Tenet Healthcare will continue to shed non core assets as it tries to reduce a $15 billion debt load. New CEO Ronald Rittenmeyer said his goal is to create a more agile organization.
Tenet completed the $170 million sale of its last two Philadelphia hospitals to American Health System, which also formed a joint venture with real estate investment firm Harrison Street Real Estate Capital to acquire a portfolio of affiliated assets.
The J.P. Morgan Healthcare Conference kicked off in San Francisco on Monday with news of more cost-cutting measures by Tenet and continued success on the ACA exchanges for Centene. Our reporters Shelby Livingston and Tara Bannow are there to offer daily observations and news.
Tenet Healthcare Corp. signed a definitive agreement to sell Chesterfield, Mo.-based Des Peres Hospital to St. Luke's Hospital. Tenet is continuing to offload hospitals in non-core markets to pay down its $15 billion debt load.
Tenet Healthcare will explore selling Conifer Health Solutions, its revenue-cycle management subsidiary, as part of the hospital chain's ongoing restructuring.
Tenet Healthcare Corp. instructed executives at Detroit Medical Center to cut its workforce by 150 by the end of this year as part of the investor-owned hospital chain's previously announced companywide 1,300 layoffs.
Tenet's third quarter operating loss is much higher year-over-year, but adjusted EBITDA is within its outlook range, the company says.
The Michigan Nurses Association and several Huron Valley-Sinai Hospital nurses filed a lawsuit alleging the hospital has violated Michigan's public health code by refusing to act on complaints of "unsafe practice or conditions" at the hospital.
Tenet officially announced a restructuring plan that will eliminate 1,300 positions to offset the impacts of Hurricanes Harvey and Irma, dwindling admissions, and Medicaid cuts that together could generate a $367 million loss in the third quarter.
Tenet CEO Trevor Fetter has stepped down amid the company's financial troubles and planned reorganization, a move that Fetter foreshadowed months ago. Executive Chairman Ronald Rittenmeyer will fill in while the company continues its search for a permanent CEO.
With struggling giants Tenet Healthcare and Community Health Systems now sellers rather than buyers of hospitals, their competitors are paying a premium to acquire their coveted facilities.
As the company endures softening hospital admissions, rising deductibles and other headwinds that have compressed operating margins across the industry, Tenet will cut leadership positions to streamline operations and cut costs.