Tenet Healthcare Corp., Santa Barbara, Calif., more than doubled its profits for the three months ended Aug. 31 -- to $338 million, or 68 cents per share -- compared with $155 million, or 31 cents per share, in its fiscal 2002 first quarter. The year-earlier quarter included a $110 million charge for early payment of debt. Revenue climbed 12.3% to $3.7 billion. The gains came primarily on higher reimbursement. Tenet said its net inpatient revenue per admission rose 9.9%, while admissions to hospitals operated by Tenet for more than 12 months were up 1.8%. Tenet also credited unspecified cost controls for improving its results; the company said "other operating expenses" declined as a percentage of revenue to 19.4%, from 20.9% in the year-earlier quarter. Tenet operated 114 hospitals at the end of its first quarter. -- by Vince Galloro
Cost control, higher reimbursement help Tenet
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.