Tenet reported much worse than expected third-quarter results, disappointing Wall Street once again. The Dallas-based hospital chain reported a loss of $408 million for the quarter. The company, which was hard hit by Hurricane Katrina in September, said it had a 1.4 percent decline in new admissions. Tenet also reported a drop in referrals, a trend that may reflect lower physician confidence in the provider. Analyst concerns include the ongoing SEC investigation into managed care contracts at three Tenet hospitals in California dating back to 2001 and a criminal investigation into reports of patient deaths at Memorial Hospital in New Orleans during Hurricane Katrina.
- see this article from the Dallas Morning News
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