Tenet announces plan for tax-free spinoff of revenue cycle business Conifer
Tenet Healthcare Corp. will spin off its $1.5 billion revenue cycle subsidiary Conifer Health Solutions as a separate, publicly traded company, it announced Wednesday. (Tenet Healthcare)
What's next? Officials said the separation process will include a review of the necessary executive leadership changes, including board membership needs, and key commercial milestones that Conifer must achieve to become a successful public company. The company did not yet disclose specific details about what those actions and milestones will be.
The spinoff will also be subject to the creation of a final entity structure of the spun-off business, with assurances that the separation will be tax-free to Tenet's shareholders, officials said. The spinoff will not require a vote by Tenet shareholders. Officials said the move is supported by CommonSpirit Health which owns a minority interest in Conifer.