After sailing dark financial seas for quite some time, Tenet seems to be turning things around, at long last. If nothing else, it's getting close. This week, the company announced that it had lost $75 million during the fourth quarter of 2007, compared with $386 million for Q4 '06, while revenue grew 6.5 percent to $2.25 billion. For the fiscal year, meanwhile, the gap between this year and last was even wider, with a loss of $89 million in 2007 versus $803 million in 2006. Revenue grew 4.7 percent, to $8.85 billion.
While revenue grew, admissions essentially were flat, up 0.1 (or adjusted, by 1.4 percent), when the fourth quarter of 2007 was compared with the same period in 2006. Volume continued to fall in trouble-spot South Florida, down 0.3 percent when the two quarters are compared, but this decline was the smallest Tenet has seen since the fourth quarter of 2004.
To learn more about Tenet's situation:
- read this Modern Healthcare article (reg. req.)
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