Tenet Healthcare loses $33M for Q4 '08

Tenet Healthcare Corp. reported a $33 million fourth-quarter loss for 2008, a loss largely driven by a charge stemming from the sale of two hospitals. Tenet had originally expected a $5 million profit for this quarter, but when it sold USC University Hospital and USC Kenneth Norris Jr. Cancer Hospital, it took a $40 million charge on the deal.

The loss is an improvement over the same quarter the previous year, when it saw a loss of $75 million on $2.1 billion in revenue. But otherwise, it represents something of a standstill.

The stagnant nature of Tenet's business is also reflected in its volume numbers. Same-hospital inpatient admissions, excluding charity care and the uninsured, increased by only 168 patients to 122,158 compared with the 2007 quarter.

Meanwhile, bad debt grew 23 percent, to $163 million, from $133 million during 2007. This was true despite the fact that charity and uninsured admissions fell by more than 4 percent.

To learn more about these results:
- read this Associated Press piece

Related Articles:
Tenet losses lead to stock plunge, criticism
Tenet turning around: Admissions grow, losses fall
Tenet fights bankruptcy rumors
Debt payments still mire HCA

Suggested Articles

An ACA public option could lead to lower premiums for commercial plans by sparking more competition, an analysis found.

Centene Corporation posted $95 million in profit for the third quarter of 2019, which skyrocketed from $19 million in the third quarter of 2018.

A KHN investigation found that manufacturers, hospitals, doctors and some patient advocates have put marketing muscle behind 3D mammograms.