Tenet Healthcare Corp., Dallas, reported growth in admissions for the first time in nearly four years in the fourth quarter, as the company sharply narrowed its losses compared with 2006, both for the full year and its fourth quarter, ended Dec. 31, 2007.
Tenet recorded a loss of $75 million for the quarter, compared with a loss of $386 million in 2006s fourth quarter. Revenue increased 6.4% to $2.25 billion. For the fiscal year, Tenet reported a loss of $89 million, compared with a loss of $803 million in 2006. Revenue increased 4.7% to $8.85 billion.
The company said admissions increased by 0.1% and adjusted admissions by 1.4%, respectively, comparing the fourth quarters of 2007 and 2006. The volume gains were spread across the companys 54 core hospitals, with the exception of three Texas facilities hit by local market conditions, said Stephen Newman, Tenets chief operating officer. Tenet narrowed its volume decline in South Florida to 0.3%its best performance in that market since the fourth quarter of 2004and saw growth in California and Philadelphia, Newman said.
Adding physicians to its medical staffs is the key to volume growth in 2007 and beyond, Newman said. The company added a net of 1,086 physicians in 2007 to its medical staffs and expects to do roughly the same in 2008 and 2009. -- by Vince Galloro
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