Tenet Healthcare Corp., Dallas, said it has created a new subsidiary offering revenue-cycle management and clinical communications services to other hospitals. The wholly owned operating subsidiary, Conifer Health Solutions, also will provide these services to Tenets portfolio of 53 hospitals, including three hospitals set for divestiture.
Conifer Revenue Cycle Solutions will operate out of the seven centralized back offices that Tenet developed to serve its hospitals when it made the switch from more localized business offices five years ago, said Stephen Mooney, president of Conifers revenue-cycle business. Those centers are already serving four former Tenet hospitals and six others with no previous affiliation with the company, Mooney said. Conifer offers full end-to-end billing and collection services or can handle different pieces of the revenue cycle, Mooney said.
Conifer Patient Communications handles hospital communications and marketing with patients and physicians, which Tenet used to market under the name MEDContact, said Dorothy Rubio, president of Conifer Patient Communications. The service handles communications for about 100 hospitals, including Tenets portfolio.
Meanwhile, in an unrelated development, Trevor Fetter, president and chief executive officer of Tenet, purchased 100,000 shares of the companys stock Wednesday at prices ranging from $2.64 to $2.71 per share, according to a securities filing. Tenets stock has plummeted from about $6.50 per share in early September, including a drop of more than 40% this week after Tenet reported lower-than-expected operating earnings. The stock was priced below $2.40 per share during midday trading today. -- by Vince Galloro