Tenet Healthcare CEO Saum Sutaria, MD, said that as the for-profit system fully emerges from the pandemic, its "repositioned portfolio of businesses is generating stronger results with attractive margins and strong free cash flow generation."
"The mix of businesses can thrive in any variety of political and regulatory environments as the fundamental tailwinds in the ambulatory demand for USPI, the high-acuity program needs for our hospitals in growing markets, and the need for efficient, effective healthcare services like those from Conifer are strong in the marketplace," Dr. Sutaria said on the Dallas-based system's July 24 earnings call.
Dr. Sutaria said the system's top capital priority remains the expansion of low-cost, high-quality surgical centers "for the communities around the country."
"This is a very fragmented marketplace, and we will use our disciplined approach to improve access, patient care, and performance for our physician partners to create value," he said.
Dr. Sutaria said Tenet is also making significant investments in expanding its network to support growth in its markets. He said Tenet will soon open a new hospital in Westover Hills, Texas, near San Antonio.
"This hospital will expand capacity in a geography that is growing at six times the national average," he said. "The hospital will focus on procedural services with state-of-the-art operating rooms and cath labs, a large emergency department, and an entire floor devoted to women's services."
Tenet saw a net income of $259 million in the second quarter of 2024, a nearly 111% increase from $123 million for the same quarter in 2023.