Conifer Health Solutions saw net operating revenues of $315 million in the third quarter of 2023, down from $333 million posted in the same period in 2022, according to Dallas-based parent company Tenet's financial report released Oct. 30.
Conifer had adjusted earnings before interest, taxes, depreciation and amortization of $83 million in the quarter ended Sept. 30, down from $90 million from the same period last year.
The declines were primarily attributed to previously announced contract changes with Tenet hospitals and client divestitures, according to the release.
"Our Conifer business continues to deliver strong margins and provide high-quality services to its clients," Tenet CEO Saum Sutaria, MD, said on the for-profit's third-quarter earnings call, according to a transcript from Seeking Alpha. "This performance has been supported by ongoing automation and offshoring initiatives, and third-quarter EBITDA margins were over 26%."
Dr. Sutaria said Conifer recently renewed its long-standing relationship with one of its larger physician revenue cycle management clients and is slated for additional renewals by the end of the year.