FinancialHospitals

Tenet lands $448M in profit in Q3 buoyed by higher volumes

by Anastassia Gliadkovskaya | Oct 21, 2021

Tenet Health announced $448 million in profits for the third quarter on Wednesday, in part driven by increased ER admissions and surgical procedures.  

That compares to a net loss of $197 million during the same quarter last year.

In all, the company posted revenues of more than $4 billion this quarter, up from $3.8 billion the same time last year, attributed to higher volumes, higher care intensity and a favorable payer mix. The ambulatory segment also saw higher returns due to higher care intensity, new service expansion and the acquisition of surgical facilities

During this quarter, in September, Tenet welcomed a new CEO. The company also sold its five Miami hospitals for $1.1 billion, which it used to pay off debt, its earnings report said. 

“We are very pleased with our performance during the quarter and the drive to deliver consistent and sustainable growth across each of our operating segments,” said Tenet’s Executive Chairman Ron Rittenmeyer in a press release. “With the ongoing implementation of our transformation, we are positioning Tenet for continued high margin growth and strong cash flow generation.”

READ THE REST HERE

Print Friendly, PDF & Email

Chris J. Stewart

Chris currently serves as President and CEO of Surgio Health. Chris has close to 20 years of healthcare management experience, with an infinity to improve healthcare delivery through the development and implementation of innovative solutions that result in improved efficiencies, reduction of unnecessary financial & clinical variation, and help achieve better patient outcomes. Previously, Chris was assistant vice president and business unit leader for HPG/HCA. He has presented at numerous healthcare forums on topics that include disruptive innovation, physician engagement, shifting reimbursement models, cost per clinical episode and the future of supply chain delivery.

Related Articles

Back to top button