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 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 from The Dallas Morning News
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