Tenet reports first-quarter profit

Tenet Healthcare has reported a meaningful first-quarter profit, driven by a one-time debt swap gain and higher revenue. This represents a substantial change from just a couple of years ago, when bankruptcy rumors were swirling around the company.

The company earned $178 million for the first quarter, compared with a loss of $31 million during the same period last year. Meanwhile revenue rose 5 percent, to $2.28 billion. These results include a $134 million gain on Tenet's exchange of debt.

During this period, Tenet's same-hospital paying admissions fell less than 1 percent when compared with the same quarter last year. Admissions of patients covered by a leap-year adjusted 2 percent, to 34,468.

Meanwhile, Tenet saw its uninsured admissions fall 6 percent, to 5,518, though charity care rose 9 percent to 2,601.

To learn more about Tenet's results:
- read this Associated Press piece

Related Articles:
Tenet Healthcare loses $33M for Q4 '08
Tenet losses lead to stock plunge, criticism
Tenet turning around: Admissions grow, losses fall
Tenet fights bankruptcy rumors

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