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.”