Dallas-based Tenet Healthcare reported a $47 million profit for the first quarter of fiscal 2015, a significant turnaround from the $32 million loss the for-profit hospital operator posted a year ago.
Here are five things to know about Tenet's first-quarter financials.
1. The hospital operator posted operating revenue of approximately $4.4 billion in the first quarter of fiscal 2015, up 12.8 percent from the same period of the previous year.
2. Including revenue from Tenet and non-Tenet hospitals, revenue at Conifer — a provider of healthcare performance improvement solutions and a Tenet subsidiary —increased by 20 percent to $342 million in the first quarter of fiscal 2015.
3. Same-hospital admissions were up 4.9 percent at Tenet's facilities in the first quarter compared to the same period of the previous year, and when adjusted for outpatient activity, admissions were up 5.9 percent. Emergency department visits and surgeries also increased in the first quarter.
4. Tenet saw more paying patients in the first quarter, with paying admissions increasing 6.2 percent compared to the same period of 2014. At Tenet's facilities in states that expanded Medicaid, same-hospital uninsured plus charity care admissions declined by 49.8 percent.
5. Tenet reported operating income of $290 million in the first quarter, up from $170 million in the comparable period of 2014.
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