Picking up a single 41-bed hospital usually isn't a big deal for a hospital chain the size of Tenet. But in this case, its acquisition of Hardeeville, S.C.-based Coastal Carolina Medical Center is a significant move, as it's Tenet's first acquisition in five years after years of focusing on existing properties. Executives with Tenet say the $35 million acquisition is a significant step for the company, which has been in turnaround mode for four years.
Tenet is only just emerging [1] from a thicket of legal troubles. A year ago, it agreed to pay $900 million to settle Medicare fraud charges. Three months ago, it agreed to pay $10 million to settle similar challenges from the Securities and Exchange Commission. Now, execs need to turn a profit. The company has lost money every year between 2003 and 2006, including an $800 million loss last year.
To find out more about Tenet's plans:
- read this article [2] from The Dallas Morning News
Related Articles:
Future is now for Tenet. Report [3]
Tenet to undergo integrity monitoring. Report [4]
Tenet sues Kaiser for $16 million. Report [5]
Who benefits from CCMC purchase? Report [6]
Links:
[1] http://www.fiercehealthcare.com/story/tenet-execs-detail-turnaround-progress/2007-06-18
[2] http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-TENET_02bus.ART.State.Edition1.371d46b.html
[3] http://www.fiercehealthcare.com/story/future-is-now-for-tenet/2006-06-30
[4] http://www.fiercehealthcare.com/story/tenet-to-undergo-integrity-monitoring/2006-09-29
[5] http://www.fiercehealthcare.com/story/tenet-sues-kaiser-for-16m/2007-01-09
[6] http://www.islandpacket.com/news/local/story/6564931p-5843464c.html