Tenet Healthcare Corp. will take 20% ownership of a new joint venture focused on providing information technology services to its hospitals and physician practices. The joint venture, dubbed Med3000 Practice Resources, was formed by a Tenet subsidiary and Med3000, a healthcare management and technology company. The new company will provide services to physician practices in the 12 states in which Tenet operates as well as to most of the physicians employed at its hospitals. The IT services include practice-management systems, electronic health records and personal health records, and revenue cycle-management applications. Dallas-based Tenet said in a news release that it sees the joint venture as a way to expand the services that doctors need to perform and improve on the value offered by its hospitals. Separately, Tenet said it is offering to repurchase up to $1 billion in senior notes due in 2014, contingent on the companys ability to sell new notes of equal worth to the bonds that holders tender for repurchase. No other details about the new senior secured notes were disclosed. The tender offer expires on June 25.
Late News: Tenet part of joint venture offering IT services to providers
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