Modern Healthcare has confirmed a stock analyst's report that Tenet Healthcare Corp., Santa Barbara, Calif., is expected to make another major asset sale, involving perhaps as many as 30 hospitals. Darren Lehrich, an analyst at SunTrust Robinson Humphrey, released a report this morning saying that his firm's "industry contacts" expect Tenet to announce a sale within two to three weeks. Lehrich said in his report that the sales could include hospitals from markets that are Tenet strongholds, such as California, South Florida and Texas. An industry observer contacted by Modern Healthcare said he was 90% certain that Tenet would announce a sale of up to 30 hospitals within two weeks; he spoke on the condition of anonymity. Two other observers, who also requested anonymity, said the possibility of Tenet announcing another large asset sale was being widely discussed in the industry, including among executives at investor-owned hospital companies.
Tenet spokesman Steve Campanini said the company doesn't confirm or deny rumors as a matter of company policy. Tenet, which owns 100 hospitals, has nearly completed the sale or closure of 14 hospitals slated for divestiture in March 2003. Two of the hospitals have closed, 11 have been sold and one is pending a sale to Iasis Healthcare Corp., Franklin, Tenn. -- by Vince Galloro