strategic move aims to reduce future annual cash interest payments by about $50 million. The debt retirement will be financed through proceeds from the recent sale of five hospitals in Miami-Dade and Southern Broward counties. The redemption will occur on September 10, 2021, at a price of 101.156% of the principal, plus accrued interest, underscoring Tenet's commitment to long-term debt reduction.
Tenet Healthcare Corporation (NYSE: THC) announced a leadership transition, designating Saum Sutaria, M.D., as the new CEO effective September 1, 2021. Ron Rittenmeyer will remain as Executive Chairman through 2022, maintaining oversight during this transition. Rittenmeyer emphasized the importance of quality care and a robust succession plan throughout his tenure. Sutaria, who joined Tenet in 2019 and previously worked at McKinsey & Company, expressed his commitment to enhancing healthcare services and community partnerships as he steps into this pivotal role.
Tenet Healthcare Corporation (NYSE: THC) has completed the sale of its five hospitals in Miami-Dade and Southern Broward counties, which includes Coral Gables Hospital, Florida Medical Center, Hialeah Hospital, North Shore Medical Center, and Palmetto General Hospital. The sale encompasses related operations, and associated physician practices, but Tenet's ambulatory facilities operated by United Surgical Partners International in these areas will remain with the company. This transaction signifies Tenet's strategic shift within the healthcare market.
Tenet Healthcare (NYSE: THC) has announced the successful completion of its 2021 Healthy Over Hungry® Cereal Drive, collecting over 1.1 million servings of cereal to assist those facing hunger, particularly children without access to school nutrition programs during summer months. The initiative took place from June 7 to June 14, benefiting more than 75 local food banks. The program, which started in 2010, has provided over 20 million servings since its national expansion in 2014. Tenet emphasizes its commitment to community health and support through this philanthropic effort.
Tenet Healthcare Corporation (NYSE: THC) reported Q2 2021 results, showing a net income of $120 million ($1.11 per diluted share), up from $88 million in Q2 2020. Adjusted EBITDA rose to $834 million. The company’s strategic pivot includes divesting urgent care and Miami-area hospital operations while enhancing high-acuity services. Despite COVID-related challenges, patient volumes increased significantly, with same-hospital net patient service revenues climbing 33.1%. For FY 2021, Tenet projects net operating revenues of $19,250 to $19,650 million, with adjusted EBITDA between $3,150 and $3,250 million.
Tenet Healthcare Corporation (NYSE: THC) will announce its second-quarter financial results for the period ending June 30, 2021, post-market on July 21, 2021. A conference call is scheduled for the next morning, July 22, 2021, at 10:00 a.m. Eastern time. Investors can follow the live webcast through the investor relations section of Tenet's website.
With a workforce of 108,000, Tenet operates 65 hospitals and over 450 healthcare facilities, aiming to deliver quality care.
FAQ
What is the current stock price of Tenet Healthcare Corporation New (THC)?
What is the market cap of Tenet Healthcare Corporation New (THC)?
What services does Tenet Healthcare Corporation provide?
Where is Tenet Healthcare Corporation headquartered?
How many hospitals does Tenet operate?
What is United Surgical Partners International (USPI)?
What is Conifer Health Solutions?
What recent acquisitions has Tenet been involved in?
What is the mission of Tenet Healthcare Corporation?
How many employees does Tenet Healthcare Corporation have?
Which regions does Tenet primarily serve?
How can I find more information about Tenet Healthcare Corporation?
