Welcome to our dedicated page for Tenet Healthcare news (Ticker: THC), a resource for investors and traders seeking the latest updates and insights on Tenet Healthcare stock.
Tenet Healthcare Corporation reports developments across a diversified healthcare services business that combines ambulatory surgery, hospital operations and healthcare-services outsourcing. Its care delivery network includes United Surgical Partners International, which operates ambulatory surgery centers and surgical hospitals, along with acute care and specialty hospitals, outpatient facilities, employed physician networks and a global business center in Manila.
Recurring news themes for THC include quarterly earnings, financial outlooks, same-facility revenue trends, Ambulatory and Hospital segment performance, payer-mix and expense-management commentary, and capital or ownership actions involving Conifer Health Solutions. Company updates also cover Conifer's revenue cycle management and value-based care services for hospitals, health systems, physician practices, employers and other clients, as well as Tenet's presentations at healthcare investor conferences.
Tenet Healthcare Corporation (NYSE: THC) and its subsidiary United Surgical Partners International (USPI) have announced a definitive agreement to acquire SurgCenter Development (SCD), encompassing 92 ambulatory surgery centers (ASCs) for approximately $1.2 billion. This acquisition aims to bolster USPI's leadership in the ambulatory surgery sector, further enhancing Tenet's EBITDA margins and free cash flow. A five-year partnership agreement will facilitate future development projects, focusing on musculoskeletal services. The deal is expected to close in Q4 2021, subject to regulatory approvals.
Tenet Healthcare Corporation (NYSE: THC) is set to present at the Credit Suisse 30th Annual Healthcare Conference on November 9, 2021, at 12:10 p.m. Eastern time. The presentation will be accessible via a live webcast on Tenet’s investor relations website, with a replay available for 30 days. Headquartered in Dallas, Tenet operates over 60 hospitals and approximately 460 healthcare facilities, including surgical hospitals and imaging centers. They provide a range of services, focusing on delivering quality, compassionate care to their communities.
Tenet Healthcare Corporation (NYSE: THC) reported a net income of $448 million for Q3’21, a significant recovery from a net loss of $197 million in Q3’20. Q3’21 Adjusted EBITDA was $855 million compared to $551 million in Q3’20. Diluted earnings per share rose to $4.12 from a loss of $1.87. Additionally, same-hospital adjusted admissions increased by 4.4%, with net patient service revenue per adjusted admission up by 6.2%. Tenet raised its FY 2021 outlook, projecting earnings between $7.09 and $7.50 per share. The company also completed a sale of its Miami-area hospitals, generating $1.1 billion.
United Surgical Partners International (USPI), a subsidiary of Tenet Healthcare Corporation (NYSE: THC), has signed a definitive agreement to acquire Compass Surgical Partners' interests in nine ambulatory surgery centers (ASCs) across Florida, North Carolina, and Texas. USPI will manage and jointly own these centers alongside approximately 125 physicians. The transaction, expected to close in Q4 2021, aligns with USPI's strategy of enhancing its portfolio of established and developing facilities, primarily focused on musculoskeletal procedures.
Tenet Healthcare Corporation (NYSE: THC) will announce its third quarter results for the period ending September 30, 2021, after market close on Wednesday, October 20, 2021. A conference call discussing these results is scheduled for the next morning, Thursday, October 21, 2021, at 10:00 a.m. Eastern time. Interested parties can access the live webcast via the investor relations section of Tenet's website. Tenet operates 60 hospitals and over 460 healthcare facilities, employing 102,000 people, with a mission to provide quality care in the communities served.
Tenet Healthcare Corporation (NYSE: THC) and Cigna Corporation (NYSE: CI) announced a new multi-year contract, ensuring Cigna customers have continued in-network access to Tenet’s healthcare facilities through 2025. This agreement, finalized four months ahead of the previous contract's expiration, emphasizes the importance of uninterrupted access to quality care amidst the ongoing pandemic. The collaboration will also expand access to lower-cost ambulatory surgery centers.
The contract takes effect on January 1, 2022.
Tenet Healthcare Corporation (NYSE: THC) announced the redemption of $1.100 billion of its 4.625% senior secured first lien notes due July 15, 2024. This strategic move aims to reduce future annual cash interest payments by about $50 million. The debt retirement will be financed through proceeds from the recent sale of five hospitals in Miami-Dade and Southern Broward counties. The redemption will occur on September 10, 2021, at a price of 101.156% of the principal, plus accrued interest, underscoring Tenet's commitment to long-term debt reduction.
Tenet Healthcare Corporation (NYSE: THC) announced a leadership transition, designating Saum Sutaria, M.D., as the new CEO effective September 1, 2021. Ron Rittenmeyer will remain as Executive Chairman through 2022, maintaining oversight during this transition. Rittenmeyer emphasized the importance of quality care and a robust succession plan throughout his tenure. Sutaria, who joined Tenet in 2019 and previously worked at McKinsey & Company, expressed his commitment to enhancing healthcare services and community partnerships as he steps into this pivotal role.
Tenet Healthcare Corporation (NYSE: THC) has completed the sale of its five hospitals in Miami-Dade and Southern Broward counties, which includes Coral Gables Hospital, Florida Medical Center, Hialeah Hospital, North Shore Medical Center, and Palmetto General Hospital. The sale encompasses related operations, and associated physician practices, but Tenet's ambulatory facilities operated by United Surgical Partners International in these areas will remain with the company. This transaction signifies Tenet's strategic shift within the healthcare market.
Tenet Healthcare (NYSE: THC) has announced the successful completion of its 2021 Healthy Over Hungry® Cereal Drive, collecting over 1.1 million servings of cereal to assist those facing hunger, particularly children without access to school nutrition programs during summer months. The initiative took place from June 7 to June 14, benefiting more than 75 local food banks. The program, which started in 2010, has provided over 20 million servings since its national expansion in 2014. Tenet emphasizes its commitment to community health and support through this philanthropic effort.