Tenet Healthcare’s income elevated yr over yr within the third quarter of 2019, however the Dallas-based firm ended the interval with a web loss from persevering with operations of $233 million, primarily attributable to a debt refinancing.
Tenet reported revenues of $four.57 billion within the third quarter of this yr, up from $four.49 billion in the identical interval a yr earlier. Revenues from the corporate’s hospital operations section grew 2.three p.c yr over yr. On a same-hospital foundation, web affected person service revenues and admissions elevated 5.eight p.c and three.6 p.c, respectively, yr over yr. Revenues from Tenet’s ambulatory section additionally elevated within the third quarter of this yr.
The corporate stated revenues from Conifer, its income cycle subsidiary, decreased within the third quarter of 2019 attributable to hospital divestitures by Tenet and different clients. Conifer’s adjusted EBITDA grew 11.1 p.c yr over yr.
After factoring in working bills and one-time prices, Tenet reported a web loss from persevering with operations attributable to shareholders of $233 million within the third quarter of 2019, in comparison with a web lack of $9 million in the identical interval a yr earlier. Tenet stated the online loss within the third quarter of this yr was primarily attributable to a $180 million pre-tax loss related to a $four.2 billion debt refinance transaction that reduces its future annual money curiosity funds and retired all vital debt maturities till April 2022.
The corporate reported adjusted web earnings of $61 million within the third quarter of this yr, up from $30 million in the identical quarter of 2018.
Tenet Government Chairman and CEO Ronald A. Rittenmeyer stated the corporate’s efficiency within the third quarter helps set up a robust basis for progress.
“We had a really optimistic third quarter with efficiency enchancment in every of our working segments. For the third consecutive quarter, our hospitals delivered accelerating quantity progress and we generated sturdy outcomes at each USPI and Conifer,” he stated in an earnings launch. “Along with driving enhancements in our monetary outcomes, we made continued regular progress on lots of the core initiatives we established for 2019 and mentioned at first of the yr, together with value financial savings, doctor recruitment, ambulatory acquisitions, advertising and board refreshment.”
Shares of Tenet closed Nov. four at $27.21 per share, up from $25.88 Nov. 1.
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